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Finance

All You Should Know Before Applying for PMAY Yojana 2021

The Pradhan Mantri Awas Yojana (PMAY) is a beneficial housing initiative that was introduced to provide affordable housing facilities to the country’s disenfranchised population. It was launched in 2015 by the Indian Government. The authorities plan to achieve its goal of ‘Housing for All’ by 2022. 

PMAY functions in two different sections, namely, PMAY Urban (PMAY-U) and PMAY Gramin (PMAY-G). Only eligible applicants can become a beneficiary under PMAY 2021.

Pradhan Mantri Awas Yojana is a Credit Linked Subsidy Scheme. This means the beneficiaries can avail interest subsidy on the loan they avail to purchase or construct a new house. The tenor of such loans can be up to 20 years.

Notable features of PMAY

Following is a look at the important features and benefits of the scheme –

  1. The subsidy rate on home loans extending up to 20 years is fixed at 6.50% per annum.
  2. Eco-friendly and sustainable technologies will be implemented to construct the PMAY houses.
  3. Senior citizens and differently-abled beneficiaries will be given preference by way of allocating ground floor houses.
  4. PMAY 2021 will provide an interest subsidy to MIG (Middle Income Group) on housing loans borrowed only for acquisition or construction. Loans availed by MIG for house purchase will not be valid.
  5. For EWS (Economically Weaker Section) and LIG (Lower Income Group), the interest subsidy of PMAY 2021 will be extended under housing loans for construction, acquisition, or extension.
  6. The credit linked subsidy of the PMAY scheme is implemented in all statutory towns in India at the initial stages.

The two components of this housing scheme in India – PMAY-U and PMAY-G offers some specific features based on their area of implementation.

Features of PMAY-G and PMAY-U
  • The scheme does not stand valid for individuals residing in Delhi and Chandigarh.
  • Beneficiaries can avail a loan amounting up to Rs. 70,000 for the construction of their house.
  • Individuals residing in plain and hilly areas will be given an allowance of Rs. 1.2 Lakh and Rs. 1.3 Lakh respectively.
  • The unit sizes of PMAY houses can be up to 25 square meters, including a dedicated kitchen.
Features of PMAY-Urban
  • About 4041 towns and cities are included under this scheme.
  • PMAY-U also applies to urban development authority, special area development, notified planning, etc.
  • A budget of about Rs.4,95,838 crore has been devoted to this scheme. Out of this, Rs.51,414.5 crore has already been released till PMAY 2021.
  • The scheme will be implemented in three phases-
  1. Phase 1- 100 cities to be covered from April 2015 to March 2017.
  2. Phase 2- 200 additional cities to be covered from April 2017 to March 2019.
  3. Phase 3- Remaining cities to be covered from April 2019 to March 2022.

Eligible applicants can now enrol for PMAY 2021 by filling up the online form and providing necessary documents.

About beneficiaries under PMAY-Urban
  • This scheme caters to the urban poor category. It also provides better housing facilities to individuals living in slums with poor sanitation and infrastructure facilities.
  • The family of the beneficiary can comprise husband, wife, and/or unmarried children.
  • LIG and MIG categories in the PMAY list are eligible only for CLSS under this scheme.
  • Applicants need to submit an affidavit as proof of income.
About beneficiaries under PMAY-Gramin 
  • Beneficiaries under this component of PMAY 2021 will be identified based on data of Socio-Economic and Caste Census.
  • Beneficiaries could include Scheduled castes, scheduled tribes, minorities under BPL, Non-SC/ST.
  • Widows and children of paramilitary forces, individuals killed in action, ex-servicemen, and others under retirement scheme can also be beneficiaries.

Applicants can also track PMAY status online till the applications are approved. This can be done using the registration number.

Once the applicants become a beneficiary under PMAY scheme, they can claim specified subsidy on their home loan.

If an individual fails to comply with PMAY eligibility requirements, they can opt for a housing loan from different NBFCs.

Borrowers can avail pre-approved offers on these loans that can help expedite the borrowing process. These offers are available on a gamut of financial products, including home loans, loans against property, etc. To check your pre-approved offer, one has to mention his/her name and contact details.

Nonetheless, if you are confused regarding your PMAY 2021 eligibility, you can also take the help of different online tools to figure it out. You can check your eligibility using the PMAY eligibility calculator.

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