Pradhan Mantri Awas Yojana 2024

Pradhan Mantri Awas Yojana (PMAY) was launched by the Prime Minister of India, Narendra Modi, on 1st June 2015, with the motive to provide affordable housing solutions to urban poor and rural poor. The government plans on constructing around 20 million houses at an affordable price by March 31, 2022. The PMAY Scheme is getting financial assistance of USD 31 billion from the Central Government. Beneficiaries of the Pradhan Mantri Awas Yojana are also eligible for interest subsidies as a part of the Credit Linked Subsidy PMAY subscheme if they use the loan to buy or build a house.

The following table contains some basic details about the PMAY housing scheme:

• Interest subsidy up to 6.50% p.a. is given under the PMAY Scheme on housing loans to every beneficiary for a period of 20 years.

• The division of the ground floors will first be offered to senior citizens as well as differently-abled citizens.

• The house will be made with the help of safe and environment-friendly technology.

• The scheme additionally encompasses the country's entire urban area, It is made up of 4041 legislative towns, with the priority being given to 500 Class I cities. It is going to be done in 3 stages, the last one of which is scheduled to be completed by March 31, 2022.

• Under the pradhan mantri awas yojana, the government has decided to reduce the GST rates from 12% to 8% on all applicable home loans under the PMAY CLSS (Credit-Linked Subsidy Pradhan Mantri Awas Yojana Scheme). Properties that are still under construction under the CLSS subcategory of the PMAY scheme will be eligible for a reduced GST of up to 8%.

• Applicants under the Economically Weaker Section (EWS), Middle-Income Group (MIG), and Lower-Income Group (LIG) can avail the benefits of these reduced rates. The reduced GST rate allows scope for sufficient incentive for the builders and developers under the pradhan mantri housing yojana.

• Under the PM Awas Yojana, the government has decided to reduce the GST rates from 12% to 8% on all applicable housing loans under the PMAY CLSS scheme.

• A PMAY beneficiary is provided to the family of a wife, husband, single daughters or/and sons who are unmarried.

• Additionally, the members of the beneficiary family should not be owners of a house of a solid build that stands on Indian grounds.

Key Parameters of PM Awas Yojana 2024

Those who belong to the Economically Weaker Sections, Lower Income Groups and Middle Income Groups of the Indian society can make use of the benefits provided under the Pradhan Mantri Awas Yojana. An individual can call him or herself a member of any of the aforementioned groups and become a beneficiary of the PMAY scheme if they meet the following eligibility criteria:

• Documents for proof of identity such as PAN card, Voter ID, Aadhaar card, passport, driver’s license, etc.

• Documents for proof of address such as Voter’s ID, Aadhaar card, passport, latest utility bill, etc.

• Documents for proof of income such as salary slip for the last two months or bank account statement for the last 6 months

• Copy of the complete chain documents of the property

• A copy of the sale agreement

• An allotment letter / buyer agreement

• Copy of the payment receipt made to the developer

Check out the complete list of PMAY documents here.

To check your PMAY application form and Status, you will simply need to log on to the official portal of the housing scheme with your credentials. After that, you will be required to follow the instructions that you see on your screen to check your PMAY application status.

The interest subsidy available will depend on the size of the housing loan you have taken as a beneficiary. Another determining factor is the income group that you belong to. The maximum available subsidy amount available on the basis of the same are as follows:

• Credit Linked Subsidy (CLSS): As a part of this Pradhan Mantri Awas Yojana CLSS scheme component, the government will provide an interest subsidy of 6.5% on those housing loans that have to be repaid over 15 years from the beginning of the loan repayment tenure, which will make the cost of owning a house affordable. It must be noted that the Net Present Value of the interest subsidy will be calculated at a discount rate of 9%. Additionally, one must note that the loan accounts that have taken a loan of up to ₹6 Lakhs. The borrowers that have taken a loan that is north of ₹6 Lakhs, on the other hand, do not get any kind of subsidies. The lenders will then later on directly credit the interest subsidy to the accounts of the beneficiaries that will result in a reduced amount as Equated Monthly Installment and even the amount that has been acquired as a housing loan.

• In-Situ Redevelopment (ISSR): This is undertaken by using land that is beneath them as a resource in partnership with the players of the private sector as a part of the Pradhan Mantri Awas Yojana. The mission aims at leveraging the potential of the land that is under the slum areas in order to provide formal urban establishments to slum dwellers.

• Affordable Housing in Partnership (AHP): In partnership with the players of the Public as well as the Private sector, affordable housing is being provided to the economically weaker sections. The States or Union Territories can also get involved in doing so under the Pradhan Mantri Awas Yojana.

• Enhancement and construction of the Beneficiary-led home: As a part of this component of the Pradhan Mantri Awas Yojana, the beneficiaries that have not been able to avail the advantages of the aforementioned three components will be benefited. The mission provides the necessary assistance to the families that fall under the EWS category in order to construct new residential establishments or enhance the existing ones on their own. Additionally, families will get a central assistance of Rs 1.50 Lakhs to enhance their existing houses or construct new houses.

If you feel the need to reach out to the authorities regarding any concerns or query related to the housing scheme, you can call on the helpline numbers mentioned below:

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