• 9863020202    
  • contact@financeseva.in

Pradhan Mantri Awas Yojana (PMAY)

  • 12-Apr-2022
Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana is inaugurated by the Indian government which was accomplished by the MoHUA on 25th June 2015 and aims to provide for everyone in urban areas by the year 2022. It offers central assistance to authorized agencies all over the States, Union Territories (UTS), and Central Nodal Agencies (CNAs) for giving homes to all the families that are eligible and beneficiaries as opposed to the validated demand for the houses for around 1.12 crores. According to the guidelines of Pradhan Mantri Awas Yojana, the intensity of the house for EWS (Economically Weaker Section) can be up to 30 square meters of carpet area. Although, Union Territories and States have the fluidity to increase the size of houses in discussion and approval of the Ministry. The benefits of PMAY can be availed if the individual wants to obtain a new house from the builder and purchase the house on resale 

Feature of the Pradhan Mantri Awas Yojana (PMAY) 

Given below are the crucial features of the Pradhan Mantri Awas Yojana: 

  • Under the PMAY scheme, the subsidy rate of interest is offered at 6.50% per annum on the housing loan for a flexible tenure of 20 years to all the receivers. 
  • The houses will be built with the use of eco-friendly technologies and sustainable construction. 
  • The whole urban area is covered by the PMAY scheme. 
  • The preference for the ground floor is allocated to the senior citizens and differently-abled people. 
  • The aspects of credit linked subsidy scheme get accomplished in India from the primary stage in all the legal towns.  

The preferred and key beneficiaries under Pradhan Mantri Awas Yojana are given below: 

  • EWS (Economically Weaker Section) of society. 
  • Scheduled Tribes (ST) and Scheduled Castes (SC). 
  • PMAY is relevant to the applicants that belong to: 

Economically Weaker Section (EWS) - Maximum family annual income of Rs. 3,00,000. 

Low Income Group (LIG) - Maximum family annual income of Rs. 6,00,000. 

Middle Income Groups - (MIG – I and ll a maximum family annual income of Rs. 18,00,000). 

Pradhan Mantri Awas Yojana is classified into 2 types: -  

  • Pradhan Mantri Awas Yojana – Gramin: Only those borrowers are eligible to avail of the advantages of this scheme that are homeless or live in kutcha houses of one or two-room based on the Caste Census 2011 and Socio-Economic. 
  • Pradhan Mantri Awas Yojana – Urban: It focuses on catering to the requirements of those who live in urban areas. People who reside in the Low-Income Group, Economically Weaker Section or Middle-Income Groups can get the benefits. 

Beneficiaries under the PMAY scheme 

  • Schedule Caste (SC) 
  • SCHEDULE Tribes (ST) 
  • Medium Income Group – 1 
  • Medium Income Group – 2  
  • Women  
  • Economically Weaker Section (EWS) 
  • LOW Income Group (LIG) 

Key Parameters of Pradhan Mantri Awas Yojana 2022 

Particulars MIG I MIG II 
Household Income (per annum) 6,00,000 – 12,00,000 12,00,000 – 18,00,000 
Interest subsidy 4.00% 3.00% 
Max. The unit carpet area of Dwelling 160 Sq. m. 200 Sq. m. 
Eligible amount for housing loan for subsidy interest Up to 9,00,000 Up to 12,00,000 
Flexible loan tenure (in years) 20 years  20 years 
Max. Amount of interest subsidy 2,35,068 2,30,156 
Discount rate for NPV calculation of interest subsidy in% 9.00% 9.00% 
Lum sump amount that is paid per sanction in place of processing fee 2,000 2,000 
Suitability of No Pucca house Yes  Yes  
Flat construction or quality of the house As per NDMA guidelines, BIS Codes and National Building Code 
Application scheme for the sanction of existing home loan                                             01-01-2017 
Co-ownership or women’s ownership                                         Not mandatory 
Basic Civic Infrastructure                                             Compulsory  
Approval for the design of the building                                             Compulsory  

Note: - The validity of the scheme is: MIG I & II was valid up to 31st March 2021, and EWS & LIG was valid up to 31st March 2022.     

Documents required for Pradhan Mantri Awas Yojana 

Proof of identity:  

  • Aadhar Card 
  • PAN Card 
  • Voter ID Card 
  • Driving License  
  • Passport  
  • Photo credit card 
  • Identity card issued by the government  

Proof of address: 

  • Voter ID Card 
  • Aadhar Card 
  • Rent agreement  
  • Passport 
  • Life insurance policy 
  • Certificate of residence address 

Proof of Income: 

  • Receipt of Income Tax Return 
  • Bank statements for the previous 6 months 
  • The last 2 months' salary slips. 

Proof of purchased property 

  • Sales agreement 
  • Copy of payment receipt (if applicable) 
  • Sales deed 
  • Certificate of property registration 

Therefore, financeseva allows you to compare and choose the best deals for home loans by the government. 

Also read: - Apply for Instant Personal Loan Online 

How Would You Rate This Article ?