Pradhan Mantri Awas Yojna (PMAY-U)

  1. Introduction PMAY
  2. Introduction of CLSS
  3. Process of applying PMAY scheme
  4. Eligibility Criteria to avail PMAY
  5. Features & Benefits of PMAY
  6. PMAY Scheme Details
  7. Docs required for Pradhan Mantri Awas Yojna
  8. Guideline for PMAY
  9. PMAY Beneficiary
  10. News Update(Interesting Facts)

 

1.    2.   What is Pradhan Mantri Awas Yojana (Urban)-PMAY (U)?

The Indian Government under “Housing for all” which intends to provide a home for all in urban areas by the year 2022 launched Pradhan Mantri Awas Yojana (Urban) Mission on 25 June 2015.

The PMAY scheme serves to Economical Weaker Section (EWS)/Lower Income Group (LIG) and Middle Income Groups (MIG) of the society, given the projected growth of urbanization & the housing demands in India.

As the Indian Govt. announced, the scheme will be executed in three phases:

Stage of Phase

Phase-1

Phase-2

Phase-3

Phase Start date

January 4, 2015

January 4, 2017

January 4, 2019

Phase End date

January 3, 2017

January 3, 2019

January 3, 2022

Cities Covered

100

200

Remaining cities

Source: Housing Ministry of India

 

2.       3.Definition of Credit Linked Subsidy Scheme (CLSS)

Under the PMAY mission, a subsidy scheme named Credit Linked Subsidy Scheme (CLSS) wherein Economically Weaker Section (EWS), Low Income Group (LIG), and Medium Income Group (MIG) can avail home loans for purchase/ construction/ extension/ improvement at reduced EMIs with the help of an interest subsidy. The interest subsidy will be credited upfront to the beneficiary on the principal amount.

 

3.      4. How to Apply for PMAY Scheme?

Any applicant with an annual income of up to 18 lakh can apply for the PMAY scheme. If you wish to avail of the PMAY subsidy benefit, you can submit your application at any of our 300+ Aavas Financiers Ltd.’s branches. Our local branch experts will review your request and process your request at the earliest. Aavas Financiers aim to make the process quick and easy for you.

·                 Download and fill out the self-declaration form.

    1. How& Where to download PMAY application form?
    2. Go to the official website of the PMAY and click on the Citizen Assessment option. From the drop-down menu, select Track Your Assessment Status.

                  c.   Once you click on this option, you will get the Track Assessment Form. Select By Name, Father’s  Name, and Mobile Number or By Assessment Id.

   d.    Enter the required details and click on Submit to access the application form. Once the selected form appears on the screen, click on Print.

·                 Submit it at your nearest Aavas Branch

·                 Carry your original ID proof along with the Aadhaar Card of all family members.

 

4.      4. Eligibility Criteria to avail Pradhan Mantri Awas Yojana PMAY

 

·                 To avail of PMAY subsidy, the residential property you choose must be a single unit or a unit in any multi-storeyed building.

·                 The eligible unit needs to have basic facilities and infrastructure like toilets, water, sewerage, road, electricity, etc.

·                 The carpet area (walls not included) must not exceed:

· EWS – 30 square meters (323 sqft)

· LIG – 60 square meters (646 sqft)

· MIG-I – 160 square meter (1722 sqft)

· MIG-II – 200 square meter (2153 sqft)

·                -All statutory towns as per Census 2011 and towns notified subsequently, including planning area as notified concerning the statutory town.

 

5.       5. Features & Benefits of Pradhan Mantri Awas Yojana (PMAY)

 

·                Quick & Easy process.

·                Simple documentation process.

·                Customized repayment option.

·                Fast Disbursal.

·                No hidden charges.

·                The credit-linked subsidy aspect of the PM Awas Yojana is implemented in rural India.

·                Sustainable and eco-friendly technologies would be used for construction.

 

 

6.       6. Detailed Description about Pradhan Mantri Awas Yojana PMAY Scheme

The government may support households by the means of loan assistance or by allowing interest subsidies. The applicability & amount of subsidy is subject to the following key criteria:

PARTICULARS

EWS

LIG

MIG I

MIG II

Household Income (Rs. P.a)

0-3,00,000

3,00,001-6,00,000

6,00,001-12,00,000

12,00,001-18,00,000

Eligible Housing Loan Amount for Interest Subsidy (Rs.)

Upto 6,00,000

Upto 6,00,000

Upto 9,00,000

Upto 12,00,000

Interest Subsidy (% p.a.)

6.50%

6.50%

4.00%

3.00%

Maximum loan tenure (in years)

20

20

20

20

Maximum dwelling unit carpet area

30 Sq. m.

60 Sq. m.

160 Sq. m.

200 Sq. m.

Source: Housing Ministry of India

 

·                PMAY Scheme Loan Tenure

The maximum Home Loan tenure offered under all four categories is 20 Years.

 

7.       7.Documents required to avail Pradhan Mantri Awas Yojana PMAY

 

Below is a list of documents required for applicants to purchase a home under PMAY:

       a.  Salaried Employee 

  

·               EWS/LIG Income certificate

·                Income Certificate (only if the income is below the taxable limit)

·                PAN Card

·                Aadhaar Card

·                Voter’s Card

·                Driving License

·                MNREGA Number

·                Nationality Identification Proof

·                Proof of category (belonging to SC/ST/OBC/Minority etc.)

·                Copy of address proof

·                Income Proof - Original Salary slip/salary Certificate/other income.

·                Latest Income Tax Return/ Income Tax Assessment Order/Form no 16, if applicable

·                Bank statement of last six months

·                Valuation certificate from the approved valuer, if not valued earlier

·                The approved plan of construction

·                Architects/Engineers certificate confirming the cost of construction/cost of repairs/cost of improvements/cost of extension

·                Architects certificate confirming expected life, fitness, and future of flat/house in case of purchase

·                Agreement for construction with builder/developer

·                NOC from housing society/competent authority

·                Affidavit-cum-Undertaking to the effect that the construction is in an authorized area, construction is strict as per sanctioned plan/building bye-laws and the loan is availed for acquiring plot/house/flat for residential purpose only

·                Receipt of advance payment made to builder/seller, if any

·                Affidavit from the beneficiary that either he/she or any of the family members do not own a Constructed (pakka) house (all-weather dwelling unit) in any part of India

·                Letter of Allotment of property (where the property is proposed to be purchased from builder/housing boards, etc.)/or Agreement to Sell (where the resale property is proposed to be purchased), Title deed/lease deed/Mutation in respect of pre-owned property, which is to be extended.

       b.  Self-Employed/Business

·                Including with all requirements for a salaried person in point (a.).

·                Income Certificate (only if the income is below taxable limit)

·                Income Proof - Original salary slip/salary certificate/other income proof

·                Latest Income Tax Return/Income Tax Assessment Order/Form no 16, if applicable

·                A brief note on the nature of business/ activity / self-drawn attested financial statement/business license in case of self-employed.

·                Architects/Engineers certificate confirming the cost of construction/cost of repairs/cost of improvements/cost of extension

 

 

8.      8. Beneficiary for Pradhan Mantri Awas Yojana PMAY

PMAY 2021-22 Beneficiary

·            A beneficiary family comprises a husband, wife, unmarried sons, and/ or unmarried daughters

·            An adult earning member (irrespective of marital status) can be treated as a separate household.

 

9.      9. Guideline for PMAY

·            Woman ownership is not mandatory for construction/extension

·           *As per amendment dated 15.03.2018, an adult earning member (irrespective of marital status) can be treated as a separate household. Provided also that in case of a married couple, either of spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the scheme.

 

·            Aadhar number(s) of the beneficiary family are mandatory for the MIG category.

 

1010.News & Updates of PMAY (Interesting Facts)

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