Pradhan Mantri Awas Yojana – Top Things to Know

The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme of the Central Government of India.

PMAY was launched in India by Prime Minister Narendra Modi in 2015.

With its mission, ‘Housing for all by 2022’, it intends to offer affordable housing solutions to the country’s poor population.

If you want to know about the PMAY scheme 2021, here is a post to read!

What is the PMAY scheme?

Home is a vital component of living, and Central Government has been concerned about the housing needs of crores of the poor population.

It is why it launched the PMAY scheme in 2015. The plan intended to build low-cost houses across the country using sustainable technologies.

Besides this, PMAY also has a provision to offer subsidy on home loan interest rate under the Credit Linked Subsidy Scheme (CLSS).

Under this, it is possible to enjoy a home loan interest subsidy of up to 2.67 lakh or 6.5%.

As per your income groups, you can apply for a home loan and enjoy an interest subsidy.

What are income groups under PMAY?

PMAY home loan interest subsidy is being offered to applicants under income groups.

The income groups are divided into Economically Weaker Section (EWS), Low Income Group (LIG), and Medium Income Group 1 and 2 (MIG 1 and MIG 2).

EWS applicants earning Rs.3 lakh per year can get an interest subsidy of 6.5%.

LIG applicants earning between Rs.3 lakh and Rs.6 lakh can also get an interest subsidy of 6.5%.

MIG 1 applicants’ annual income should be between Ra.6 lakh and Rs.12 lakh to avail subsidy of Rs.2.35 lakh.

MIG 2 applicants’ yearly income has to be between Rs.12 lakh and Rs.18 lakh to avail a subsidy of Rs.2.3 lakh.

What are the Pradhan Mantri Awas Yojana eligibility conditions?

You need to fulfil a few Pradhan Mantri Awas Yojana eligibility norms to apply under the PMAY scheme in 2021. Let’s take a look:

  1. Any household or the beneficiary family without having a pucca home anywhere in the country can apply. A beneficiary family means a husband, wife, unmarried sons and unmarried daughters.
  2. A house earning an annual income between Rs.3 lakh and Rs.18 lakh are only allowed to apply under PMAY.
  3. The applicant must not have availed any housing assistance under any previous scheme of State or Central Government.
  4. A beneficiary can’t enjoy PMAY benefits on an already built home.
  5. The construction for which the home loan under the PMAY CLSS scheme is taken must be completed within 36 months of loan disbursement.

How to check the PMAY subsidy status?

If you apply for a home loan under PMAY and want to check PMAY subsidy status, you can do that online. Here are the steps:

  1. Visit the official website at www.pmaymis.gov.in.
  2. Hit the ‘Citizen Assessment’ button.
  3. Tap on the ‘Check your assessment’ status at the bottom of the menu.
  4. After selecting this option, you will be redirected to a page that will have two options- by ID type/Assessment ID or by father’s name.
  5. You will need to choose one of the options to track your application status.
  6. You will also need to enter details like your state, city, district name and ID type. You will now have to feed the corresponding ID number, along with the registered mobile number.
  7. It is also possible to enter the registered mobile number and assessment ID to know the PMAY subsidy status.

How to check your name in the PMAY list 2021?

  1. Land on the official website of PMAY.
  2. On the menu bar, you have to hit the ‘Search Beneficiary’ tab.
  3. After you click on the ‘Search Beneficiary’ tab, a drop-down menu will appear.
  4. You can now select the ‘Search by Name’ option from the drop-down menu.
  5. You can now type your name and click on the ‘Search’ option.

Once done, PMAY applicants will be able to access the PMAY list. On the list, they can check selected names already included in the scheme.

If you wanted to build or buy your first ever pucca home and fall under the PMAY eligibility, you could apply for it online.

It will help you move into your dream home and even let you save via the home loan interest subsidy.