What is PM Awas Yojana (PMAY) – Housing For All (HFA) by 2022

Pradhan Mantri Awas Yojana (PMAY) – Housing For All (HFA) by 2022 is one of the most awaited affordable housing projects of Central government which was launched for providing housing for all urban and rural poor people across the country.

Introduction

The PMAY was launched by the Indian Prime Minister Narendra Modi in June 2015 with an aim of providing housing for all by 2022 under Centre’s Pradhan Mantri Awas Yojana (PMAY).

The government has targeted to construct houses for those people who are living in Kucha Ghar or Homeless. As per the scheme, the government will construct two crore houses within a time period of 7 years for Urban and Rural poor across the country.

The scheme is applicable for people belonging to LIG (Low Income Group) & EWS (Economically Weaker Sections) and now the government has also included MIG Group under PMAY after presenting the budget of 2017-18.

According to the scheme, the Pradhan Mantri Awas Yojana will be completed as following three phases.

Phase 1: 

Start date: April 2015 || End date: March 2017 || Target of Cities: 100 cities in India

Phase 2:

Start date: April 2017 || End date: March 2019 || Target of Cities: 200 cities in India
No. of cities targeted: 200 cities in India

Phase 3:

Start date: April 2019 || End date: March 2022 || All Remaining Cities in India

Actual Benefits of Pradhan Mantri Awas Yojana (PMAY)

Earlier, the Central government presented its Union Budget 2017-18 and it has provided a great relax for homebuyers by launching two new subsidy schemes under Pradhan Mantri Awas Yojana. Now the government will provide a subsidy of Rs.2.4 Lakh on Home Loan for 20 years which was 15 years.

  • Subsidy of Rs. 2.4 Lakh for buying houses under the Pradhan Mantri Awas Yojna
  • 6.5% (credit linked) subsidy on the interests on the loans availed by the people who bought/planning to buy houses under the scheme.
  • The interest subsidy will be offered for 20 years from the date on which the loan amount was given to the customer
  • if you are earning 12 Lakh, the government will provide 4% subsidy under home loan of Rs 9 Lakh.
  • if you are earning 18 lakh, the government will provide 3% subsidy under home loan of Rs 12 Lakh.
  • If you apply for a loan at an interest of 9% than from the subsidy of all three categories on the home loan of Rs 20 lakh you will get a total benefit of Rs 2.4 Lakh and repayment of the loan will reduce the monthly installment of Rs 2,200.

Credit Linked Subsidy Scheme —- The beneficiaries can apply for housing loan under CLSS (Credit Linked Subsidy Scheme) at all bank branches.

Let’s Know About How to Apply Online for Pradhan Mantri Awas Yojana (PMAY)

The government has started online application form submission process to reduce the problem of people during the form submission at the corporation offices.

The Ministry of Housing and Urban Poverty Alleviation has joined hands with CSC e-Governance Services India Limited, the ministry of electronics and information technology to enable online applications for PMAY-U. Around 60,000 CSC Centres are enabled to accept the online application form.

All the interested needy people can apply online through the CSC or themselves by following some easy steps which are given below.

Step First:

Log on at http://pmaymis.gov.in/

Second Step:

Click on Citizen Applications Link:

Third Step:

Click on For Slum Dwellers or Benefits under Other 3 Components Link for Fill Application Form:

Fourth Step:

How to Fill Application Form:

Fifth Step: 

In Final Step Fill Captcha Code and Click on Submit Button for Final Submission:

After final application form submission, the applicants must take the print out of receiving for checking the status of their application form.