The Pradhan Mantri Awas Yojana (PMAY) is an initiative launched by the Government of India in 2015 with the goal of providing affordable housing to all urban and rural citizens by 2022. The scheme aims to construct ‘pucca’ houses with basic amenities for eligible beneficiaries, primarily targeting the economically weaker population. The subsidy also includes renovating and constructing additional rooms.
In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a substantial boost to the PMAY scheme. The government has allocated Rs 10 lakh crore for the construction of 3 crore additional affordable houses in both rural and urban areas. This includes financial assistance of Rs 2.2 lakh crore over the next five years, with a specific focus on providing interest subsidies to make housing loans more affordable.
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Who can sign up for PMAY?
Eligibility for PMAY is divided into four categories:
- Economically Weaker Section (EWS): Annual household income up to Rs 3 lakh.
- Low Income Group (LIG): Annual household income between Rs 3 lakh and Rs 6 lakh.
- Middle Income Group I (MIG I): Annual household income between Rs 6 lakh and Rs 12 lakh.
- Middle Income Group II (MIG II): Annual household income between Rs 12 lakh and Rs 18 lakh.
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The Union Budget 2024 significantly increased funds for PMAY, targeting affordable housing for economically weaker sections. How can you sign up?Applicants must also meet specific criteria, such as not owning a pucca house in their name or in the name of any family member across India and not availing any central assistance under any housing scheme from the Government of India.
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Benefits you can receive from the affordable housing scheme
The PMAY scheme provides several benefits, including:
- Interest Subsidy: Beneficiaries can receive an interest subsidy of up to 6.5% on housing loans, with varying caps based on the income group.
- Financial Assistance: For houses constructed in plain areas, beneficiaries receive Rs 1.20 lakh, and in hilly areas, Rs 1.30 lakh.
- Women’s Ownership: Preference under the scheme is given to women.
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How to sign up for PMAY
To sign up for PMAY, follow these steps:
- Check Eligibility: Visit the official PMAY website and use the eligibility calculator to confirm your eligibility.
- Aadhar Card Requirement: Ensure you have a valid Aadhaar card as it is mandatory for the application.
- Application Submission: Eligible applicants can apply online via the PMAY website or visit the Common Service Centers (CSCs) for assistance.
- Form Filling: Complete the application form with the required details, including personal information, family details, and income information.
- Submit Application: Submit the form along with necessary documents such as income proof, identity proof, and bank account details.
- Track Application: After submission, you can track the status of your application online using your application reference number.
