Home is considered as one of the basic human necessities, that determines the quality and healthy lifestyle. It plays a vital role in promoting social welfare that reflects the economic growth of a country. Pradhan Mantri Awas Yojana, is one of a kind of mission, initiated with an intention to provide, housing for all the Urban weaker sections by 2022, the year when India would have been completed 75 years of Independence.

What is Pradhan Mantri Awas Yojana (PMAY)?

For establishing accommodatable housing for all. any state requires a considerable support system like water supply, sewerage, sanitation, electricity, open spaces etc. Pradhan Mantri Awas Yojana scheme is first launched back in the year 2015 envisioned to provide affordable housing for everyone. A complete mission of PMAY scheme, valid from 17.06.2015 up to 31.03.2022, is to build affordable homes with 24/7/365 hassle-free power supply, water connection, toilet facilities, and reasonable access to daily necessities through an online application or offline process.

It is assumed under PMAY scheme, 2 crore houses are to be built nationwide. It is mainly targeted for the Lower Income Groups and Economically Weaker Section of the society, basically the urban poor to get pucca houses by the year 2022.  

Approximately, two million non-slum urban poor households are intended to be incorporated under the Pradhan Mantri Awas Yojana Mission. Irrespective of religion and caste, all Indian women will be equally eligible with an unbiased approach by submitting  the online application. Citizens belonging to low income and economically weaker sections of the society comes under this beneficiary.

Three Phases of Pradhan Mantri Awas Yojana Scheme

Phase 1: This phase of PMAY Scheme from April 2015 to March 2017, commences with the development of a total of 100 cities.

Phase 2: Following Phase 1, starting from April 2017 to March 2019, the development will be covered for a whole number of 200 more cities.

Phase 3: All the remaining cities will complete its Pradhan Mantri Awas Yojana housing for all urban development process from April 2019 to March 2022.

Eligibility Criteria for Pradhan Mantri Awas Yojana 2020 Home Loans

A beneficiary family consists of a husband, wife, unmarried sons or daughters. He/She belonging to the beneficiary family should not own a pucca house on their name and shouldn’t be a co-owner of pucca house property. By fulfilling these standards they will be eligible to get a home loan under this scheme.

Under PMAY scheme, there is a Credit-Linked Subsidy Scheme on home loans for properties in the urban market belonging to Economically Weaker Section, Low Income Group, Middle Income Group 1, and Middle Income Group 2.

For Economically Weaker Section division beneficiaries the annual income is capped at Rs.3 lakh, and the yearly wage of Low Income Group and Middle Income Group beneficiaries may range between Rs.3-6 lakh and Rs.6-18 lakh individually.

Beneficiaries from the Economically Weaker Section category are eligible for full assistance under this scheme. Beneficiaries from Low Income Group and Middle Income Group categories are only available for the Credit-Linked Subsidy under this scheme will be granted Pradhan Mantri Awas Yojana for a home loan.

For beneficiaries under the scheme, are required to present an affidavit as income proof to the authority before filling the online application.

Parameters For Pradhan Mantri Awas Yojana Credit-Linked Subsidy

Steps for Pradhan Mantri Awas Yojana Online Application

Step 1: Visit the official website here.

Step 2: Find the “Menu” section, and look for “Citizen Assessment” option and enter your 12 digit Aadhaar number.

Step 3: It will direct you to the  Pradhan Mantri Awas Yojana online application, enter your personal and income details, present residential address, and bank account details.

Step 4: Agree on “I am aware of” option and click the “Save”, and you will get a system generated application number for future reference.

Step 5: After completing the steps, you can download the online application.

Step 6: Submit the application at your nearest Common Service Centers or financial institution/banks along with the required documents to utilise the services of Pradhan Mantri Awas Yojana for a home loan.

Once the online application is submitted you can also edit or update your details by “edit” option. To check your eligibility criteria you can either visit the official website or submit you're below poverty line certificates to the leading financial organisation.

Benefits of Pradhan Mantri Awas Yojana

• This scheme is helpful for the citizens, as it provides primary aid to Urban Local Bodies as well as employed agencies within States/UTs.

• The Pradhan Mantri Awas Yojana Housing for all urban is considered as one of the best schemes to accommodate a reasonable residential place to the people by creating the needed infrastructure such as sanitation, roads, constant water supply, sewerage, houses, and others.

• It is beneficial for existing slum-occupants as it works by developing onsite restoration by initiating private participation for using the poor land area as a resource.  

• By providing Credit Linked Subsidy for the eligible groups, it helps in fulfiling the housing dream.

• PMAY has initiated Affordable Housing in Partnership to provide central assistance for Economically Weaker Section categories.

• This Scheme also grants a subsidy to the beneficiary for individual house construction.

Indian Government Approved construction of 1.23 lakh houses under PMAY-Urban

On Sep 26, 2019, The Indian government increasing the houses under Pradhan Mantri Awas Yojana (Urban), has sanctioned the development of an additional 1.23 lakh houses. Making sure that PMAY-U scheme reaches a maximum of people for the participating states, the Central Sanctioning and Monitoring Committee (CSMC), approved an overall amount of Rs 4,988 crore investment, to start the construction of 1.23 Lakh houses.

With this approval, over 90 lakh houses have so far been sanctioned against the target of 1.12 crore by 2022. As per now, approximately 53.5 Lakh houses are under construction and more about to start to provide financial assistance to the citizens.

Conclusion

The Indian government exterminating poverty has taken a step forward with the initiation of the Pradhan Mantri Awas Yojana Scheme by providing affordable housing to the Urban EWS, LIG, and MIG I & II groups.

As the housing dream satisfies the basic needs of an Individual by simple steps of  PMAY scheme online application, Whatever improvement that takes place in real estate has to be sustainable development for the home buyer. One deserves the best affordable house that suits their requirements.

Fulfilling the dreams of numerous clients and looking to achieve more, PropertyAdviser.in has all the accurate information on the latest properties for sale in Hyderabad at affordable prices with the availability of many bank loans. So, what are you waiting for? Browse our online portal and find your ideal home today!

By Govi