In order to empower people to get their dream home, honorable Prime Minister has announced a comprehensive and a progressive mission, ‘Pradhan Mantri Awas Yojana – Housing for All’ on 17 June 2015.
One of the major verticals of Pradhan Mantri Awas Yojana (PMAY) is Credit Linked Subsidy Scheme (CLSS) for Lower Income Group/Economically Weaker Section (EWS/LIG) and Middle Income Group (MIG – I & II). Under this scheme, Central government provides financial assistance through lending Institutions to eligible beneficiaries across all statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time)
The interest subsidy is channelized through two central nodal agencies – National Housing Bank (NHB) and Housing & Urban Development Corporation (HUDCO). The apex government bodies channelize subsidy to the lending institutions and they help the eligible applicants to avail subsidy.
IIFL Home loans is an approved lender and loan applications which meet eligibility criteria for CLSS subsidy are forwarded to National Housing Bank (NHB) for approval. An applicant can avail maximum interest subsidy of up to Rs 2.67 lacs*. Central government provides interest subsidy which is credited to eligible beneficiary’s loan account. Hence, a beneficiary receiving a subsidy of Rs. 2.67 lac* on a loan amount of Rs. 20 lac for 20 years loan tenure, at the interest rate of 8.5% actually gets a loan a home loan at an effective rate of 6.61%.
Owning a House is Dream of Many. Due to Financial Problems, Many are unable to Fulfill this Dream. The Need for Government Support for Providing Houses was always felt. The Good News is that Indian Govt. lead by PM Narendra Modi is providing Houses under a Very Popular Scheme named as – Pradhan Mantri Awas Yojana.
The Eligibility of the Applicants has been categorized into 6 Different Groups which are –
Economically Weaker Section (EWS)– In this Category, come those people who earn less than Rs. 3 Lakh per annum (i.e. Yearly Income is Less than Rs. 3 Lakhs). So, If you are Under this Category, You are Eligible to Apply for Awas Yojana Launched by PM Modi.
Light Income Group – Those People who Earn anything Between 3 Lakhs to 6 Lakhs Per Year Fall into this Group. If you Fall in this Category, You can Apply for Pradhan Mantri Awas Yojana.
Eligibility Criteria for PMAY Scheme
The government will use The Socio-Economic and Caste Census of 2011 (SECC 2011) to identify and select the list of PMAY beneficiaries. The village panchayats along with tehsils will be considered for consultation of beneficiaries before making the list under the rural housing scheme. This is going to be done in order to ensure transparency of the project and also make sure that only the deserving receive the aid in housing.
- Any household with a total annual income between Rs.6 lakh to Rs18 lakh can apply for the PM Awas Yojana. The applicant is allowed to include the income of the spouse while applying for this scheme.
- Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
- The beneficiary can only buy a new house in order to enjoy Pradhan Mantri Awas Yojana benefits. People who already own a house are not eligible to apply for this scheme. No pucca should be owned by the beneficiary or member of the family, in any part of the country.
- People will be allowed to buy/construct new houses only. One cannot avail PMAY benefits on already built house.
- People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply.
- Scheduled tribes and castes will also be eligible.
- Senior citizens and differently abled will be given special priorities for ground floor housing.
How to Apply for the Pradhan Mantri Awas Yojana Online
- Visit the PM Awas Yojana official website http://pmaymis.gov.in/
- Under the “Menu” section, find the “Citizen Assessment” option
- Enter your 12-digit Aadhaar card number
- Once you have entered your Aadhar information, you will be redirected to the application page
- You will be asked to enter your personal details, income details, current residential address, and your bank account details
- Enter all information in the application
- Click on “I am aware of” option at the end of the page and click the “Save” button
- Once you click the “save” option, you will see a system generated application number which you can save for future reference
- Download and print the duly-filed application
- Submit the form at your nearest CSC office centres and financial institution/banks along with the required documents
Features Of Pradhan Mantri Awas Yojana
- Upfront interest subsidy benefit on principal outstanding
- Aadhaar number(s) of the beneficiary family are mandatory for MIG category
- Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
- There is no cap on the loan amount or on the cost of property.
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.