To accomplish its mission of providing “affordable housing for all”, the Government of India introduced PMAY or Pradhan Mantri Awas Yojana in 2015. This scheme predominantly caters to first-time homebuyers by:
- Offering them subsidies on housing finance interest rates
- Constructing affordable homes
The project strives to fulfil its promise of providing two million fully functional ‘Pucca’ houses by 2022.
Pradhan Mantri Aawas Yojana categories
This ‘Affordable housing for all’ scheme is offered under two categories – PMAY (Urban) and PMAY (Gramin) – which cater to two different demographics – the urban poor and the rural poor. Both of these groups can avail subsidies on home loans.
These subsidies can lower your home loan interest rate by as much as 6.5% for a 20-year loan tenure. Before applying for a loan under this scheme, use a home loan EMI calculator to get an estimate of your potential repayment schedule.
Pradhan Mantri Awas Yojana eligibility
You can avail of this scheme’s benefits if you fall under any of the categories mentioned below:
Economically Weaker Section (EWS): If your total family income is less than Rs. 3 Lakhs per annum, you fall in this category.
Lower Income Group (LIG): This category includes households with a total family income between Rs. 3 Lakhs to Rs. 6 Lakhs per annum.
Middle Income Group-I (MIG I): If your total family income is between Rs. 6 Lakhs to Rs. 12 Lakhs per annum, you fall within this group.
Middle Income Group-II (MIG II): If your total family income is between Rs. 12 Lakhs to Rs. 18 Lakhs per annum, you fall under this category.
Moreover, you shouldn’t already own a pucca house anywhere in India if you wish to purchase a home under this scheme. Lastly, you shouldn’t be registered under any other housing scheme while applying.
The application process for the Pradhan Mantri Awas Yojana
Here’s a step-by-step guide to filling the “PMAY apply” online form:
Step 1: Sign In: Visit the official Pradhan Mantri Awas Yojana online website: https://pmaymis.gov.in/ and sign in by entering your credentials and typing in the valid Captcha.
Step 2: Choose a category: You’ll receive a prompt to choose between two options: ‘Benefit Under the other three components’ and ‘For slum dwellers.’ Choose whichever option applies to you.
Step 3: VID/AADHAR check: Next, you will have to go through the Virtual ID (VID) or AADHAR check, where you will be prompted to enter your AADHAR card details.
Step 4: Fill application form: Upon successful AADHAR/VID check, you can proceed to fill the full application form, where you’ll be asked to enter:
- Caste and religious details
- Address and contact details
- Income details
- Bank details
- Housing requirement
- Details about family members
- Employment status
Step 5: Save your progress: After entering all the details, check on the disclaimer box at the bottom. After this, enter the Captcha correctly and click on the ‘Save’ button.
Last date for form filling
If you fall under any of the eligible categories and haven’t yet applied for the Pradhan Mantri Awas Yojana scheme, worry not! The Government of India has extended the deadlines in light of the COVID-19 pandemic.
The last date to apply for people belonging to MIG I/ MIG II category is 31 March 2021, and for EWS/LIG category, it’s 31 March 2022.
With this extension, you have enough time to avail of housing finance and book an affordable home under the Pradhan Mantri Awas Yojana.
