Pradhan Mantri Awas Yojana 2023

This scheme is launched in 2015, Pradhan Mantri Awas Yojana (PMAY) is a scheme which is originated by Government of India for providing the best and affordable housing for those people basically who is financially or economically weaker section of society. PMAY is the scheme which is designed to targets constructing about 20 million of houses at an affordable price by 31 March 2022.

This Pradhan Mantri Awas Yojana Gramin (PMAY-G) has been extended more to the year 2024. The main of well-builted & affordable house has been given to 2.95 crore houses under this Pradhan Mantri Awas Yojana Scheme.

From the launching time, PMAY has changed the overall dynamics of the real estate market by importantly changing and reducing the cost of purchasing. In addition the home for the urban and poor people. Besides if you’re the one who is looking for purchase a house under this Pradhan Mantri Awas Yojana Scheme. Moreover, then you will need to know overall details about PMAY (Pradhan Mantri Awas Yojana).

In this blog we’ll talked about the PMAY details in which we give the details about the eligibility criteria & parameters, how to apply PMAY online/offline, subsidy calculation and all the important information about this Pradhan Mantri Awas Yojana scheme. Let’s start with advantages or benefits of Pradhan Mantri Awas Yojana Scheme.

PMAY Scheme Benefits

Pradhan Mantri Awas Yojana (PMAY) scheme was closely initiated with the main goal of creating bridge between the demand and supply of urban or poor housing which absoutely filling the wider gap in real estate industry. Let’s take a look at key objectives of this PMAY scheme:

⦁ To rehabilitate poor or needy slums people; with the help of private real estate developers.
⦁ To introduce affordable housing scheme for the financially section people. Through credit card linked subsidy scheme.
⦁ To develop best and affordable houses in with the partneship with public and private sectors.
⦁ To provide high-quality subsidies for advantageous-led individual house construction
Pradhan Mantri Awas Yojana Eligibility 2024 (PMAY Eligibility)

One of the most popular and well-known organisation which is the Ministery of Housing and Urban Poverty Alleviation defines the advantages of the PMAY Scheme are as follows:

⦁ A beneficiary can be your husband, wife and unmarried daughters/sons.
⦁ A beneficiary should not own a pucca house. Which means the home should not be in his/her name or any other member of the family across India.
⦁ Any adult or matured person, irrespective of his/her marriage status. And then he/she can be taken as a household altogether.

Beneficiaries Under PMAY 2024

The beneficiaries under the PMAY scheme top priority include the following categories:

⦁ Middle class income group (MIG 1) must with annual income between Rs. 6-12 Lakhs.
⦁ Middle class income group (MIG 2) must with annual income between Rs. 12-18 Lakhs.
⦁ Low income groups (LIGs) must with annual income between Rs. 3 Lakhs.

While LIG and MIG beneficiaries are only eligible for credit linked subsidy scheme under Pradhan Mantri Awas Yojana, but on one condition beneficiaries must be from EWS and then eligible for complete assistance. The person who wants to buy house he must have affidavit with supporting income proof which is considered as a LIG or EWS beneficiaries under this scheme.

Pradhan Mantri Awas Yojana Eligibility Parameters

Particulars	EWS	LIG	MIG I	MIG II
Total household income	Upto Rs 3 Lakhs	Rs 3 -6 Lakhs	Rs 6 -12 Lakhs	Rs 12 -18 Lakhs
Max loan tenure	20 years	20 yrs	20 years	20 yrs
Max dwelling unit carpet area	30 sq. m.	60 sq. m.	160 sq. m.	200 sq. m.
Max loan amount allowed for subsidy	Rs 6 Lakhs	Rs 6 Lakhs	Rs 9 Lakhs	Rs 12 Lakhs
Subsidy	6.50%	6.50%	4.00%	3.00%
Discount rate for net present value (NPV) calculation of interest subsidy (%)	9.00%	9.00%	9.00%	9.00%
Max. interest subsidy amount	Rs 2,67,280	Rs 2,67,280	Rs 2,35,068	Rs 2,30,156

How does Pradhan Mantri Awas Yojana Work..?

Assume you’re a person which falls in the category of MIG 2 (which means your total household income in between Rs. 12-18 Lakhs). If you’re palnning to purchase a house which value of 50 Lakhs. Your minimum down payment would be 20% for instance Rs. 10 Lakhs, and then you can arrange the remaining amount of Rs. 40 Lakhs through a bank loan.

Moreover under this PMAY 2022, MIG 2 category’s people applicants are eligible for a subsidy of 3% on the remaining loan of upto Rs. 12 Lakhs. However, for the remaining Rs. 28 Lakhs of the bank loan, you’ll have to payout the regular non-subsidized interest rates to the lender.

Pradhan Mantri Awas Yojana Subsidy Calculation

As you can the above table, the main amount of your subsidy that you’re entitled to be around of Rs. 2.3 Lakhs. So, overall out of the loan amount of Rs. 12 Lakhs, your subsidy amount of Rs. 2.3 Lakhs will get deducted, and then you’ll be paying amount on EMI On the balance amount of Rs. 9.7 Lakhs. In simple words, the subsidy is taken or credited upfront to the borrower’s account, which reduces the effective home loan amount and EMI amount.

How to Apply for PMAY 2023 Online @ pmaymis.gov.in..?

From anywhere you can apply for this scheme both online and offline.

Follow these below steps which is given for Pradhan Mantri Awas Yojana Gramin Online application. The important steps which is given below will helping those people who is avail of this subsidies condition on their home loans under the PMAY scheme. The overall online process to apply for PMAY steps is given below:

Step 1: Visit the official website of PMAY (Pmay gov.in).
Step 2: Click the Citizen Assessment option. Under the menu tab.
Step 3: The Applicant will enter his/her Aadhar card.
Step 4: When the Aadhar number is submitted. Then he/she will be taken to the application page.
Step 5: The PMAY application must proceed to enter all required information on this page. In this including bank account details, personal details, income details.
Step 6: The PMAY application should be recheck all details. And then submit.
Step 7: As soon as person clicks on the “save” options. Then he/she will find a unique application number.
Step 8: You must should be download the filled-in application form.
Step 9: Finally, the person can submit the form at his/her nearest CSC office. And then financial institution/bank gives or offers you home loan. He/she should submit all the important document along with the form.

Summing Up Pradhan Mantri Awas Yojana (PMAY)

In conclusion, Pradhan Mantri Awsa Yojana or PMAY Scheme is helping millions of indian family. Moreover in to get realizing the dream home of there own. Using the PMAY beneficiaries status online and PMAY list, they can check the PMAY status of their home loan. The PMAY beneficiary list is get released by the government. And the lastly the indian citizens can easily check their name on PMAY beneficiary list online.

FAQ’s

How can I check PMAY list 2021-22..?

Visit PMAY official website for PMAY beneficiary list. 1. On the website, from the 'Select Beneficiary' download box you select 'Request by name'. 2. Enter your adhaar card number. 3. If the Adhaar number is in the register, you can see the beneficiaries.

How can I check my PMAY status online...?

1. Visit PMAY official website. 2. Select 'Citizen Assessment' from the menu. 3. Select the 'Track Your Assessment'state. 4. Choose search options: name, name of the father, type of ID, or evaluation id. 5. Enter mobile number, State, city, district, father name, ID type, ID number. 6. By entering assessment ID and enrolling cellphone number, you can check the PMAY application status

How do I apply for PMAY Online 2021-22..?

1. Visit pmaymis.gov.in. 2. Choose 'Citizen Assessment' and click any option between 'Benefits in other three components' and 'For slum residents.' 3. Enter your aadhar card details. 4. You are redirected to the application page where the PMAY online application form has been filed. Your name, bank account, annual income information, contact specifics, & other specifics are required. 5. Click 'Save' and enter a captcha code. 6. Now, you can download it for future reference and print it.

How is PMAY subsidy credited?

If you are eligible for the PM Awas Yojana Scheme and submit the application, the bank will obtain the PMAY Subsidy benefits from the National Housing Bank. The subsidy will be paid to the bank of the requester once it has been confirmed. The money is then passed on to the loan account.

What is the last date for PMAY scheme 2021-22?

The last date to apply for the Pradhan Mantri Awas Yojana is March 31, 2022.