Do You Know About PMAY And Its Eligibility Criteria Tracking Process?

The Pradhan Mantri Awas Yojana (PMAY) is an ambitious housing scheme of the Central Government initiated by PM Narendra Modi in 2015. 

If you don’t have any pucca home anywhere in India, you have the required PMAY eligibility to apply. 

You and your family’s annual income should also be up to Rs.18 lakh to apply. Tracking the PMAY eligibility is also easier. 

Let’s check out this post!

A quick look at the PM Awas Yojana eligibility norms 

1. You can land on the PMAY website, where there is a pre-declared PMAY status list. You can search for your name in it using your Aadhaar number on the ‘Search Beneficiary’ tab. And doing this will let you know your PMAY eligibility. 

2. Once done, you can apply for Pradhan Mantri Awas Yojana in Maharashtra or elsewhere on the official portal. Download the form from the ‘Citizen Assessment’ tab, fill in the details asked for and attach documents proof. 

3. Now, you can apply for the Pradhan Mantri Awas Yojana with a lender and attach your PMAY form with it. You can always apply for a large amount above the subsidized amount of up to Rs.12 lakh. The only thing is that you won’t get subsidy benefits on an amount more than the figure. The non-subsidized home loan amount will be given at a higher rate. Post this, your housing loan application is processed, verified and checked along with the PMAY status. If everything is good to go, you will get the subsidized part of the home loan credited to your bank account. It will be available under the Pradhan Mantri Awas Yojana scheme by the Government within 3-4 months. 

Based on your income groups, you will be able to enjoy an interest subsidy of up to 6.5% to an amount of up to Rs.2.67 lakh. 

This way, you can save big and start paying lower EMIs.      

Read Also: Important Pointers to Note About Pradhan Mantri Awas Yojana  

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Know the Facts about PM Awas Yojana and its Subsidy

The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme of the Central Government of India. 

Under this PMAY housing scheme, there is a provision to build affordable houses all over India. They are to be constructed using eco-friendly and sustainable technologies. 

Besides this, the Pradhan Mantri Awas Yojana also offers an interest subsidy on home loans. 

Under this, it is possible to enjoy a home loan subsidy of up to Rs. 2.67 lakh and 6.5%. 

The home loan subsidy is awarded across income groups of applicants whose income ranges between Rs.3 lakh and Rs.18 lakh annually. 

If you want to know more about Pradhan Mantri Awas Yojana and its subsidy, you should go through this post!

Vital Pradhan Mantri Awas Yojana facts at a glance 

1. If you want to book your first-ever pucca home, you can avail of the home loan subsidy on the interest rate and enjoy savings. The home loan interest rate subsidy can also be availed as per your income groups. Income groups are Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group 1 and 2 (MIG 1 and MIG 2). 

2. A women applicant is given priority in the allotment of ground floors. It is done while allotting the homes. Differently-abled citizens are also given preferences while allotting ground floors for homes. 

3. The home loan interest subsidy is given up to 6.5% to the tune of Rs.2.67 lakh. 

4. The usage of eco-friendly and sustainable construction materials is permitted in the construction of affordable homes. 

5. The Government seeks to construct about 2 crore affordable homes in key urban areas for eligible customers. 

6. The focus of the Government is to uplift the standard of living of people in areas where low-cost homes are being built. 

If you wish to avail the PMAY benefits and enjoy interest subsidies, you can check your eligibility and get started. 

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Get The Latest Updates On PMAY Scheme and PMAY List 2021

The Pradhan Mantri Awas Yojana (PMAY) is the housing scheme of the Central Government of India. The PMAY scheme was launched in 2015 by PM Narendra Modi. 

The PMAY was launched as a housing scheme to provide affordable homes to the poor population of the country in rural and urban areas. 

With a tagline of ‘Housing for All by 2022’, it intends to build affordable houses using sustainable technologies. 

Besides this, if you have PMAY eligibility, you can get an interest subsidy on home loan interest up to 6.5% and Rs.2.67 lakh. 

Based on your income groups, you can avail of an interest subsidy. If you have already applied for PMAY, you can check your name in the PMAY list 2021. 

Let’s know how to check your name included in the PMAY scheme in this post!

Here’s how to check your name in the PMAY list 2021 

1) Land on the official website of PMAY at www.pmaymis.gov.in. 

2) Hit the ‘Select Beneficiary’ option and choose ‘Search by Name.’ You can do that from the drop-down menu. 

3) Feed your correct 12-digit Aadhaar number. 

4) If your Aadhaar number is available in the PMAY database, you will be able to find your beneficiary details. 

What are the achievements of PMAY?

The Pradhan Mantri Awas Yojana – Gramin (PMAY-G) has managed to achieve 92% of its completion in its first phase.

1.5 crore+ homes in rural areas have been built during 5 years of the PMAY – G scheme. 

Under the PMAY – U, more than 41 lakh homes are completed, and 70 lakh+ houses are in different stages of construction. More than 1.68 lakh home constructions are already approved under PMAY – U and counting. 

If you want to apply for the PMAY plan and avail of an interest subsidy on housing finance, you can do that online after checking the eligibility norms. 

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What is PMAY? Know the Facts About its Subsidy

Pradhan Mantri Awas Yojana is an affordable housing scheme introduced by the Government of India in 2015. The aim of this scheme is to provide affordable housings to every Indian. Under this scheme, individuals will receive a subsidy on the home loan availed for the construction of new homes or renovation of an existing one.

Home loan subsidy available under this scheme for the middle-income group is limited to 3% on a loan amount of up to Rs.12 lakh. For the loan amount of up to Rs.9 lakh, applicants will enjoy a subsidy of 4%.

On the other hand, the applicants of PMAY from the EWS and LIG category will also receive a 6.5% subsidy on the loan amount of Rs.6 lakh. Moreover, they will be able to avail up to 3% concession on the loan amount of Rs.12 lakh.

However, to avail this subsidy, borrowers need to fulfil these following criteria –

1. Applicants who wish to receive benefits of this housing scheme must not have a pucca house anywhere in India.

2. Borrowers must not have availed benefits of any other government-backed housing scheme.

3. The guidelines of PM Awas Yojana strictly advises that women must own a property as a co-owner or a sole owner.

4. Individuals need to find a lender that has an MoU with concerned authorities to extend credit under this scheme.

5. Also, the property location must be within the limit of a town, as identified by 2011 Census.

6. Lastly, these benefits can be availed only on home loan applied on and after 17th June 2015. 

CLSS or Credit Linked Subsidy Scheme is the mainstay of this plan. Under this scheme, applicants from different economic sections will receive the benefits of interest reduction on their housing loan repayment. Recently, the government has extended the timeline for CLSS under Pradhan Mantri Awas Yojana to 31st March 2022.

Read Also: How do I avail home loan subsidy under Pradhan Mantri Awas Yojana

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