Pradhan Mantri Awas Yojana 2024: Eligibility & Apply Online

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The Prime Minister of India-Narendra Modi initiated Pradhan Mantri Awas Yojana in order to provide a proper house (Pakka Gher) to all those citizens of the country who belong to the economically poor section and are lacking proper housing.

This Pradhan Mantri Yojana will include people belonging to LIG (Low Income Group), MIG (Medium Income Group), Economically Weaker Sections, slum dwellers, and people currently living in kutcha houses. This is a central government scheme whose objective is to ensure that every eligible family of India has its own house by the year 2025.

If you want to know more details about Pradhanmantri Awas Yojana, then read this full article carefully. We will be discussing everything related to this scheme like the pradhan mantri awas yojana eligibility, pmay online apply, pradhan mantri awas yojana form, and how to access the Pradhan Mantri Aawas Yojana list online.

Pradhan Mantri Awas Yojana 2024

This scheme focuses on providing affordable housing to all the eligible citizens of India where subsidised low-interest house loans are provided, and this can be returned within a period of 20 years which makes it possible for even the extremely poor people to afford to have proper housing facilities. The subsidiary interest rate for these loans is 6.50 % per annum, and the senior citizens and the people with disabilities get the preference to get the ground floors. There are two divisions of Pradhanmantri Awas Yojana.

The first one is Pradhan Mantri Awas Yojana Gramin(PMAY-G) which covers the families of rural India, and the second one is Pradhan Mantri Awas Yojana Urban(PMAY-U), which targets people in the urban areas. 

PMAY-G

As said above, Pradhan Mantri Awas Yojana Gramin focuses on facilitating pakka houses in the underprivileged urban areas of the country. All the residents of kutcha houses are given interest subsidy loans for constructing or buying pucca houses. PMAY-G benefits are available across all the urban areas of India except Delhi and Chandigarh. This includes residences residing in both the plains and the hilly regions.

For EWS category applicants belonging to plain rural areas, maximum financial assistance of Rs 12 lakhs can be availed for the construction or purchase of pakka houses. The ratio of fund sharing between the central and the state government in the plain region is 90:10. Financial assistance can be availed in the hilly rural areas and the regions of the northeastern States, up to Rs 13 lakh.

PMAY-U

Pradhan Mantri Awas Yojana Urban focuses on providing the benefits of this scheme in about 4330 urban areas across India. It is carried out with the help of different Local Development Authorities, and by March 2025, PMAY-U targets to cover many more new locations in different cities and towns to accomplish the goal of providing proper housing facilities to all the citizens of India.

As per the reports of the Ministry of Housing and Urban Affairs, approximately 26 lakh affordable housing benefits have already been given until July 2019. For the construction and purchase of these 26 lakh new homes, it is expected that around Rs 51 crore funds have been used up. In the next few years, targeted beneficiaries under the PMAY-U will be made broader.

PMAY-U has three phases. In the first one, the scheme will cover 100 cities and union territories. In the second phase, more than 200 locations, and in the third phase, the rest will be covered across different parts of India. The scheme is expected to be completed by 2025, achieving its goal of providing housing to all its beneficiaries.

Components of Pradhan Mantri Awas Yojana

There are four major components of the PMAY scheme. These components help to deliver the benefits of this scheme to the targeted beneficiaries. These four components are as follows:

• Credit Linked Subsidy Scheme 
• Affordable Housing in Partnership.
• In-Situ Slum Redevelopment.
• Beneficiary Led House Construction/Enhancement.

Following these four components, the benefits could be given as monetary benefit or in the form of material assistance. For example, under Credit Linked Subsidy Scheme, the monetary benefit is provided to the eligible candidates. In contrast, the land is used as a resource under In-Situ Slum Redevelopment to facilitate affordable housing for eligible applicants.

Interest Subsidy Details 

6.50% subsidy interest rate is only available for LIG and EWS categories where a maximum loan of Rs. 600,000 can be availed. With an annual income under Rs.12 lakh, the people belonging to the MIG category can get a loan of up to Rs.9 lakh. The subsidy interest rate for this will be 4%, and 3% subsidy interest will be charged to those who earn less than Rs.18 lakh annually and are eligible for getting Rs.12 lakh loan under Pradhan Mantri Awas Yojana.

PMAY Beneficiaries

Families (husband, wife & unmarried children) are included in the beneficiary list of Pradhan Mantri Awas Yojana. While making a selection, each economically productive adult family member can be taken as a separate household entity without considering whether he/she is married or not.

The pradhan Mantri Awas Yojana list of beneficiaries is decided using the Socio-Economic and Caste Census (SECC-2011). Apart from that, there is also consultancy with the Gram Panchayats and the Tehsils before providing benefits to anyone in the rural areas. All these ensure that the benefits of the Pradhanmantri Awas Yojana are only provided to the targeted beneficiaries.

Under Pradhan Mantri Awas Yojana, there are four specific categories, and based on these categories, interest subsidies are provided on home loans. These are as follows:

1. Middle Income Group I (MIG I)

Applicants who belong to this category can avail of interest subsidy for: 

• Construction of a new house.
• Purchasing a new house.
• Extension/expansion of the old house (rooms, toilet, kitchen, etc.).

2. Middle Income Group-II (MIG II)

Applicants who belong to this category can avail of interest subsidy for: 

• Building a new house.
• Buying a new house.
• Expanding the old house.

3. Low Income Group (LIG)

Applicants who belong to this category can avail of interest subsidy for: 

• Constructing/purchasing a new house.
• Enhancing existing houses.

4. Economically Weaker Section (EWS)

Applicants who belong to this category can avail of interest subsidy for: 

• Constructing/purchasing a new house.
• Expanding existing house.

Pradhan Mantri Awas Yojana Eligibility

Here are some Pradhan Mantri Awas Yojana eligibility criteria that one has to meet before applying for subsidized loans: –

• It is only applicable to permanent Indian residents.
• Anyone who is taking the benefit of this scheme must be 18+.
• The person applying for this scheme must not own any house /property under this scheme. Also, no member of the family should have a house/property.
• Applicants should not be taking advantage of any other government housing scheme.

How to apply for Pradhan Mantri Awas Yojana?

You can apply for Pradhan Mantri Awas Yojana online or offline. We are discussing online mode first.

PMAY Online Apply

1. You have to first visit the website for Pradhan Mantri Awas Yojana, and on the homepage, you will find the Citizen Assessment option.

Link- https://pmaymis.gov.in

2. You have then to select either slum dwellers or benefits under three components. Select any one for which you are eligible.

3. Then, you will be taken to a new page where you need to enter your Aadhar number and the name as per your Aadhar card and click on the check button.

4. Then, you will be provided with the pradhan mantri awas yojana form, and you have to fill it in by providing details like your name, age, family details, address, mobile number, caste, state, city/village name, etc.

5. Attach the required documents and finally click on the submit button.

This was the procedure for filling up the Pradhan Mantri Aawas Yojana form online. However, if you want to do it offline, then you can go to any of the branches of the banks which are listed under Pradhan Mantri Awas Yojana and get the form filled.

How to avail interest subsidy?

Here are the steps that you need to follow to get an interest subsidy under Pradhan Mantri Awas Yojana.

1. First, you have to visit any lending institution that is listed under Pradhan Mantri Awas Yojana to apply for your home loan.
2. You submit your application to the lending institution, and after reviewing it, if you are eligible, they transfer your application to the Central Nodal Agency.
3. Then Central Nodal Agency verifies your application. Upon approval, when no discrepancies are spotted in your application form, the Subsidy amount is disbursed by the Central Nodal Agency to the lending institution, which is later credited by the lending institution in your account, making the total home loan amount less.
4. After this, you can keep on paying regular installments towards your loan amount.

Documents Needed

Here are some important documents that you will need while applying for PMAY-

• Aadhar card
• Identity proof
• Income proof
• Address proof
• Bank details 
• Phone number

How to view Pradhan Mantri Awas Yojana List?

Here are the steps to check your name in the Pradhan Mantri Awas Yojana list.

1. You have to go to the official website, and then you will find an option called Search Beneficiary.
2. Select that option, and then it will take you to a new tab where you need to enter your Aadhar number and hit on the search button. 
3. This way, you can check your name in the list of beneficiaries selected by the Central Government for Pradhan Mantri Awas Yojana.

Subsidy Calculator for Pradhan Mantri Awas Yojana 

The scheme aims to make the process of purchasing and constructing houses simplified for the poor section of society. The rate of interest for EMIs are very reasonable and low in comparison with the commercial rates. Here are the steps on how you can calculate the EMI for PMAY Scheme.

1. First of all, you have to visit the official website of Pradhan Mantri Awas Yojana and complete the login process.

2. Once you are logged in, you will get the option for calculating your monthly EMI payable. 

3. For calculating this, you will need to enter these three details:

• The total loan amount is rupees.
• The rate of interest.
• The total loan period in months.

4. Once you have entered all these details, click on the calculate button.

5. This will show you the monthly installment that you need to pay for your subsidised home loan.

Transfer of subsidy to the borrower’s Bank

The bank from where the beneficiary takes the loan claims for the subsidy benefits from the National Housing Bank. NHB checks for any kind of discrepancies, like if the same individual is trying to make multiple applications, etc. After ensuring everything is fine, the National Housing Bank transfers the Subsidy amount to the borrower’s bank, and then the bank credits the same amount to the loan taker’s account. This is how the loan amount becomes less.

Top Banks Offering Loan Services Under Pradhan Mantri Awas Yojana

Below is the list of few top banks from where someone can avail of subsidised home loans under the PMAY scheme.

• State Bank of India
• Bank of Baroda
• Axis Bank
• ICICI Bank
• HDFC Bank
• IDFC bank
• IDBI Bank
• Punjab National Bank
• Canara Bank
• Bank of India
• Bandhan Bank

There are other banks too that offer home loans under this scheme.

Contact Details

This was all about Pradhanmantri Awas Yojana. In case you face any kind of problem during the application process, you have queries regarding the loan interest rates or any other questions related to Pradhanmantri Awas Yojana, and you can contact these helpline numbers to seek help from the official.

URBAN, HUDCO- 1800 11 6163
GRAMIN – 1800 11 6446
URBAN-NHB-1800 11 3388

I hope you found this article helpful.