Pradhan Mantri Awas Yojana is a scheme that aims to provide “Housing for all by 2022”. This is the reason why this scheme is also known as HFA (Housing for all) scheme. As per the government, this scheme will provide houses to all the Indian citizens by the year 2022.
Currently the market gives home loan at an interest of 10.5%. Under the Pradhan Mantri Awas Yojana, the people will get the lower interest rate of 6.5%. So, the EMI will come down and people will get benefits. Many people who were unable to take home loan can now take loans and build their own house. Therefore, this scheme is highly beneficial to weaker sections of society.
Who will benefit most from the Pradhan Mantri Awas Yojana?
- Women from poor sections.
- The Scheduled Caste (SC).
- The Scheduled Tribes (ST).
- People from the Economically Weaker Sections and Low income groups.
Some other eligibility criteria include the following.
- The family of the applicant should include a husband, a wife and the children. And the children should not be married. if the applicant has unmarried children, he cannot apply for the scheme.
- The applicant should meet the income criteria as set by the government. And the criteria is set particularly for the Pradhan Mantri Awas Yojana.
- If the applicant already owns a pucca house, he/she is not eligible for the scheme. Not only the applicant, but any other member of the house should also not own a pucca house. Hence, if this is not the case, the government can disqualify them.
- The minimum age to apply for the Pradhan Mantri Awas Yojana is 21 years and the maximum age is 55 years.
if you do not meet eligibility criteria, you can invest in other savings schemes and save for future.
What is the Income Criteria set by the Government for the Pradhan Mantri Awas Yojana?
- If a person belong to the economically weaker section group, then he can apply for the scheme If his income is less than or equal to Rs. 3 lakh per annum.
- If a person belongs to the low income group, then he can apply for the scheme if his income is between the range of Rs 3 lakh per annum and Rs 6 lakh per annum.
Key Features of the Pradhan Mantri Awas Yojana
- The PMAY is the biggest scheme that will provide houses to the citizens. It provides some of the most attractive benefits.
- The Pradhan Mantri Awas Yojana will construct such homes and buildings which are eco-friendly. Therefore, as per the officials, the workers will use eco-friendly construction techniques.
- The government will give priority to the senior citizens and disabled people. They will also try to give the ground floors of the buildings to them as that they don’t face problems.
- The government is planning to make the women of the households primary house owners. If this is not possible, the government will make them the co-owners of the house.
- The government is planning to construct as many as 2 crore houses under the scheme.
What is the Credit Linked Subsidy under the Pradhan Mantri Awas Yojana?
The Credit Linked Subsidy is a boon for the economically weaker sections of the society. This is because the scheme will give the receivers an interest subsidy. When they purchase or construct a house under the Pradhan Mantri Awas Yojana, they can avail it.
If a person wants to enhance his house under the Pradhan Mantri Awas Yojana, then also he/she can apply for Credit Linked Subsidy. The Low income group people can also apply for the same. Below are some features of the Credit Linked Subsidy scheme under the Pradhan Mantri Awas Yojana.
- Depending on the time at which the applicants apply for home loan, the government will provide a subsidy of 6.5%. This subsidy is applicable on the interest rate of home loan.
- The government will give the interest subsidy for up to 15 years from the date of taking the loan. Therefore, if the loan tenure is shorter than 15 years, then government will give subsidy only up to the time of loan tenure.
- The subsidy is valid only for initial Rs. 6 lakhs. If the loan amount is more than 6 lakhs, the applicant will have to pay interest at non-subsidized rate. However, there is no upper limit on the loan amount.
- If a person is from EWS, he can go for a carpet area of up to 30 sq. m. of house which will to construct/enhance. And for the low income groups, this limit is 60 sq. m. if the carpet area . If the applicants increase this limit, they are not eligible to receive the subsidy under the scheme.
How to apply for the Pradhan Mantri Awas Yojana
- You can download the application form for the Pradhan Mantri Awas Yojana, which you can get at the online website.
- Fill in the form with your correct details.
- Attach a proof of your eligibility. You have to attach a proof that you do not have a pucca house in your name. Also, no one in your family has a pucca house in their name.
- If you belong to the EWS or the LIG group, you have to attach a certificate confirming the same.
- Submit the form along with required documents at that office in your city which handles the Pradhan Mantri Awas Yojana matters.
What is the Technology Sub-mission appointed for the Pradhan Mantri Awas Yojana?
The Technology sub-mission is another term you should know about, in relation to the Pradhan Mantri Awas Yojana.
- The Technology sub-mission is especially meant for Pradhan Mantri Awas Yojana.
- Under this, the workers will construct houses using up-to-date technologies. This means that buildings will complete faster. And the use of latest construction technoligies will make them weather resistant.
- As per the geographic conditions of a particular city, the officials under technology sub-mission will decide varying plans for each city. They will keep the disaster management in mind particularly.
- The modern construction practices would replace the conventional construction practices and hence, we can expect more efficient buildings.
- The materials chosen for the construction would also depend upon the geographic conditions of the city. And the construction workers will use most suitable materials.
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