The Government of India launched PMAY or the Pradhan Mantri Awas Yojana, an affordable housing scheme, with the motto of ‘housing for all by 2022’. In its second phase, this scheme has already provided houses to over 1 crore Indian in just four years, between 2015 and 2019.

Technically, any Indian family comprising of a husband, wife and unmarried son/daughter is allowed to avail the benefits of this scheme, but applicants should know in detail about its eligibility criteria before applying to understand whether they are eligible or not.

Groups under PMAY based on annual family income

Now, these PMAY eligibility criteria are divided into 4 groups according to their income. These are:

● EWS (Economically weaker Section): Families that have an annual income of less than Rs.3 lakh fall under this category. They can avail a loan for a 6.50% subsidy on their interest rate.
● LIG (Lower Income Group): Families with an annual income of Rs.3-6 lakh falls under this category. They can also avail Pradhan Mantri Awas Yojana loan for a 6.50% subsidy on their interest rate.
● MIG1 (Middle Income Group): Families that have an annual income in the range of Rs.6-12 lakh can avail a loan under this scheme with a 4% subsidy on their interest rate.
● MIG2 (Middle Income Group): Families with an annual income of Rs.12-18 lakh can avail this loan with a 3% subsidy on their interest rate.

The subsidy that applicants of these income groups will enjoy is EWS (up to Rs.2.67 lakhs), LIG (up to Rs.2.67 lakhs), MIG1 (up to Rs.2.35lakhs) and MIG2 (up to Rs.2.30 lakhs).

Other eligibility factors

Apart from these, the extended eligibility criteria include:

● They should not own any pucca house in any part of the country. Apart from the applicant, his/her family members must also not own any pucca house in their name.
● They have not availed any other Central/State government housing assistance.
● The property must be co-owned with an adult female member of the family. It is mandatory.
● Female adult ownership is vital in the ownership of the house.
● The location of the house is also an important criterion to consider. The house must be located at one of the statutory towns as per the 2011 census.

Features of PMAY

Now that you know the eligibility criteria of PMAY, you should also determine the features of the same. Pradhan Mantri Awas Yojana scheme is divided into two sections, urban and rural.

Urban: Under PMAY-U, the aim is to cover 4,331 cities all over India. Ministry of Housing and Urban Affairs, on 1st July 2019 released data that said, 26.08 lakhs are either built or sanctioned in the states and UTs. The government is aiming to complete this in 3 phrases.

Rural: Under PMAY-R, the aim here is to provide financial assistance of Rs.1.3 lakh for the hilly region and Rs.1.2 lakh for the plain areas to build pucca houses. According to the Ministry of Rural Development 1,03,01,107 houses are already sanctioned among all the states and UTs.

Further features and benefits of Pradhan Mantri Awas Yojana scheme include:

● Preferences to senior citizens and differently-abled individuals in terms of distributing ground floor apartments.
● Eco-friendly and sustainable materials will be used for construction.

They will provide affordable home loans to citizens of every income group spreading throughout the country.

Application process

Individuals who are considering applying for this housing for all scheme here is a quick guide through the application process for them.

1. Visit the official website of PMAY.
2. Go to the ‘menu’ section and click on ‘citizen assessment’ under it.
3. Doing so will redirect you to the application page.
4. After this, you have to enter your personal details, bank account details, current resident details, and income details.
5. Then checkmark the ‘I am aware’ option and save it.
6. This will produce a system-generated number that users must save in case they need it in the future.
7. Then you should download and print your application form
8. And lastly, submit it to your nearest CSS office or any financial institution with other documents to start your loan application process.

Pradhan Mantri Awas Yojana is indeed an ambitious project as it aims to ease every Indian’s way of becoming a homeowner under a very short deadline. However, the progress of this project which has just entered its second phase is well on track and may make the dream of ‘housing for all by 2022’ a reality.