Make your Home Dreams come True with the Pradhan Mantri Awas Yojana

The Honourable Prime Minister, Mr Narendra Modi, in his revolutionary speech on New Year announced his vision of a “Housing for all by 2022.” In a country, where only the upper echelons of society can afford a home, this is a pioneer movement to make homes possible for everyone from the middle class to the poorest of the poor.

Wonder how it’s possible? The answer – the PMAY was born.

Here, in this article, you can find all that you need to know about the PMAY (Pradhan Mantri Awas Yojana) and how to use it to make your dream home come true.

Who are all eligible for a house under the PMAY?

You can apply for a home in this scheme if you belong to the Economically Weaker Sections (EWS) of the society or the Low-income groups (LIG). Here are the criteria:

•        You or anyone of your family members doesn’t own a pucca house. A pucca home is a residential space constructed from stable building materials.

•        Your family includes only you, your partner and unmarried children.

•        Initially, when the scheme was introduced, households with an annual income less than 3 lakh were classified as EWS, and those between 3 lakhs to 6 lakhs were classified as LIG. Recently, two new slabs are proposed to be introduced. This will bring families with annual income up to 12 to 18 lakhs under this scheme.

•        This scheme looks to empower women, and female members of the family will be given preference.

•        Additionally, senior citizens and differently-abled people will also be given preference.

How do you buy a house using the PMAY?

The government of India has planned to build around two crores of houses under this scheme. You can either buy or book a house, from the Government or the private sector.

You can also avail loans to construct your home, under the PMAY. The house you build must be eco-friendly and must contain at least one toilet. If you have already bought a house, under this scheme, you cannot apply for another house. Apart from new constructions, you can also repair and renovate existing houses using this project.

 Steps to Apply for a House under the PMAY

•        If you meet the eligibility criteria, then submit your application for a house on the official website of PMAY.

•        Just click on Citizen Application and choose if you belong to LIG or EWS and then submit the Form-B.

•        Once you have applied for a house, you can track the status of your application, by clicking on “Track your Application Status.”

How to Apply for an interest subsidy under the PMAY?

Approved for a home under the PMAY, but don’t have the money to construct or buy it? No worries. You can apply for a subsidised home loan at housing finance companies, scheduled commercial banks, and other co-operative banks.

Home loans up to 9 lakhs have an interest rebate of 4%. This means if the current interest rate for home loans is 12%, under this scheme you are charged just 8%. If your home loan falls between 9 to 12 lakhs, then the interest rebate is 3%.

The one criterion here is that you have to apply for a loan by 2017.

So, what are you waiting for? The Prime Minister has given you a golden ticket to make your home dreams come true. Act fast, apply for a home loan under the PMAY and step into your dream home.