The Pradhan Mantri Awas Yojana is a flagship program of the current Honourable Prime Minister of India, Shri Narendra Modi. Under the PMAY program, a major credit linked subsidy scheme has been offered as an initiative dedicated to first time home buyers, envisioning the ‘Housing for All by 2022’ project of the government.
The credit linked subsidy scheme offered to citizens under PMAY is for four Income Groups:
|Eligibility Family Income||
EWS Rs 0-3 Lakhs
LIG Rs 3-6 Lakhs
|Rs 6 Lakhs – 12 Lakhs||Rs 12 Lakhs – 18 Lakhs|
|Carpet Area (sqm)||30 sqm/ 60 sqm||160||200|
|Max Loan Amount||Rs 6 Lakhs||Rs 9 Lakhs||Rs 12 Lakhs|
|Interest Subsidy (%)||6.5||4.0||3.0|
|Max Subsidy (Rs)||2.67 Lakhs||2.35 Lakhs||2.30 Lakhs|
|Validity of Scheme||31 March 2022||31 March 2020||31 March 2020|
|Woman Ownership||Mandatory||Not Mandatory||Not Mandatory|
The PMAY scheme provides Central assistance to Urban Local Bodies (ULBs) and private development agencies through states through 4 schemes.
From the above four, the Central Sector Scheme will cover Credit Linked Subsidy component and the other ones will be Centrally Sponsored Schemes.
This Yojana is focused majorly on First time home buyers but the other schemes that are a part of it also promote upgrading,0 renovation in case of Kaccha to Pucca Homes.
The rule for middle-income groups says, "The beneficiary family should not own a pucca house and the beneficiary family should not have availed of central assistance under any housing scheme from Government of India." A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. To avoid duplication, beneficiary family members have to provide their Aadhaar numbers while applying for the loan.
Even if children (married or unmarried) are staying with their parents in a house owned by the parents (or on rent, in the same or another city), they can opt for PMAY provided they are earning and don't own any other home. Also, for a married couple living on rent and even if their parents own a home, they are treated as a separate household. So, if they wish to avail PMAY benefits, they will be eligible for a single house, bought by either of the spouses or both together in joint ownership.
Promoting cooperative federalism, this scheme offers flexibility to the States for choosing the best amongst the four verticals of the mission apt for the demand for housing in respective states. States have autonomy in project formulations and awarding approvals in accordance with the Guidelines so that projects can be formulated, approved and implemented speedily.
Also, as per the under the ‘Housing for All Mission’, a Sub-Mission has been set up to facilitate the adoption of modern, innovative and green technologies and building material for faster and quality construction of houses, preparation and adoption of Layout designs and Building plans apt for various geo-climatic zones which will assist States/Cities in deploying disaster resistant and environmentally friendly technologies and ensuring top quality development.
After falling short of the set target for 2019, the government has proactively promoted new technologies of construction which are set to speed up construction as the target of completion for this project is 2022.
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