The Pradhan Mantri Awas Yojana –Housing for All (Urban), also called PMAY-Urban or PMAY HFA, aims to build more than 1 crore houses for eligible individuals/families by the year 2022.
PMAY-Urban will provide central assistance to all the states and union territories in India, through various agencies, to meet the objectives of the PMAY Housing for All scheme of the government of India. In order to increase the empowerment of women through ownership of residential property, there is a mandatory provision that the female head of the family should be the owner or the co-owner of the property built under PMAY-Urban.
Learn More: PMAY Gramin
The features of PMAY HFA (Urban) are as given below:
These are the guidelines for PMAY Urban:
Eligibility under the PMAY-Urban scheme is determined by the total household income which is as given below:
|Income Group||Household Income|
|Economically Weaker Sections (EWS)||Up to Rs.3 lakh|
|Low Income Group (LIG)||Rs.3 lakh to Rs.6 lakh|
|Middle Income Group-I (MIG-I)||Rs.6 lakh to Rs.12 lakh|
|Middle Income Group-I (MIG-II)||Rs.12 lakh to Rs.18 lakh|
Applicants in the LIG, MIG-I, and MIG-II categories are eligible for the Credit-Linked Subsidy Scheme (CLSS) under PMAY-Urban. Applicants in the LIG category are eligible for full assistance under PMAY.
More Details: PMAY Eligibility
The following are the PMAY-Urban programmes:
For loan amounts of up to Rs.6 lakh, the credit-linked subsidy is 6.5%. Those in the 12 lakh per annum income category will get a subsidy of 4% on Rs.9 lakh loan amount. Those in the Rs.18 lakh per annum income category will get a subsidy of 3% on Rs.12 lakh loan amount. This applies to loans with a 20-year tenure. Loan amounts beyond the subsidised amount will not be eligible for an interest subsidy.
The interest subsidy amount is the Net Present Value (NPV). This is calculated at 9% discount rate. The interest subsidy decreases your loan amount which results in a reduction in your interest amount as well.
To calculate the PMAY subsidy, let’s take the category of income of up to Rs.12 lakh per annum.
Now with the PMAY-Urban interest subsidy:
Savings in total interest: Rs.2,72,445
Savings in EMI: Rs.2,114
For Housing Loan Instalments Use: Home Loan Calculator
To apply for PMAY-Urban, follow the steps given below:
Learn Step by Step Process: How to Apply for PMAY Scheme
Yes, if you fulfil all other eligibility criteria, you can avail the subsidy under the Beneficiary-led Individual House Construction scheme.
No, you can only avail the scheme under one income category.
If you fall under the income category given above, you can apply for PMAY-Urban even if your parents own a house because adult earning members are considered as a separate household, but you should not be owning a pucca house anywhere else in your name.
No, a married couple is only eligible for a single house under the PMAY-Urban scheme.
The deadline for the CLSS for affordable housing for the MIG category is now March 2021.
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