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  • Pradhan Mantri Awas Yojana Delhi

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  • PMAY or Pradhan Mantri Awas Yojana under CLSS (Credit Linked Subsidy Scheme) offers ‘Housing for All by 2022’. This particular scheme was launched by Narendra Modi, the Prime Minister of India. The scheme is designed to benefit individuals belonging to EWS (Economically Weaker Section), LIG (Low Income Group), and MIG 1 & II (Middle Income Group).

    All the beneficiaries who avail this scheme can get interest subsidy upon construction or purchase of a house. The interest subsidy can also be availed under Pradhan Mantri Awas Yojana when the beneficiary enhances his/her dwelling unit by means of reconstruction or repair.

    Eligibility Criteria for PMAY Delhi

    The eligibility criteria for PMAY Delhi is mentioned below:

    • Applicants of the Pradhan Mantri Awas Yojana scheme must belong to EWS (Economically Weaker Section), LIG (Low Income Group), and MIG I & II (Middle Income Group).
    • The age of the Pradhan Mantri Awas Yojana applicant must be less than 70 years.
    • The annual income of an applicant belonging to the Economically Weaker Section (EWS) should not be more than Rs.3 lakh. The annual income of applicants belonging to LIG or Low Income Groups must be ranging between Rs.3 lakh and Rs.6 lakh.
    • Women who are Indian citizens are considered eligible for this scheme.

    Beneficiary Under Pradhan Mantri Awas Yojana Delhi

    To be a beneficiary under the Pradhan Mantri Awas Yojana Delhi scheme, the applicant must meet the following requirements:

    • The beneficiary must meet the income requirement under Pradhan Mantri Awas Yojana.
    • The beneficiary family must not own a pucca house already in India, registered to their name.
    • No central assistance should have been availed by the beneficiary family under any other housing scheme from the Indian Government or any Pradhan Mantri Awas Yojana Scheme.
    • The beneficiary family must consist of wife, husband, and the unmarried children. Under the Middle Income Group, any adult member who has a steady earning can be considered as a separate household, irrespective of the individual’s marital status.
    • In case of all the married couples, either of the spouse or both in a joint ownership can be considered for single subsidy.

    Coverage:

    As per the Census 2011, all the statutory towns are eligible for the cover under the Pradhan Mantri Awas Yojana.

    How to apply for Pradhan Mantri Awas Yojana in Delhi?

    A borrower may choose to apply for a home loan and Credit Linked Subsidy Scheme via the Prime Lending Institutions or PLIs in Delhi. The lender will verify the eligibility of the applicant towards the loan and the scheme. If the applicant meets all the required criteria for CLSS subsidy, the claim will be submitted by the lender to CAN (Central Nodal Agency). The claim is processed by the CAN and then the subsidy amount is released via the lender. The lender sends the subsidy amount to the borrower’s loan account. This brings down the total outstanding amount and reduces the EMI for the borrower.

    Key Features of Pradhan Mantri Awas Yojana (PMAY) Delhi

    • The interest subsidy that can be availed under PMAY is up to 6.50% for a loan of Rs.6 lakh over the actual term or a tenure of 20 years, whichever is lower.
    • The subsidy amount that is credited to the borrower is approved by NHB or National Housing Bank.
    • Family includes unmarried children, wife, and husband.
    • The interest subsidy is available for people who are constructing or purchasing homes for the first time. The beneficiary family must not own any other property in their name.
    • A woman must be one of the co-owners of the house.
    • The extension or construction should be completed within a period of 36 months.
    • In case of individuals belonging to the Economically Weaker Sections (EWS), the carpet area must not be more than 30 sq.mt. In case of individuals belonging to the Low Income Group (LIG), the carpet area must not be more than 60 sq.mt. In case of individuals belonging to the Middle Income Group - I (MIG I), the carpet area must not be more than 120 sq.mt. For Middle Income Group – II (MIG – II), the maximum carpet area is 150 sq.mt.

    Pradhan Mantri Awas Yojana (PMAY) Delhi Scheme Grid:

    Annual Income of the Household Category Interest Subsidy Maximum Loan Amount on Which Subsidy is Calculated Maximum Interest Subsidy Maximum Carpet Area that can be Availed
    Rs.12 lakh to Rs.18 lakh MIG – II (Middle Income Group – II) 3.00% Rs.12 lakh Rs.2.30 lakh 1614 sq.ft.
    Rs.6 lakh to Rs.12 lakh MIG – I (Middle Income Group – I) 4.00% Rs.9 lakh Rs.2.35 lakh 1291 sq.ft.
    Rs.3 lakh to Rs.6 lakh LIG (Lower Income Group) 6.50% Rs.6 lakh Rs.2.67 lakh No limit
    Up to Rs.3 lakh EWS (Economically Lower Section) 6.50% Rs.6 lakh Rs.2.67 lakh No limit

    Benefits of Applying Pradhan Mantri Awas Yojana in Delhi

    After the subsidy is disbursed, the amount will go to the loan account of the borrower and the principal amount will be adjusted accordingly. Thus, the outstanding loan amount will be reduced which will, in turn, bring down the EMIs (Equated Monthly Instalments) for the borrower of the home loan.

    Authorities Responsible for Implementation of PMAY Scheme in Delhi:

    The authorities that are responsible for the implementation of Pradhan Mantri Awas Yojana in Delhi are DUSIB (Delhi Urban Shelter Improvement Board), DDA (Delhi Development Authority), and MHUPA (Ministry of Housing and Urban Poverty Alleviation).

    Budget for Implementation of Pradhan Mantri Awas Yojana Scheme in Delhi:

    The Government of India has set Rs.1,00,000 crore as the budget for implementation of Pradhan Mantri Awas Yojana Scheme in Delhi. An assistance of Rs.29,409 crore will also be provided by the Central Government to the State Government.

      

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