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    Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme)

    We found 46 Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme)

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    8.5% - 8.7% Floating
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    8.40% - 10.05% Floating
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    8.5% - 8.55% Floating
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    12.5% - 17% Fixed/Floating
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    8.55% - 8.99% Floating
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    10.67% Floating
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    9.10% - 9.89% Floating
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    30L - 5Crs
    3-30 Years
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    Pradhan Mantri Awas Yojana

    The Background: A Global Perspective:

    Despite the various upgrades in technology and greener ideas across the Globe, rate of poverty has not declined, of multiple efforts in countries that have 3 billion strong demographic of living below the poverty line. This accounts for 50% of the population. But higher or middle urban dwellers in South Asian countries, such as India are not are unable to foresee, what hits them financially considering that we generally do not understand the repercussions of poverty in our lives. While this has been finally noticed by the Indian Government, it is a particular scheme that takes limelight to make it better for homeless people in India.

    Some of the main facts that one should be aware of, is that the slum or homeless populations are growing at 34% and are expected to reach a whopping 18 million soon. Also, there are 2 million non-slum poor in urban cities that also need a home. While, our Prime Minister is no Sunny Deol to fight physically for the poor or fight the rich by throwing their exploding cars into the air, Shri Narendra Modi has come up with the Pradhan Mantri Awas Yojana, which is a housing project for the 20 million people we just discussed earlier.

    If this scheme does work, it would at least help to reduce India's major contribution with one of the highest homeless populations in the World. This scheme which seems more realistic and closer to Detective Feluda's 'Mogojasthro' (cognitive weapon) than Sunny Deol's 'Dhaii Kilo Ka Haath' might be something that has some true potential or is an ambitious project with little effectiveness, only time will say. However, to start with, let us take a closer look at the scheme. It would also improve the quality of life for urban people, regardless of their income groups. Also, it is essential to understand that the plans for rural and urban PMAY are different in many ways. But it is essential to know the body that manages and administers this Government scheme.

    Housing for All by 2022:

    Under the Pradhan Mantri Awas Yojana (PMAY), the main proposal was to constrict 20 million homes for the those people belonging to the Low Income Families and Economically Weaker Sections in the identified urban and semi urban areas by 2022. The central government has already pushed the subsidy of INR 2 lakh crores for this. Housing for all 2022 has mainly four categories, which are:

    • Building and/ or enhancing the houses led by legatees
    • Reasonable housing via Credit Linked Grant
    • In-situ Slum Redevelopment with private sector participation using land as resource
    • Affordable housing in association with private and government funding

    As per these components, government aid will be an amount between INR 1 lakh and INR 2.30 lakhs based on the beneficiary's eligibility.

    PMAY Loan Amount Doubled - 2017

    On 2nd January, 2017, Narendra Modi, the Prime Minister of India, doubled the loan amount under Pradhan Mantri Awas Yojana (PMAY) that is eligible for interest subsidy for urban areas.

    Pradhan Mantri Awas Yojana

    Updates:

    The government will now provide the following under this scheme:

    • Loans of up to Rs.12 lakhs with up to 4% interest subvention.
    • If people borrow up to Rs.2 Lakhs for the purpose of purchasing a new home or for housing extension in rural areas, then they will get 3% interest subvention.
    • If people borrow loan of up to Rs.9 Lakhs in 2017, they will get 4% interest subvention.
    • If people borrow loan of up to Rs.12 Lakhs in 2017, they will get 3% interest subvention.

    Apart from the above, the government will create 2 new middle income categories in urban areas under PMAY.

    Interest Rate:

    Home loan interest rate is around 9% at present. So, if 4% interest subsidy on a loan of up to Rs.9 Lakhs is applied, then the E.I.R (Effective Interest Rate) would be 5%, which will benefit the borrowers.

    Pradhan Mantri Awas Yojana Gramin (Rural)

    This is the rural project under PMAY which is set to target to create a crore houses in the rural regions of the country as an effort to provide better housing for people living in isolation and in villages under Panchayats. While the urban projects are already in action considering that the validation and selection of beneficiaries have already been completed as of September 2016, there are is perhaps a larger need of housing in the rural areas as well. The Gramin Yojana under PMAY has been hence devised to be able to cater to the people who live or reside in the rural areas of India. Now, this is more recent but has received much importance considering that agriculture is still largely the biggest industry in India and a lot people in India are hence populated in rural areas as well. But most people do not receive enough aid for housing, residing in kaccha houses made of mud or clay which is not safe when these regions face floods, drought, tornadoes or even bad weather, hence the Gramin Yojana was devised by the current Indian Government.

    Aims of the Gramin Pradhan Mantri awas Yojana:

    The rural section of PMAY is known as the Gramin and is dedicated to serve the housing developments of the rural parts of the country. Most of the union territories and states ate intended to be covered under this scheme and the project. Based on archives and records of the Ministry of Housing, under the Govt. of India, the current government has made thorough analysis that the number of housing units necessary for the project to successful provide housing for people in the rural areas is a crore. While the number is nothing as compared to actually the cost in the project, it will definitely be challenging over the point beyond of simply financing. These are going to be sanctioned houses, which will be constructed only for the people or families residing in the rural areas, since there is already an urban plan that is independant of this project.

    Cost To Government for PMAY Gramin:

    Gramin PMAY will cost the Government approximately Rs. 81,975 crore which has been sanctioned so far. Though this is almost two-thirds of the funds that is being utilized for urban PMAY the entire funds will be required to be used only for building pucca houses for all the people living in the rural areas. It will also be utilized for construction as well as developing housing facilities for the people residing in the most remote villages and areas of the country whether it is the Himalayas or the Andamans. It is essential to note that based on information available so far the cost of the whole project will be shared between the concerned State Government as well as the Central Government.

    PMAY Rural Scheme Coverage:

    Though the project is supposed to cover ideally all the villages across the country and provide appropriate housing requirement in these areas, the two union territories namely Delhi NCR and Chandigarh will not get any coverage from this scheme. This is mainly because of the fact that most of the area is covered by urban dwellers and hence being dealt with appropriately. Once all the villages have been covered, work will be started on these two cities because they already get aid from the Government in terms of housing finance.

    Cost of Building Each Housing Unit Under PMAY, Gramin:

    The central government had sanctioned Rs. 1 lakh for each housing unit being built, initially. However, with higher developmental requirements the new sanctioned amount for each housing unit has been sanctioned to Rs. 1.2 lakhs. For the villages that are situated in hilly or remote areas such as deserts, this sanctioned amount has been revised to be Rs. 1.3 lakh. These amounts are direct subsidies provided by the government and the funds will be shared in terms of expenditure, by both the central government and the state government as mentioned before.

    Financial Challenges of the Government for PMAY (Rural)

    Based on reports released by the Central Government, an additional expenditure of Rs. 21,975 crore will be required for the houses in the rural areas under the Gramin Awas Yojana. But this extra financial costs will be covered through some other source, considering the rest of the costs is already being shared by the Central and State Government. This excess amount is said to be set to be borrowed from National Bank for Agriculture and Rural Development (NABARD). This borrowed amount will then be paid off after the budget has been finalised for the year 2022.

    Eligibility of Beneficiaries for PMAY (Gramin)

    The earlier government conducted a special census in the year 2011 across the country. The census was called the Socio Economic and Caste Census of 2011 (SECC 2011). The goal of this census was to determine and hence draft a list of all the socially and economically backward people in the country. The SECC census is going to be utilized to identify and select the list of beneficiaries under the Gramin plan of the PMAY. The village panchayats along with tehsils will also be considered for consultation of beneficiaries before making the list under the rural housing scheme. This is going to be done in order to ensure transparency of the project and also make sure that only the deserving receive the aid in housing

    Objectives of the PMAY Scheme:

    Based on recent estimates, as of September 2016, the population of the urban dwellers in India increased at an alarming rate and is expected to see a greater rate of growth in the following years. It is said that by 2050, urban dwelling population will rise to 814 million people. The calculation predicted is almost twice the number that already reside in urban areas. The major challenges also include providing people with housing options that are affordable and other major related concerns such as sanitation along with sustainable development. The Ministry also has to ensure a sustainable and safe environment for the urban population.

    1. The main objective of the Pradhan Mantri Awas Yojana is housing that is affordable for all by the year 2022.
    2. It also intends to make it accessible to demographics that are specific such as economically challenged groups, women along people belonging to minorities such as Scheduled Castes and Scheduled Tribes.
    3. The Government's other goal is directly in association with some of the most ignored demographics which include widows, lower income group members, transgender and henceforth provide them with sustainable and affordable housing scheme.
    4. Special preferences for ground floor properties will be given to differently abled and senior citizens if required.
    5. Registration is mandatory to avail the benefits of this scheme which includes the strict beneficiary names to be mothers or wives.
    6. This scheme launch is intended to target urban areas of the following options to States or Union Territories as well as cities as mention earlier.

    Important Things to Know About Urban PMAY (Basic Features)

    • Subsidy interest rate is provided at 6.5% on housing loan for the term of 15 years to all the beneficiaries.
    • Differently abled and senior citizens get preference in allocation of ground floors under this scheme.
    • Sustainable and eco-friendly technologies would be used for construction.
    • The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
    • The credit linked subsidy aspect of the PMAY scheme gets implemented in India in all statutory towns from the initial stages itself.

    Urban PMAY EMI Calculation through Interest Rates and Subsidy:

    The EMI calculated will be significantly low under this scheme as the current home loan rate is 10.50% but will be reduced down to a whopping 6.5%, as mentioned earlier. Based on this interest rate the monthly installment payable for this loan, let's say of Rs. 6 lakh for a term of 15 years would come to approximately Rs. 6,632. But the revised rates will allow a higher reduction which will reduce it to EMI of Rs. 4050 at 6.5%. So, people get to benefit a lowering of one-third of what they were paying earlier, which is Rs. 2000. There are 4 aspects of the subsidies:

    • An average Rs. 1 lakh Central Grant will be given to the PMAY scheme subscriber.
    • 6.50% subsidy will be given EWS & LIG through the credit linked subsidy scheme.
    • 1.50 lakh worth of Central Assistance is supposed to be given to each beneficiary for enhancing housing stock especially for urban poor, as long as 35% of dwelling units of these projects that have been proposed are considered for the EWS category.
    • Also, a sum of Rs. 1.5 lakh Central Assistance is supposed to be given to the urban poor who are eligible to build new homes or renovate existing homes.

    Eligibility for the Pradhan Mantri Awas Yojana (Urban)

    The following demographics are eligible for the scheme:

    1. Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
    2. People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply.
    3. Scheduled tribes and castes will also be eligible.
    4. Senior citizens and differently abled will be given special priorities for ground floor housing.

    The 3 Phases of the Urban PMAY Scheme:

    Here is how the scheme will be played out in 3 phases:

    Phase 1: It was expected to start by 2015. 100 cities across the country are targeted and the list can be found in the application form. This phase is supposed to end in March 2017. The cities under this scheme are expected to enjoy affordable housing under the scheme based on the PMAY objectives.

    Phase 2: It should ideally start by April 2017 targeting 200 cities in the country and end by March 2017. The objectives remain the same.

    Phase 3: The concluding phase will last for 3 years but with the target of all the remaining cities under the scheme. The phase is expected to begin in 2019 and end by March 2022.

    Beneficiary of PMAY:

    The beneficiary of this scheme is defined as the following:

    • A family unit that includes a husband, a wife and children who are yet to be married.
    • He/she/they must not own a constructed house in the Indian subcontinent to avail this scheme.
    • He/she/they should be meeting the income requirements of the scheme.

    Income Requirements of the Beneficiary for PMAY: The economically weaker sections consist of families with a yearly income of less than 3 lakhs. People who belong to annual income group of Rs. 3 lakhs and up to Rs. 6 lakhs will fall under lower income groups or LIG.

    The PMAY Scheme for Urban Dwellers:

    This scheme, as the name suggests is made for people who live in urbanized areas and regions, towns, cities and metropolitans. However, there is another plan following this part.

    The Basics of PMAY (Urban)

    The Mission or scheme was implemented, starting in 2015 and will continue till 2022. The scheme will directly assist the Urban Local Bodies a.k.a. ULBs as well as other organizations and agencies across union territories and states in the country for 4 basic ideologies or efforts of PMAY which include:

    1. Credit Linked Subsidy
    2. Affordable Housing in Partnership
    3. In-situ Rehabilitation of existing slum dwellers using land as a resource through private participation
    4. Beneficiary-led house construction/improvement subsidy for individuals

    Recently, the Government has proposed a plan to transfer approximately Rs 1.30 lakh crore for the beneficiaries straight to their accounts of beneficiaries under PMAY. The plan or project is supposed to continue for 3 years constructing 1 crore properties, based on a statement by an official made at a Press meet in September. 60% of these properties are supposed to be made for the homeless along with people not living in pucca houses that mainly are resided by people belonging to the Scheduled cases and scheduled tribe communities as was told to PTI in a statement.

    So far, under the urban PMAY and rural all the selection and validation of the beneficiaries have been made. This scheme has now become DBT (direct benefit transfer). As the name suggests the money or fund for each beneficiary would be directly transferred to the bank accounts of the selected and validate beneficiaries in the form of installments, over a span of three years. The total funds that are being used for this project is Rs 1.30 lakh crore which includes both State as well as Central Government shares. As we read earlier, the beneficiaries had to get the funds through their banks. But now funds are receivable in their own bank accounts so that there are less hassles dealing with the bank. The constructions are also supposed to start from September 2016, for some of the projects.

    Under the scheme, all the housing will be geo tagged for easier transparency and diversion of the funds. There is even an online software that is being used to make sure that the beneficiary records are made available to the Government as well as the parties concerned with the housing. While the Government intends to ensure all goes well, the main aim is to ensure that people both in urban and rural regions in India have the basic necessity of living in a house or apartment. As of now, over 30,000 masons have been trained under the PMAY based on the local geographical aspects of the region or area.

    By careful assessment, contemplation and debate, the government has chosen a list of cities and towns from the following states.

    • Kerala: 15 urban and semi-urban regions
    • Telangana: 34 urban and semi-urban regions
    • Gujarat: 30 urban and semi-urban regions
    • Maharashtra: urban and semi-urban regions
    • Madhya Pradesh: 74 urban and semi-urban regions
    • Orissa: 42 urban and semi-urban regions
    • Chhattisgarh: 75 urban and semi-urban regions
    • Jharkhand: 15 urban and semi-urban regions
    • Rajasthan: 40 cities/towns
    • Jammu and Kashmir: 19 urban and semi-urban regions

    Government Subsidy:

    The Center has sanctioned INR 439.22 billion for building 683,724 homes for the urban poor. Yes, this also entails the central aid commitment of INR 100.50 billion allotted three months ago (April 2016).

    Credit Linked Subsidy Scheme (CLSS)

    The Home for All Mission, so as to raise official influx of funds to the housing requirements of poor people from urban ad semi-urban regions will put credit linked subsidy too as a demand. This Credit Linked Subsidy Scheme or CLSS will be offered on housing loans availed by deserving applicants (EWS/LIG) for purchase or construct a house in a residential plot. Recipients of Economically Backward Group and Low Income Sector looking for housing loans from any approved financial institute can get house loan at the rate of 6.5 percent for a loan term of up to 15 years. The overall value of the current interest rebate will be around nine percent. There is a slight hitch though. The CLSS shall be availed only for loan sum up to INR 6 lacs and any amount beyond that will have to be availed at the normal interest rate.

    Subsidized rate of interest will be given right away along with the home loan account of recipients via financial institute ending up in easily manageable and less loan EMI. Credit linked subsidy can be availed for home loans taken to construct new homes as well as renovate or extend the place (adding room, kitchen etc.) as incremental home loan. The overall area of the house being built as per this constituent of the House for All Mission must be at least up to 30 to 60 square meters for EWS and LIG in that order to get this sponsorship. The recipient, as per his/ her preference, shall construct a home of bigger area but interest grant would be restricted to first INR 6 lacs. National Housing Bank (NHB) and Housing and Urban Development Corporation (HUDCO) have been recognized as Central Nodal Agencies (CNAs) to direct this funding to banks and financiers for tracking the development of this constituent. Government shall inform other such institutes (like CAN) if they deemed fit. But the recipient can avail the benefit of only one perk as per the rules of this scheme.

    ICICI Bank, country's largest private lender, has stepped forward to be a part of this benevolent mission and offered subsidized home loans to those applicants eligible for the scheme. AU Housing Finance Limited is another strong contributor.

    More about the Technology Sub-mission Appointed for PMAY Scheme:

    The government is leaving no stone unturned to ensure topnotch construction quality as they have selected a highly competitive professionals under the Technology Sub-mission. Their predominant function is to implement up-to-date, ground-breaking and ecofriendly technologies and construction material for quicker completion of the buildings. The Technology Sub-Mission will enable preparing and picking the best layout and plans keeping in mind the geographic and climatic conditions of the city. They will also aid the state government and Municipal Corporations to deploy effective disaster management systems.

    The Technology Sub-Mission will coordinate with various regulatory and administrative bodies for mainstreaming and up scaling deployment of modern construction technologies and material in place of conventional construction. The Technology Sub-Mission will also coordinate with other agencies working in green and energy efficient technologies, climate change etc.

    Other functions of Technology Sub-Mission:

    • Designing & Planning of the Buildings
    • Sorting the most innovative technologies
    • Picking the most suitable materials
    • Planning environment friendly buildings using local resources as much as possible
    • Overseeing if the designs and plans can resist disaster

    Simply check whether you are eligible under the scheme and apply by completing the following instructions:

    1. Download the application form from the official PMAY website.
    2. Print the page and fill it up. Make sure all the information filled are accurate.
    3. Submit the form at your nearest office accepting PMAY registration submissions along with the required documents.

    The bank from where the individual is taking the loan will claim the subsidy benefit for the eligible applicants from the National Housing Bank (NHB). The National Housing Bank will then check to investigate whether anyone is making multiple applications under the scheme. Once confirmed, the CLSS or subsidy amount will be given to the borrower's Bank. Once the amount is received, the money would be credited directly to the Loan Account.

    Rural India experiences the tragedy of people who cannot afford a sustainable roof over their head which is the majority of the population. The houses that they own own or reside in, instead are sustainable or even appropriate for live leave alone nurturing their growing families. The majority of the people living in rural areas do not have access to suitable financial requirements to build houses that can be sustained. Also home loan facilities, which urban dwellers have easy access to are not available to the. Most banks will not sanction loans to this demographic of the Indian society since they do not have the monetary strength to back or even collaterals or guarantees to protect their interests. If somehow they manage to get help from the local or village money lenders, they are charged with exorbitant interests or worse extorted of all that they have due to their lack of education. The current government has hence come up with a plan to provide villages of each and every state by the name of Gramin, and is intends to ensure the target of 1 crore housing units to people residing in rural regions. Even for urban dwellers, this demographic cannot be ignored considering that the basic needs of man starts with food and clothing, whose resources are obviously obtained from people living in rural India.

    Based on information provided by the Central government, this project is supposed to provide housing units and facilities to people living in the rural areas and is supposed to be completed within three years, which means by 2019. The government is set to start their work for the same by 2016 itself which includes the construction of a crore pucca houses for the rural people and hence be completed by 2019. For the urban project the deadline is 2022 but the rural project has to be taken care of, first since the requirement is higher and the urban plans are already in place and being implemented.

    Role of Technical Supporting Agencies in PMAY (Rural)

    One of the biggest challenges in this project is the requirement of time and the target set for work completion which is 2019. While the project has several other challenges to overcome the second most important challenge is the expenditure, which has to be maintained within the given funds sanctioned. Hence to overcome both these challenges as well as do it in the best way possible as intended with major requirements being eco-friendly construction technologies to be used, the current government is going to set up a national level supporting organization to have access to technical support for the whole project. The technical support agnecy would be controlled by the National Technical Support Agency (NTSA). This decision has been made to make sure that the project is being implemented well along with apt allocation of resources to help remove the naturally and manmade discrepancies from the project system.

    Central and State Government Coordination in Fund Distribution:

    As mentioned several times earlier the funding has to be shared between both the Central Government and the State Government. This is another challenge in itself. Hence, a basic plan has been set for bearing costs by both the bodies. In regions which are plain and not hilly or remote the central government is set to will bear 60 percent of project cost on a per unit basis under the rural housing scheme and therefore the rest 40 percent is set to be borne by the state government. In the case of North Eastern states as well as remote regions of the country that have been already listed the Government will bear 90 percent of the per unit cost of construction while the remaining 10 percent will be borne by the relevant state government especially north east states.

    Ministry of Housing and Urban Poverty Alleviation:

    This ministry under the Indian Government exists with the highest authority when it comes to policy formulation, administrating and implementing support programmers and sponsors. They are also expected to organize and implement various activities under both Central and State Governments along with other nodal authorities and monitor the programmers concerning all the issues of urban employment, poverty and housing in the country. The Ministry was established on May 13, 1952, known earlier as the Ministry of Works, Housing & Supply.

    Eventually it was called Ministry of Works & Housing since a new Ministry of Supplies was established. In September 1985 it was renamed hence as the Ministry of Urban Development with the intention to enhance and improve urban issues of importance. On March 8, 1995 an autonomous Department of Urban Employment & Poverty Alleviation was changed to be called Ministry of Urban Affairs & Employment.

    The Ministry consisted of 2 separate departments which included Department of Urban Development along with the Department of Urban Employment & Poverty Alleviation. These 2 departments later on April 9, 1999 were merged thereafter to the Ministry of Urban Development. This Ministry however, had a bifurcation and came to be known as Ministry of Urban Development along with the Ministry of Urban Employment and Poverty Alleviation since October 16, 1999. Again these two ministries were merged to be known as Ministry of Urban Development and Poverty Alleviation. But currently it is known as HUPA or Ministry of Housing and Urban Poverty Alleviation.

    Ministry of Housing and Convergence with Other Ministries for Urban PMAY:

    The other ministries however are involved in the scheme. This is how they have to converge to make the PMAY a success in urban areas:

    • Department of Industrial Policy and Promotion (DIPP), will request the various industries to plan and create adequate provisions for the requisite housing facilities for all their employees regardless of being contractually or permanently employed. The employee housing is also essential to be looked after also through the State Governments.
    • Ministry of Urban Development will have to converge to provide civic amenities as well as infrastructure development in the outer or suburban areas of the cities under their proposed National Urban Rejuvenation Mission (NURM) also known as the Atal Mission for Rejuvenation and Urban Transformation of 500 cities (AMRUT). This would be done to ensure that more land that already have civic facilities are made available and hence can be be used by cities for the housing for the weaker sections of the society.
    • Ministry of Railways in association with other land owning agencies under Central Government undertaking 'in-situ' redevelopment of the slums that already exist in their land have to work on providing houses to their eligible slum dwellers.
    • Ministry of Urban Development would also require to help create provisions for housing for weaker section in what are called today as Smart Cities initially.
    • The Construction Workers Welfare Fund have to be set up by the States or Union Territories, that fall under the central law of Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996.
    • Ministry of Labour will also have to be involved in making rental housing stocks for workers as measure of welfare
    • The Indian Government has other schemes for development of cities and its people like National Urban Health Mission, National Urban Livelihood Mission, Sarv Siksha Abhiyan, along with technological schemes such as Solar Mission etc. targeting the urban poor. These schemes will also converge with the housing projects under the State Government as well as the Union Territories under the Central Government.

    You still may have some questions, regarding some terms that you may not be familiar with or some queries that you may have about. Here are some of these most commonly asked questions about PMAY and PMAY Gramin:

    1. If I am a woman can I apply for this scheme?

      Yes, this scheme gives priority to women who are running a family within the lower income groups. However, if your husband, father or any other family member that you reside with has applied, your application will be rejected.

    2. I am a senior citizen and fall under the local income groups? While the PMAY scheme seems financially viable, as an elderly person I would prefer a housing in the Ground Floor. What should I do?

      You simply need to apply as a senior citizen, since all senior citizens are provided the priority for having access to Ground floor housing. However, ensure that you apply early since the priorities among senior citizens for ground floor is also shared with differently abled beneficiaries as well.

    3. What does one mean by DBT?

      People refer to Direct Benefit Transfer as DBT. This means that the beneficiaries will receive the funds they are expected to receive, in the form of installments, under the scheme, directly in their bank accounts, instead of having to go through random offices and banks. The funds allocated for the rural housing scheme under PMAY will also be sent off to the beneficiaries through direct fund transfer to the bank accounts of the listed and identified beneficiaries. Labour allocation and labour training for the Awas Yojana

    4. Why will the Government geotag the properties under the PMAY housing project?

      The importance of transparency in the whole housing project is essential, right from the scheme rules and regulations being created to the basic requirement of sanitation being implemented in the housing. All of that must be followed, which requires geo tagging, to have all information available for parties involved, whenever needed. Geo tagging, basically means adding metadata to a photograph or map of your home located in the map. It also helps retain updated satellite imagery of the progress of the project. This helps to remotely monitor each unit, without having to be there in person.

    5. How long will the PMAY project last?

      The PMAY project is supposed to last until 2022. But, this is the date, which ensures that all the regions in India have beneficiaries, who can avail the scheme. The construction and ultimately the beneficiaries moving in may take longer.

    6. How Do I Find out whether my town or city is part of the first phase?

      Simply go online, and check for the list of cities in the the first Phase of the PLAY project.

    7. Transgenders are also a part of the Indian society. As a transgender can I apply?

      Transgenders often belong to low income groups and economically challenged groups. As long as they also cover all the other eligibility requirements, such as documentation or a single applicant from a family, this demographic will not be ignored by this scheme. However if you are not in the income groups required by the schemes, you will not be eligible for the scheme.

    8. What is the maximum annual income should I have to be eligible for PMAY?

      Your annual income should not be more than Rs. 6 lakhs. However, there are no lower limits for the PMAY income requirement.

    9. Why would sustainable and eco-friendly technologies be used for construction in the housing projects under the PMAY? Are they not making it more expensive that way?

      Eco-friendly projects do not mean that the PMAY constructions will make the ultimate housing price expensive. It only means that it will ensure that the environment is not harmed in anyway. It is essential to ensure that people in the future and that too in the near future do not perish due to environmental hazards, considering that global warming is a real phenomenon and is hitting our country, more than we realize.

    10. What is a Central Nodal Agency when we are talking about PMAY?

      These are basically nodal agencies that are identified by the Ministry or Government to function as bodies which implement Credit linked subsidy.

    11. What does one mean, by carpet area in lieu with Pradhan Mantri Awas Yojana?

      Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls

    12. How does the housing project ensure that there is enough labour for construction for the housing under the PMAY in rural regions?

      The Mahatma Gandhi National Rural Employment Guarantee Act enables the Government to hire enough labour for construction of homes under PMAY in the rural regions. The beneficiaries under the P M Awas Yojana will have access to unskilled labour for 90 days through MGNREGA. Already 30,000 masons have been trained for the purpose as of September 2016.

    13. What is FAR when it comes to PMAY?

      Let us take a look at the equation to quickly understand what FAR means:

      Floor Area Ratio = Total covered area on all the floors x 100 divided by Plot area.

      However, some cities or towns may have varied definitions. The definitions that have been promoted by the region will be considered under such conditions to remove any sort of confusion.

    14. What is Implementing Agencies and how are they different from Central Nodal Agencies (CNA)?

      These agencies comprise of any Urban Local Bodies, Housing Boards, Development Authorities, etc., unlike nodal agencies that have been picked by State Government or SLSMC for the purpose of implementing Housing for PMAY missions.

    15. What is TDR or Transfer of Development Rights?

      This term simply ensures the availability of a particular amount that is additional on the built up with respect to the surrendered or relinquished area of land which allows the owner to use an added built up area for himself/herself in some other land.

      • Few data regarding the Gramin Pradhan Mantri Awas Yojana:

    News About Pradhan Mantri Awas Yojana

    • Orissa sanctions construction of about 10,600 houses under PMAY

      The government of Orissa has sanctioned 31 projects under the Pradhan Mantri Awas Yojna. Under the scheme, around 10,600 houses will be constructed in more than 25 municipal areas. Apart from that, the government has also sanctioned the construction of 50,000 houses for the poor living in urban localities. These houses will be constructed under the BLC scheme, slum development project, and affordable housing project. The housing projects sanctioned by State Level Sanction-cum-Monitoring Committee (SLSMC) will be sent to the Ministry of Housing and Urban Poverty Alleviation for the final approval.

      18th May 2017

    • Affordable housing will be the key to growth for housing finance firms

      The initiative of ‘housing for all’ by Prime Minister Narendra Modi has brought together few of the leading developers, builders, and financing firms to improve the growth of realty sector in India. In the Union Budget, the government also announced the availability of interest rate subsidy for the middle-income group on home loans. Following the changes, most lenders have noticed a significant growth in the total number of home loan application. There are many home loan financing companies who are expecting a positive change to the reality sector in India. The affordable housing schemes with the benefits are becoming the key to the growth of housing finance firms in India.

      10th May 2017

    • Benefits of Pradhan MantriAwasYojana

      Prime Minister Narendra Modi had announced the Pradhan Mantri Awas Yojana (PMAY) on the New Year’s evening. This scheme is named as Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG). It allows induvial in the middle-income group to avail subsidy on home loan interest amount. An individual can avail for as much as 3-4% of subsidy on home loan interest plan under this scheme. An individual can save as much as Rs.2,000 on EMIs. The scheme is applicable for a house, flat, or properties bought on or after 1st of January 2017. This scheme will provide relief to first-time house buyers in the middle-income group. The government is also working with banks and builders to facilitate the subsidy scheme.

      10th April 2017

    • Home loan interest subsidy under CLSS-MIG

      As per the announcement on the 31st December, 2016, Prime Minister Narendra Modi took an initiative of ‘Housing for All’ scheme. Under this Credit Linked Subsidy Scheme (CLSS) for Middle Income Groups (MIG), an individual with annual incomes above Rs.6 lakh and up to Rs.18 lakh per year is eligible for interest subsidy on housing loans under the new CLSS(MIG). The subsidy is provided to borrowers who are buying their first house. The borrower will need to approach the lender in order to take advantage of the subsidy. This subsidy can help the borrower reduce the EMI up to Rs.2000.

      5th April 2017

    • Home Loan Interest Subsidy Under Pradhan Mantri Awas Yojana

      While addressing the nation on the New Year's evening, Prime Minister Narendra Modi had announced various changes for the benefit of the Indian economy. Since then, the government has taken various initiatives including the Pradhan Mantri Awas Yojana, this scheme enables middle-income groups to earn subsidy on home loan interest rates. The scheme offers an interest subsidy of 4 percent on loans up to Rs.9 lakh for individuals with income of Rs.12 lakh per year, and a 3 per cent subsidy on loans up to Rs.12 lakh for income of Rs.18 lakh per year. The Credit Linked Subsidy Scheme for Middle Income Groups - CLSS (MIG) is available for borrowers who are buying their first house with the loan. The scheme is also applicable for the home loans that were taken since 1st of January, 2017. There are speculations that this scheme could lower the regular home loan interest rates in the realty sector.

      3rd April 2017

    • Subsidy under Pradhan Mantri Awas Yojana will improve the Indian reality sector

      Since the announcement on the New Year's evening by Prime Minister Narendra Modi, the government has introduced and implemented various schemes for the benefit of the people in the middle-income group. The Credit Linked Subsidy Scheme for Middle Income Groups – CLSS(MIG) enables the individuals in the middle-income group to avail a subsidy for 3-4% on the home loan interest. This scheme is a part of the 'Housing for All' initiative that is improving the reality sector in India. The government has brought together some of the major reality companies and banks to provide affordable housing to the home loan borrowers. The Pradhan Mantri Awas Yojana is being implemented in various parts of the country for the loans taken after the 1st of January.

      31st March 2017

       
    • Housing Loan Ceiling For Govt Scheme Raised

      The ceiling for annual income in Kerala under the Pradhan Mantri Yojana Housing For All-2022 scheme has been raised. According to the new rates, city residents with annual incomes of up to Rs.18 lakh a year can receive an interest subsidy of 3% for home loans up to Rs.12 lakh.Those with an annual income up to Rs.12 lakh a year are eligible for a 4% interest subsidy on housing loans up to Rs.9 lakh. This scheme is in addition to the existing scheme which provides housing loans of up to Rs.6 lakh to city residents with an annual income lower than Rs.6 lakh at 6.5% interest per annum.

      The loans will be available for the construction, purchase or renovation of homes and a separate subsidy will be payable to government officials who pay income tax if they choose a loan under the scheme.

      23rd March 2017

    • PMAY helps build additional 90,000 houses

      The Ministry of Housing and Urban Poverty Alleviation has approved construction of 90,095 houses to assist India’s urban poor under the Pradhan Mantri Awas Yojana (PMAY) scheme. The investment for these houses has been Rs.5,590 crore with a central assistance of Rs.1,188 crore. Under the Pradhan Mantri Awas Yojana scheme 16,51,687 houses have been approved for construction with a total investment of Rs.25,819 crore. The PMAY has seen large success throughout the country and has helped many of the poorer sections of society in India by pro[viding them with pucca houses, thereby, improving their living conditions.

      7th March 2017

    • Urbanites to Also Receive Houses under PMAY

      The government is reworking on Pradhan Mantri Awas Yojana (PMAY). Through PMAY, the government aims to provide housing to all by 2022 and solve the housing problem of India’s urban poor. Two changes are currently made to the scheme. First one is related to the people included in the scheme. Initially only the people belonging to LIG (low income group) and EWS (economically weaker section) categories who earn Rs.6 lakhs and Rs.3 lakhs respectively. The government is planning to add two new subsidy slabs, which will include people who earn up to Rs.18 lakhs and Rs.12 lakhs p.a. in the scheme. The second important change is that 30 sq.m limit will be applicable only in 4 metropolitan cities, in the other cities, 60 sq.m limit will be applicable.

      14th February 2017

    • Government Provides Subvention of Interest Rates on Home Loans

      In an effort to increase the number of homes built in rural areas under the Pradhan Mantri Awas Yojana (PMAY) scheme to 33%, the government has decided to provide an interest subvention 3% and 4% for loans of Rs.12 lakh and Rs.9 lakh respectively. The subvention of interest rates by the government is expected to boost the number of homes being built in semi-urban and rural areas by lower income groups. The aim of this move is to make funds more accessible to lower income groups to build homes and is part of the Prime Minister’s vision of Housing for All by 2022.

      31st January 2017

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  • Pradhan Mantri Awas Yojana Reviews

    • Federal Bank Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Punjab National Bank Home Loan
      "overall good experience"
      0.5 4.0/5 "Great!"
      I have overall good experience with this home loan provider in terms of customer service and prompt response. This got better after they have ticketing system on service request on newly launched customer portal. If office is in reachable distance your all concerns will be addressed for sure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Awesome "
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com process was good one for me and all the bankers have approached regarding the preferences. Website of the Bankbazaar.com is good and I got instant response and everything works in a very good manner with Bankbazaar.com..
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaaar.com from the last three to four months of time. I am happy with Bankbazaar.com in every aspect. I had got a call from them as per their commitment, what they had given for my inquiries also I am very much happy with the service provided by them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Communication part was not good with the HDFC limited on my home loan like that did not stick to their commitments. Rate of interest was not at all constraint and I would like to suggest that they need to call the customer at a specified time..
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • Karnataka Bank Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      Long back I had taken a housing loan from Karnataka bank. The loan amount is 75 lakhs with tenure of seven years. I almost completed the loan in 4 years and the pending amount is for 2.72, it will be done early. The current interest rate is 9.23%. The bank supported me a lot as I am a long term customer of them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "One perfect solution for all financial products"
      0.5 5.0/5 "Blown Away!"
      The best I like about bankbazaar is their response, when ever I need a call back they called me back and fulfilled my requirement. They kept on tracking my home loan application and I had received 2 phone calls to check the status of the product. Even after disbursement too, as an extension of service, they call the customer to find out the status of the loan. I am using this site for the past 6 months. This is my first product which I had taken with the support of bankbazaar. The portal is easy to use and customer friendly. I would certainly declare the service offered by bankbazaar to at-least 10 to 15 members.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Best interest rates with long process"
      0.5 3.0/5 "Satisfactory"
      The major drawback with HDFC LTD is their process. as it is very slow, also they don't respond nor they provide the status of the loan. I had applied for the loan during the month of November, but I got the loan during the month of April which is too long. Totally, they took around 4 to 5 months of time to disburse the loan. The rate of interest is very much nominal but for the documentation and for the processing they had charged around 22k. Expect for the interest rate everything else has to be improved and they need to focus a lot on the communication with the customer. Also they need to be more clear their process and in providing the application status.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I had got the best response from bankbazaar. I am with bankbazaar for about 3 years. I basically got to know about bankbazaar through web search for the housing loan. The portal is too easy to use and user friendly. To conclude, I would say it was a good experience in all.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2017
    • ICICI Bank Home Loan
      "Need a slight improvement with the service"
      0.5 3.0/5 "Satisfactory"
      I was not briefed in detail about the loan process, out of my own interest I questioned them and later they gave clarification about the product. Till date I did not receive any loan sanction letter or any other document confirming my loan approval. However, ICICI process was very smooth quick and fast they hardly took 15 days of time for the loan disbursal, even their rates are low and it is line with the market rate. My only suggestion for them would be work on their service, as they need to be more customer centric.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one and am using it for the first time. I would like to say that the response with the Bankbazaar.com is really good one and the website is easy to access and user friendly too. I have not faced any issues with them till now.
      Was this review helpful? 0
      , nasik
      Reviewed on May 22, 2017
    • Punjab National Bank Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      Experience is nice with the PNB housing finance limited for my home loan but the charges are huge. Response is not much good and the executives are not really co-operative. It took around more than 60 days of time to get the loan amount to be disbursed. I would like to suggest that they need to eradicate the technical and legal charges.
      Was this review helpful? 0
      , nasik
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I do have the home loan with the State bank of India and their interest rate is a good one with them. Services are not good with them and the loan amount got disbursed to my account within three months of four months of time. Lastly, even the processing charges were nominal one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Exactly before 6 months , I came to know about bankbazaar. Advertisement was the key source to know about bankbazaar. Through net portal I had applied for this housing loan. The web portal is very easy to use and customer friendly . To sum up, Bankbazaar renders an excellent service.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 22, 2017
    • Oriental Bank of Commerce Home Loan
      "Extremely well"
      0.5 5.0/5 "Blown Away!"
      I got an excellent response from OBC with respect to my housing loan. They had given a call back to me on time also they disbursed my housing loan within a day's time also the response provided by them is too quick. On the whole, they need to inform the customer in prior about insurance. Also I am very much happy with the loan amount too.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Majorly, because of advertisements I got to know about bankbazaar. I had applied for a housing loan through this web channel , It is basically very easy to use and user friendly. Executives of bankbazaar gave a call and their response was good and they were also able to process the request in a wonderful way. One thing which I am expecting from them is to provide the status of the promotional offers also they should keep their customers posted about it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Disappointed with the service"
      0.5 2.5/5 "Just OK"
      For me SBI services falls below expectation, because they did not stick to their interest rate. Initially I was quoted an interest rate of 8.5% however they offered me only 8.65%. Therefore SBI needs to stick on to their promises. Additionally, they had to appoint a responsible executive, also he or she should know how to handle the customer in a refined way.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
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