The Pradhan Mantri Awas Yojana (PMAY) has been introduced by Prime Minister, Narendra Modi on 1 June 2015. PMAY Scheme is an initiative provided by the Government of India which aims at providing affordable housing to the urban poor. The mission is to provide housing for all by the year 2022, by that time Nation completes 75 years of its Independence.
Under this scheme, affordable houses will be built in selected cities and towns using eco-friendly construction methods for the benefit of the urban poor population in India. Also, under the Credit Linked Subsidy Scheme, beneficiaries under PM Awas Yojana are eligible for interest subsidy if they avail a loan to purchase or construct a house.
A beneficiary family will compromise husband, wife, unmarried sons and/or unmarried daughters.
Beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India
Identification and Selection of Beneficiaries under PMAY
|Annual Household income||Up to 3 lakh||3 to 6 lakh||6 to 12 lakh||12 to 18 lakh|
|Interest rate Subsidy||6.50% p.a.||6.50% p.a.||4.00% p.a.||3.00% p.a.|
|Home Loan Tenure (Max)||20 years||20 years||20 years||20 years|
|Maximum Eligible Home Loan Amount to Qualify for Subsidy||Rs.6 lakh||Rs.6 lakh||Rs.9 lakh||Rs.12 lakh|
|Maximum Dwelling Unit Carpet Area||30 sq. m||60 sq. m||160 sq. m||200 sq. m|
|Maximum Interest Subsidy Amount||Rs.2.67 lakh||Rs.2.67 lakh||Rs.2.35 lakh||Rs.2.30 lakh|
|Discount Rate for NPV Calculation of Interest Subsidy||9.00%||9.00%||9.00%||9.00%|
Pradhan Mantri Awas Yojana (PMAY)
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.
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.
The government will use the The Socio Economic and Caste Census of 2011 (SECC 2011) to identify and select the list of PMAY beneficiaries. The village panchayats along with tehsils will 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.
PMAY driving loan growth for banks
26 March 2019
Ajay Kumar Srivastava, the executive director of Indian Overseas Bank has stated that subsidized home loans under Prime Minister Awas Yojana (PMAY) has been driving overall growth of home loans. He added that Indian Overseas Bank was witnessing a 20 per cent growth year-on-year with the major factor being that subsidized home loans have become popular among the middle class. Srivastava said that middle-income customers that attracted to the loans because of the interest subsidy.
It needs to be mentioned here that PMAY loans carry a subsidy amount of up to Rs.2.67 lakh and has a much lower interest rate of 6.50 per cent per annum. The credit-linked subsidy for loan amounts up to Rs.9 lakh in the case of middle-income group (MIG-I) is 4 per cent while for loans up to Rs.12 lakh in the case of MIG-II is 3 per cent.
As per a report by RBI, affordable housing loans up to Rs.10 lakh has seen robust growth from 2016-17 onwards while the number of beneficiaries of high-value home loans above Rs.25 lakh has come down.
Before you fill the PMAY Scheme application, make sure that you have checked your eligibility and your name is listed in the beneficiary list. You can check if you are eligible by submitting your BPL certificates to the lending institution and they will notify you if you are eligible to apply for PM Awas Yojana scheme. Alternatively, you can also check the list of beneficiaries online by visiting the official website. The list of beneficiaries available in the website is periodically updated. Make sure you check the recent list.
The online application process to apply for PMAY Scheme is very simple, convenient, and saves a lot of time. Make sure you have your savings bank account details and your household income details when you are applying for Pradhan Mantri Awas Yojana online.
The PMAY Scheme will be executed in three phases. Refer to the below tables for more details:
|Cities covered||Remaining cities|
Pradhan Mantri Awas Yojana scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest. The rate of interest is comparatively much lesser than commercial rates, thus offering people subsidised loans.
To calculate the EMI log on to the Pradhan Mantri Awas Yojana website and fill in the following details: http://pmaymis.gov.in/EMI_Calculator.aspx
Once the following details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.
PM Awas Yojana Technology Sub Mission will cover following:
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.
In case of any queries relating to the application process, interest rates and any other scheme related queries, customers can contact the toll free helpline number:
Those facing any issues related to the application process can contact the above toll free numbers according to the locations.
|IKF Housing Finance Private Limited||Manipal Housing Finance Syndicate Ltd.||Ummeed Housing Finance Private Limited|
|Mamata Housing Finance Company Pvt. Ltd.||West End Housing Finance Limited||Mahindra Rural Housing Finance Ltd.|
|Viva Home Finance Ltd.||Magma Housing Finance||Vastu Housing Finance Corporation Ltd|
|LIC Housing Finance Ltd.||USB Housing Finance Corporation Ltd||L&T Housing Finance Ltd.|
|Tata Capital Housing Finance Ltd.||Khush Housing Finance Ltd.||Swarna Pragati Housing Microfinance Private Limited|
|India Shelter Finance Corporation Ltd.||Swagat Housing Finance Company Ltd.||India Infoline Housing Finance Ltd.|
|Supreme Housing Finance Limited||India Home Loan Ltd.||Sundaram BNP Paribas Home Finance Ltd.|
|India Bulls Housing Finance Ltd.||SRG Housing Finance Ltd.||ICICI Home Finance Company Ltd.|
|Shubham Housing Development Finance Company Pvt. Ltd.||Housing Development Finance Corporation Ltd.||Shriram Housing Finance Ltd.|
|Housing and Development Corporation Limited||SEWA Grih Rin Ltd.||Home First Finance Company Ltd.|
|Saral Home Finance Ltd.||Hinduja Housing Finance Limited||Sahara Housing Finance Corporation Ltd|
|HBN Housing Finance Ltd.||Repco Home Finance Ltd.||Habitat Microbuild India Housing Finance Company Pvt. Ltd.|
|Religare Housing Development Finance Corporation Ltd.||GRUH Finance Ltd.||Reliance Home Finance Ltd.|
|GIC Housing Finance Ltd||RAAS Housing Finance (India) Ltd.||Fullerton Home Finance Company Ltd|
|PNB Housing Finance Ltd.||Fast Track Housing Finance Company Ltd.||Panthoibi Housing Finance Company Ltd.|
|Equitas Housing Finance Pvt. Ltd.||Orange City Housing Finance Ltd.||Edelweiss Housing Finance Pvt. Ltd|
|North East Region Housing Finance Ltd.||DMI Housing Finance Pvt. Ltd.||Nivera Home Finance Ltd|
|DHFL Vyasa Housing Finance Ltd||New Habitat Housing Finance and Development Ltd.||Dewan Housing Finance Corporation Ltd.|
|National Trust Housing Finance Ltd.||Cent Bank Home Finance Ltd.||Muthoot Housing Finance Company Ltd.|
|Capri Global Housing Finance Private Limited||Muthoot Homefin Ltd.||Capital First Home Finance Ltd.|
|Micro Housing Finance Corporation Ltd||Can Fin Homes Ltd.||Mentor Home Loans India Ltd.|
|AU Housing Finance Ltd.||MAS Rural Housing and Mortgage Finance Ltd.||Aspire Home Finance Corporation Ltd.|
|Manappuram Home Finance Pvt. Ltd.||Aptus Value Finance Corporation Ltd.||Aditya Birla Housing Finance Ltd.|
|Aptus Value Housing Finance India Ltd.||Aadhar Housing Finance Ltd.||Akme Star Housing Finance Ltd.|
|Public Sector Banks|
|Vijaya Bank||Central Bank of India||State Bank of Patiala|
|United Bank of India||UCO Bank||Syndicate Bank|
|State Bank of Travancore||State Bank of Mysore||State Bank of Hyderabad|
|State Bank of Bikaner & Jaipur||Punjab National Bank||Punjab & Sind Bank|
|Indian Bank||Dena Bank||Corporation Bank|
|Canara Bank||Bhartiya Mahila Bank Ltd.||Bank of Maharashtra|
|Bank of India||Bank of Baroda||Andhra Bank|
|Allahabad Bank||Oriental bank of Commerce||Indian Overseas Bank|
|Private Sector Banks|
|South Indian Bank Ltd.||Nainital Bank Ltd.||Lakshmi Vilas Bank|
|J & K Bank||Dhanlaxmi Bank Ltd||City Union Bank|
|Yes Bank||The Federal Bank Ltd.||Karur Vysya Bank Ltd.|
|Karnataka Bank Ltd.||ICICI bank Ltd.||DCB Bank Ltd.|
|Axis bank Ltd.||Catholic Syrian Bank||Tamilnad mercantile Bank Ltd|
|Regional Rural Banks|
|Ellaquai Dehati bank||Purvanchal Bank||Vanachal Gramin Bank|
|Uttarbanag Kshetriya Gramin Bank||Telangana Grameena Bank||Satlij Gramin Bank|
|Sarva UP Gramin Bank||Rajasthan Marudhara Gramin Bank||Meghalaya Rural Bank|
|Jharkhand Gramin Bank||J& K Grameen Bank||Bihar Gramin Bank|
|Baroda Rajasthan Kshetriya Gramin Bank||Bangiya Gramin Vikas Bank||Chaitanya Godavari Grameena Bank|
|Central Godavari Grameena Bank||Sarva Haryana Gramin Bank||Kaveri Grameena Bank|
|Dena Gujarat Gramin Bank||Baroda Gujrat Gramin bank||Assam Gramin Bank|
|Arunachal Pradesh Rural Bank||Andhra Pradesh Grameena Vikas Bank||Allahabad UP Gramin Bank|
|Punjab GRamin Bank||Baroda Uttar Pradesh Gramin Bank||Gramin Bank of Aryavart|
|Prathama Bank||Uttar Bihar Gramin Bank||Pandyan Grama Bank|
|Kashi Gomti Samyut Bank||Odisha Gramiya Bank||Madhyanchal Gramin Bank|
|Tripura Gramin Bank||Chhattisgarh Rajya Gramin Bank||Utal Grameen Bank|
|Saurashtra Gramin Bank||Pragathi Krishna Gramin Bank||Narmada Jhabua Gramin|
|Nagaland Rural Bank||Mizoram Rural Bank||Manipur Rural Bank|
|Maharashtra Gramin Bank||Madhya Bihar Gramin Bank||Langpi Dehangi Rural Bank|
|Kerala Gramin Bank||Karnataka Vikas Grameena Bank|
|Janta Sahakari Bank Ltd||The Punjab State Cooperative Bank Ltd.||Uttarakhand State Cooperative Bank Ltd.|
|Shree Panchganag Nagari Sahakari Bank Ltd.||Kerala State Co-Operative Bank Ltd.||Karad Urban Co-operative Bank Ltd.|
|Meghalaya Co-Operative Apex Bank Ltd||Sangli Urban Co-Operative Bank Ltd.||The Surat People’s Cooperative Bank Ltd.|
|The Goa State Co-Operative Bank Ltd.||Sikkim State Co-Operative Bank Ltd.||Shikshak Sahakari Bank Ltd.|
|Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.||Odisha State Cooperative Bank||Nutan Nagarik Sahakari Bank Ltd.|
|Mizoram Cooperative Apex Bank Ltd.||Mehsana Urban Co-Operative Bank Ltd.||Mahanagar Co-Operative Bank Ltd.|
|Kalupur Commercial Co-operative Bank Ltd.||Jharkhand State Co-Operative Bank Ltd.||J&K State Cooperative Bank|
|Cosmos Co-operative Urban Bank Ltd.||Cosmos Co-operative Urban Bank Ltd.||Chhattisgarh Rajya Sahakari Bank Maryadit|
|Bihar State Co-operative Bank Ltd.||Jalgaon Janata Sahakari Bank Ltd.||Sarvodaya Commercial Co- operative Bank|
|Citizen Credit Co-op Bank Limited||The Nawangar Co-operative Bank Ltd.||The Greater Bombay Co- operative Bank Ltd.|
|The Bharat Co-operative Bank (Mumbai) Ltd.||The West Bengal State Co- operative Bank Ltd.||The Kalyan Janata Sahakari Bank Ltd.|
|The Gujarat State Co-operative Bank Ltd||The Ahmedabad Mercantile Co- operative Bank Ltd.||Shri Mahila Sewa Sahakari Bank Ltd.|
|Rajkot Nagarik Sahakari Bank Limited||Punjab & Maharashtra Co- operative Bank Ltd||Prime Co-operative Bank Ltd.|
|Bombay Mercantile Co-operative Bank|
|State/Union Territory||Name of the Organisation||Organisation Address|
|Andaman and Nicobar Islands||Union Territory of Andaman and Nicobar Islands||Municipal Council, Port Blair - firstname.lastname@example.org|
|Andhra Pradesh||Andhra Pradesh State Housing Corporation Limited||Andhra Pradesh State Housing Corporation Limited, Himayat Nagar, Hyderabad - email@example.com|
|Andhra Pradesh||Andhra Pradesh Township Infrastructure Development Corporation Limited||Flat number 502, Vijaya Lakshmi Residency, Gunadala, Vijayawada - 520004||
|Arunachal Pradesh||Government of Arunachal Pradesh||Department of Urban Development and Housing, Mob-II, Itanagar||
|Assam||Government of Assam||Block A, Room no. 219, Assam Secretariat, Dispur, Guwahati - 781006||
|Bihar||Government of Bihar||Urban Development and Housing Department, Vikas Bhawan, Bailey road, New Secretariat, Patna, Bihar - firstname.lastname@example.org|
|Chandigarh||Chandigarh Housing Board||Sector 9-D, Chandigarh - 160017||
|Chhattisgarh||Government of Chhattisgarh||Mahanadi Bhawan Mantralaya, Room No. S-1/4, Naya Raipur, Chhattisgarhemail@example.com|
|Dadra and Nagar Haveli, and Daman and Diu||Union Territory of Dadra and Nagar Haveli, and Daman and Diu||Secretariat, Silvassa - firstname.lastname@example.org|
|Dadra and Nagar Haveli||Union Territory of Dadra and Nagar Haveli||Secretariat, Silvassa - email@example.com|
|Goa||Government of Goa||GSUDA, 6th Floor, Shram Shakti Bhavan, Patto - Panajifirstname.lastname@example.org|
|Gujarat||Government of Gujarat||Affordable Housing Mission, New Sachivalaya, Block No. 14/7, 7th floor, Gandhinagar - 382010||
|Haryana||State Urban Development Agency||Bays-11-14, Palika Bhawan, Sector-4, Panchkula, Haryana - email@example.com|
|Himachal Pradesh||Directorate of Urban Development||Palika Bhawan, Talland, Shimlafirstname.lastname@example.org|
|Jammu and Kashmir||Jammu and Kashmir Housing Board||
|Jharkhand||Urban Development Department||3rd floor, Room No: 326, FFP Building, Dhurwa, Ranchi, Jharkhand - 834004||
|Kerala||State Poverty Eradication Mission||TRIDA Building, Jn. Medical College, PO Thiruvananthapuramemail@example.com|
|Madhya Pradesh||Urban Administration and Development, GoMP||Palika Bhawan, Shivaji Nagar, Bhopal - firstname.lastname@example.org, email@example.com|
|Maharashtra||Government of Maharashtra||Griha Nirman Bhawan, 4th Floor, Kalanagar, Bandra (East), Mumbai - firstname.lastname@example.org, email@example.com|
|Manipur||Government of Manipur||Town Planning Department, Government of Manipur, Directorate Complex, North AOC, Imphal - firstname.lastname@example.org, email@example.com|
|Meghalaya||Government of Meghalaya||Town Planning Department, Government of Manipur, Directorate Complex, North AOC, Imphal - firstname.lastname@example.org, email@example.com|
|Mizoram||Urban Development & Poverty Alleviation, Government of Mizoram||Directorate of Urban Development and Poverty Alleviation, Thakthing Tlang, Aizawl, Mizoram - firstname.lastname@example.org|
|Nagaland||Government of Nagaland||Municipal Affairs cell, A.G. Colony, Kohima - email@example.com|
|Odisha||Housing and Urban Development (H&UD) Department||1st Floor, State Secretariat, Annex - B, Bhubaneswar - firstname.lastname@example.org|
|Puducherry||Government of Puducherry||Town & Country Planning Deptt. Jawahar Nagar Boomianpet Puducherry - email@example.com|
|Punjab||Punjab Urban Development Authority||PUDA Bhawan, Sector 62, SAS Nagar, Mohali, Punjabfirstname.lastname@example.org email@example.com|
|Rajasthan||Rajasthan Urban Drinking Water, Sewerage & Infrastructure Corporation Ltd (RUDSICO)||4-SA-24, Jawahar Nagar, Jaipur, Rajasthanfirstname.lastname@example.org|
|Sikkim||Government of Sikkim||Department of Urban Development and Housing, Government of Sikkim, NH 31A, Gangtok - email@example.com|
|Tamil Nadu||Government of Tamil Nadu||Tamil Nadu Slum Clearance Board, No.5 Kamarajar Salai, Chennai, Tamil Nadu - firstname.lastname@example.org|
|Telangana||Government of Telangana||Commissioner and Director of Municipal Administration, 3rd Floor, AC Guards Public Health, Lakdikapool, Hyderabademail@example.com|
|Tripura||Government of Tripura||Directorate Of Urban Development, Government of Tripura, Pandit Nehru Complex, Gorakha Basti, 3rd Floor, Khadya Bhawan, Agartala - firstname.lastname@example.org|
|Uttarakhand||Directorate of Urban Development||State Urban Development Authority 85A, Motharawala Road, Ajabpur Kalan, Dehradunemail@example.com|
|Karnataka||Government of Karnataka||9th Floor, Vishweshwaraiah Towers, Dr.Ambedkar Veedhi, Bangalore - firstname.lastname@example.org|
|West Bengal||State Urban Development Authority||ILGUS Bhavan, Block HC Block, Sector 3, Bidhannagar, Kolkata - email@example.com|
|Uttar Pradesh||State Urban Development Agency (SUDA)||Navchetana Kendra, 10, Ashok Marg, Lucknow - firstname.lastname@example.org|
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.
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.
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
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.
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.
Simply go online, and check for the list of cities in the the first Phase of the PLAY project.
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.
Your annual income should not be more than Rs. 18 lakhs. However, there are no lower limits for the PMAY income requirement.
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.
These are basically nodal agencies that are identified by the Ministry or Government to function as bodies which implement Credit linked subsidy.
Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls
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.
Let us take a look at the equation to quickly understand what FAR means:
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.
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.
Anyone who belongs to the economically weaker section of the society and does not own a ‘pucca’ house
The individuals availing the benefit under the scheme are referred to as the beneficiary family
20 years to avail subsidy. If extended, subsidized rates will not be applicable
Yes, it is so for lower income groups and economically weaker sections of society
No. The scope of the scheme is limited to urban areas.
In order to apply online, it is mandatory for all citizens to have an Aadhaar Card. It is advised to get your Aadhar Number from the nearest Common Service Centre (CSC) as soon as possible.
You will only have to pay an application fee of Rs.25 plus service tax at the Common Service Centres. However, there are no charges levied if you are applying online.
CLSS offers an upfront subsidy at 6.5% for Economically Weaker Section (EWS) and Low Income Group (LIG) categories for loans up to Rs.6 lakh. For Middle Income Group-I (MIG-I), beneficiaries get an interest subsidy at 4% on home loans up to Rs.9 lakh. For beneficiaries in the Middle Income Group-II (MIG-II), an interest subsidy at 3% is offered on loans up to Rs.12 lakh
Yes, there is an income criterion exercised in choosing eligible beneficiaries under the scheme. The household income criteria are as follows:
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