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    Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme)

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    9.35% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
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    9.45% Floating
    0.5% (min. ₹8,625) One time fee
    2L - 3Crs
    1-30 Years
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    9.55% - 9.80% Floating
    0.25% to 0.50%(min.₹11,500) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
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    9.45% - 9.70% Floating
    0.5% (min. ₹11,500) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
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    9.45% Floating
    0% to 0.5% (max. ₹11,500) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
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    9.45% - 9.7% Floating
    0.5%
    2Crs Max
    1-25 Years
    Response Time Within 30 minutes
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    9.59% - 9.84% Floating
    0.5% (min. ₹8,625) One time fee
    15L - 15Crs
    1-30 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    9.55% Floating
    0.25% (max. ₹10,000)
    10L - 3Crs
    30 Years
    Response Time Within 30 minutes
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    Think about
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    9.40% - 11.75% Fixed/Floating
    Up to ₹11,500 One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
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    9.30% Floating
    11,500 One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
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    9.40% Floating
    0.5% (min. ₹8,625) One time fee
    2L - 3Crs Women's Special!
    1-30 Years
    Response Time Within 30 minutes
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    9.4% - 9.55% Floating
    0 One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
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    Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme) is Rated as "Great!" by 19568 Users

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    Introduction:

    Pradhan Mantri Awas Yojana (Urban), introduced in 2015, is a dream of Honorable Prime Minister Narendra Modi of India to provide, exactly as the name of the scheme implies, a house for all by 2022. For starters, the Union has shortlisted 305 places (urban and semi-urban) in 9 states. The plan is to construct homes for the economically backward in these regions; they aim to develop 20 million reasonably priced houses for the urban poor, giving them a funding of INR 1 Lakh to 2.30 Lakh per unit. Quite ambitious, this mammoth housing scheme of the current government.

    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.

    Shortlisted Cities & Towns:

    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

    Salient Features of Pradhan Mantri Awas Yojana:

    Not only is PMAY the biggest housing scheme to being executed in the world, but it is also endowed with attractive features and benefits, some of which are listed below.

    • The center will give a whopping subsidy of 6.5 percent in the interest rate at the time on home loans applied by the recipients. This will be for a tenure of 15 years from the date the loan was disbursed.
    • All the buildings constructed under Pradhan Mantri Awas Yojana and the techniques utilized will be eco-friendly.
    • Disabled and senior citizens will be given priority and government, to the best of its ability, will see to it that they are allocated ground floors.
    • All the houses provided under the PMAY Scheme will be in the name of women or co-owned by the woman in the family.

    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.

    Assistances from Private Sector Enterprises:

    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

    News About Pradhan Mantri Awas Yojana

    • Top administrative officials miss workshop on PMAY

      A workshop organised by the National Housing Bank (NHB) in Kolkata on creating awareness about the Pradhan Mantri Awas Yojana (PMAY) was not attended by several top government officials.

      Executive Director of NHB, Sanjeev Sharma, stated that the session would have been more productive if the state representatives had participated. He also mentioned that Bengal needs to enhance their utilisation of the Credit Linked Subsidy Scheme (CLSS) under PMAY. As of June 2016, only 137 households have availed the subsidised housing loans under CLSS in West Bengal, despite having a large amount of funds and subsidies allocated to the state. The NHB has also been intending to incentivise entities that were leveraging the scheme, and penalise non-performing entities.

      Sharma pointed out that states like Gujarat, Maharashtra and Tamil Nadu have been implementing the scheme more effectively, and the progress of all implementations will be monitored by SLBCs in the future. Further, he suggested that for properties where the title was not clear, state governments need to create and attest quasi-legal documents that would assist maximum number of homeless people in availing the scheme.

      12th September 2016

       
    • Over 26,000 Applicants under PMAY in Aurangabad

      Over 26,000 persons from Aurangabad have applied for the Pradhan Mantri Awas Yojana (PMAY) as on August 5. The online registration for the scheme was open from July 19 to August 15.

      Along with the application, documents such as Aadhaar Card, proof of income and proof of address have to be uploaded while applying under the scheme online.

      Around 250 centres have been opened to help the people with the scheme application process. Citizens who do not yet own a house and have been residing in a place can apply under the scheme, and they will get subsidies on buying their homes or on home loans for the PMAY houses, based on their annual income. 

      25th August 2016

       
    • Approval of Additional Investment of Rs.16, 641 crore by Government

      Under the Pradhan Mantri Awas Yojana (Urban), an additional investment of Rs.16,641 has been approved by the central government for building of 2,44,267 affordable homes. The approval has been passed for construction of houses for the urban poor during the first four months of this fiscal year. The additional fund makes the total approved investment figure reach the mark of Rs.51,568 crore, which will be utilised for building 9,27,991 homes in the urban areas.

      Approved by the Ministry of Housing and Urban Poverty Alleviation, this proposal is expected to provide homes for the urban population in 11 states. A central assistance of Rs.3,634 has been approved for three components belonging to the urban housing mission – in-situ slum redevelopment of 3,636 houses, affordable housing in partnership of 1,24,642 houses and beneficiary led construction of 1,15,989 houses.

      23rd August 2016

       
    • Rajasthan Plans 1.87 Lakh Homes under PMAY

      The state government in Rajasthan is planning to build 1.87 lakh homes by August next year at a cost of Rs.2,400 crore under the Pradhan Mantri Awas Yojana (PMAY). This will be the first phase under the scheme in the state.

      The project will begin in Udaipur district, which has a high population of socially and economically backward tribal families.

      A total of 305 cities and towns in 9 states have been selected under PMAY to benefit from the subsidies offered on home loans for the first house of people living in those cities. Forty of Rajasthan’s towns and cities are part of this scheme. The total cost of the project in Rajasthan is estimated at Rs.6,500 crore.

      19th August 2016

       
    • 19K Houses Built Under Pradhan Mantri Awas Yojana (PMAY)

      Since its launch exactly an year ago under much fanfare, the Pradhan Mantri Awas Yojana (PMAY) has managed to complete 19,255 houses across the country. The slow progress can be attributed to multiple factors mainly on the execution front. While the government has approved 864 projects involving 7,28,840 houses, only 1,07,687 units have seen work in progress.

      This scheme is aimed at providing housing for slum dwellers and poor residing in the urban areas of the country. Karnataka, Rajasthan and Gujarat have topped the list of states with highest number of project completion under this scheme since the inception. These states account for 55% completion overall. On the project approval front, Tamilnadu and West Bengal lead the bandwagon with 111 and 193 projects respectively. In terms of execution, Rajasthan has a little over 92% execution rate, coming on top.

      4th August 2016

       

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