PMAY Scheme: Benefits & application procedure - Loan Trivia

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Tuesday, 16 November 2021

PMAY Scheme: Benefits & application procedure

 

With an objective to provide affordable housing to the economically backward section of both the urban and rural population, Pradhan Mantri Awas Yojana was launched in 2015. The scheme focuses on realising its goals by March 2022 and ensures necessary home-ownership for the women in society.

Under this scheme, homeowners will benefit from the subsidised interest rate on their availed loan amount. This project primarily includes four components, including –

  1. Credit Linked Subsidy Scheme (CLSS)
  2. Affordable housing
  3. Slum rehabilitation through In-Situ development
  4. Subsidised house construction for the individuals
The components of this scheme are further divided into two major components - PMAY Urban and PMAY Gramin.

PMAY (Urban) - Under this section, based on annual household income, the urban beneficiaries such as Lower Income Group (LIG), Middle Income Group (MIG) and economically weaker section (EWS) can apply for PMAY.

PMAY (Gramin) - To aid the economically deprived population in our country to own a property.

Benefits of the scheme –

  1. The Pradhan Mantri Awas Yojana is a well-thought scheme for the welfare of the nation and economy. One of this scheme's primary objectives is to rehabilitate slums and construct pucca homes instead. 
  2. This project aims to provide housing facilities for all and seeks to construct 2 crore houses in some of the Urban cities in India. This scheme will upgrade the beneficiary’ standard of living.
  3. With a credit-linked subsidy scheme, the eligible urban population can receive a home loan from reputed financial institutions at a lower interest rate. 
  4. Another crucial benefit of Pradhan Mantri Awas Yojana is that it allows women to apply for a home loan and become property owner. According to this scheme, if a man applies for a loan, he must include his wife’s name as a co-applicant for the loan.

Note: Not every individual is allowed to avail these benefits. Only candidates who are eligible for this scheme will be chosen under the PMAY list.

The above-mentioned benefits of PMAY can only be availed if you know how to apply for this scheme. The detailed application process is explained below, applicable for both PMAY Urban and PMAY Gramin.

Application procedure -

The online application procedure of PMAY does not demand any charge and can be easily initiated via the official website.

Step 1: Individuals need to check the “Citizen Assessment” option and check the category they wish to apply for.

Step 2: Once the income category is selected, one needs to submit his/her Aadhaar card details as mandatory identification proof.

Step 3: Once individuals fill in the Aadhaar details, they would be redirected to the online application form to submit other personal information.

This is how the PMAY scheme eases your way into becoming a homeowner and promotes better conditions of living. 

Nonetheless, if you do not qualify under this scheme, you can look for housing loans from NBFCs, available against reduced interest rates and flexible terms.

Some reputed financial institutions extend pre-approved offers to make the loan application process more accessible and less time-consuming. These offers are available on other products like home loan, loan against property and more. To check your pre-approved offer, you need to submit their details and contact information.

These advances can serve effectively as an alternative to the PMAY scheme and allow individuals to optimise their borrowing experience.



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