PMAY: Pradhan Mantri Awas Yojana Complete Guide 2020 Updated

by bingole | Apr 29, 2020 | PMAY

Pradhan Mantri Awas Yojana: Complete Guide 2020

Did you know that over 1.53 crore houses have been constructed under the Pradhan Mantri Awas Yojana (PMAY) scheme?

After reading this go-to guide for understanding PMAY, you will be more than equipped to analyze its objectives, features, components, beneficiaries, achievements, and so on.

We will be covering the following topics in order to do so:

CONTENTS

1. What is PMAY?
2. Primary Objectives of PMAY
3. Components of PMAY.
4. Target Groups of PMAY
5. Features of PMAY
6. CLSS
7. EMI Calculator
8. Achievements
9. How to Apply for the Scheme?
10. Conclusion
11. FAQs

Let’s dive in!

What is PMAY?

The Pradhan Mantri Awas Yojana or PMAY is a scheme launched by the Government of India in June 2015, primarily aiming to provide housing for all by the year 2022– when India will celebrate its 75th year of independence. It aims to build 20 million houses in the country whilst boosting affordability at the same time.

PMAY has two components based on where it is being implemented- Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin).

Primary Objectives of PMAY

Apart from various other aims, these are the few primary objectives of the PMAY scheme:

• To build affordable pucca houses on Plot with round-the-clock water, sanitation, and electricity supply.
• To address the shortages of nearly 20 million housing units that are needed by the urban and rural poor.
• Transform slum areas by providing housing for the slum dwellers. This slum rehabilitation program is done in collaboration with private developers.
• Preference is given to women, minorities, Scheduled Castes, Scheduled Tribes, Transgenders, and differently-abled.

Now that we know the basic aim of the scheme, let’s move on to understanding the differences of PMAY being implemented amongst the urban and the rural populations.

Components of PMAY

• PRADHAN MANTRI AWAS YOJANA (URBAN)- PMAY (U)

 The scheme provides housing for the urban poor (with specified categories which we will look into shortly) as well as slum dwellers. It aims to build 2 crore houses by the year 2022 in listed urban areas. As of 1st January 2020, according to the Ministry of Housing and Urban Affairs, 4427 cities are covered under the scheme. It includes all the authorities responsible for urban planning, development, and regulations

To access the list of cities selected under PMAY-HFA (U), click here.

The implementation of PMAY (U) is to be done in 3 phases:

1. Cover 100 cities in selected states and UTs between April 2015 and March 2017
2. Cover 200 additional cities between April 2017 and March 2019

• Cover the remaining cities between April 2019 and March 2022.

      2.) PRADHAN MANTRI AWAS YOJANA (GRAMIN)- PMAY-G

The primary aim is to provide assistance to the homeless and those residing in decrepit houses to assist them in the construction of pucca houses. PMAY-G aims to construct 4 crore houses by 2022 in rural areas. This scheme was approved in March 2016, before which it was called the Indira Awas Yojana. It covers all rural areas across the country except Delhi and Chandigarh.

The beneficiaries of this scheme will be identified as per the Socio-Economic and Caste Census (SECC).

Target groups of PMAY & Income Criteria

The beneficiaries of this scheme come under three main categories– Economically Weak Sections (EWS), Low Income Groups (LIG), and Middle-Income Groups (MIG- further categorized into MIG 1 and MIG 2).

For MIG 1&2 categories, earning adults (irrespective of their marital status) can be considered as a separate family.

Eligibility criteria for beneficiaries: 

• A beneficiary family consists of husband, wife, and unmarried children.

• Beneficiary families should not own a pucca house in their name or in the name of any other family member, anywhere in India.

• The individual seeking to benefit from the scheme must not avail the benefits of any other housing scheme under the Central or State Government

Refer to the table below to know what makes these beneficiaries eligible, interest subsidies provided for each category, and more:

Calculator and Financial Bill

For people coming under the EWS and the LIG categories who wish to take a loan of up to Rs 6,00,000, they receive an interest subsidy of 6.5% for a tenure of 15 years.

In rural areas interest subvention of 3% is offered on loans up to Rs 2 Lakhs for constructing new homes or extension of old homes. The government will financially assist to get affordable housing projects done in partnership with states/UTs for the EWS.

Further specified target groups include:

• Indian women of all religions and castes
• STs and SCs, transgenders, minorities.

These are the primary beneficiaries of the PMAY scheme targets.

Features of PMAY

Now that we’ve understood the scheme’s aims and objectives, components, and target groups- let’s dive into analyzing the various features PMAY leaves us with:

• There are no restrictions on the value of the house being purchased or loan being availed.

• Differently abled and senior citizens will be given preference to reside in the ground floors of the houses being constructed under the scheme

• If you are purchasing a house in the EWS/LIG category, it is mandatory to have a woman owner/ co-owner. This feature helps with women empowerment. 

• Eco-friendly technologies will be adopted during construction and development.

• In case of home renovation/ extension in EWS/LIG categories- the carpet area can be a maximum of 323 sq ft and 645 sq ft respectively

• Credit Linked Subsidy (CLSS) is implemented for weaker and mid-income sections on loans taken for new construction or renovation of existing homes.

There are few among the various features that the scheme provides us with.

Credit linked subsidy scheme (CLSS) 

As we previously studied, the PMAY primarily aims at providing affordable housing for all, rehabilitation of slums, subsidizing interests based on categories for independent house construction or renovation as well as Credit Linked Subsidy Scheme (CLSS).

Among these four main focus-points, Credit Linked Subsidy is the only scheme implemented as a central sector scheme. The benefits of CLSS can be availed by EWS and LIG categories.

CLSS is brought into the picture for two main reasons:

• The Government of India wants to increase the flow of credit in institutions to meet the housing needs of the urban poor population.

• To meet the demand for affordable housing prices.

Credit Linked Subsidy Scheme is implemented by two central nodal agencies:

All banks listed under the RBI offer the CLSS. 

Steps for Getting Interest Rate Subsidy through PMAY

1. Apply for a home loan asking for a subsidy from the institution of your choice.
2. Upon review of your application, if you meet the necessary eligibility criteria, your application will be forwarded to the Central Nodal Agency.
3. If your application is verified and cleared, the Central Nodal Agency will pay out the subsidy amount to the lending institution you applied in.
4. After reducing the total loan amount, this amount will be credited to you by the lending institution.

You will be able to pay the EMIs towards the balance loan amount.

Here is a list of banks under PMAY, according to https://www.bankbazaar.com/home-loan/pradhan-mantri-awas-yojana.html

Housing Finance Companies Under PMAY

1. Aadhar Housing Finance Ltd.
2. Aditya Birla Housing Finance Ltd.
3. Akme Star Housing Finance Ltd.
4. Aptus Value Finance Corporation Ltd.
5. Aptus Value Housing Finance India Ltd.
6. Aspire Home Finance Corporation Ltd.
7. AU Housing Finance Ltd.
8. Can Fin Homes Ltd.
9. Capital First Home Finance Ltd.
10. Capri Global Housing Finance Private Limited
11. Cent Bank Home Finance Ltd.
12. Dewan Housing Finance Corporation Ltd.
13. DHFL Vyasa Housing Finance Ltd
14. DMI Housing Finance Pvt. Ltd.
15. Edelweiss Housing Finance Pvt. Ltd
16. Equitas Housing Finance Pvt. Ltd.
17. Fast Track Housing Finance Company Ltd.
18. Fullerton Home Finance Company Ltd
19. GIC Housing Finance Ltd
20. GRUH Finance Ltd.
21. Habitat Microbuild India Housing Finance Company Pvt. Ltd.
22. HBN Housing Finance Ltd.
23. Hinduja Housing Finance Limited
24. Home First Finance Company Ltd.
25. Housing and Development Corporation Limited
26. Housing Development Finance Corporation Ltd.
27. ICICI Home Finance Company Ltd.
28. IKF Housing Finance Private Limited
29. India Bulls Housing Finance Ltd.
30. India Home Loan Ltd.
31. India Infoline Housing Finance Ltd.
32. India Shelter Finance Corporation Ltd.
33. Khush Housing Finance Ltd.
34. L&T Housing Finance Ltd.
35. LIC Housing Finance Ltd.
36. Magma Housing Finance
37. Mahindra Rural Housing Finance Ltd.
38. Mamata Housing Finance Company Pvt. Ltd.
39. Manappuram Home Finance Pvt. Ltd.
40. Manipal Housing Finance Syndicate Ltd.
41. MAS Rural Housing and Mortgage Finance Ltd.
42. Mentor Home Loans India Ltd.
43. Micro Housing Finance Corporation Ltd
44. Muthoot Homefin Ltd.
45. Muthoot Housing Finance Company Ltd.
46. National Trust Housing Finance Ltd.
47. New Habitat Housing Finance and Development Ltd.
48. Nivera Home Finance Ltd
49. North East Region Housing Finance Ltd.
50. Orange City Housing Finance Ltd.
51. Panthoibi Housing Finance Company Ltd.
52. PNB Housing Finance Ltd.
53. RAAS Housing Finance (India) Ltd.
54. Reliance Home Finance Ltd.
55. Religare Housing Development Finance Corporation Ltd.
56. Repco Home Finance Ltd.
57. Sahara Housing Finance Corporation Ltd
58. Saral Home Finance Ltd.
59. SEWA Grih Rin Ltd.
60. Shriram Housing Finance Ltd.
61. Shubham Housing Development Finance Company Pvt. Ltd.
62. SRG Housing Finance Ltd.
63. Sundaram Home Finance Limited
64. Supreme Housing Finance Limited
65. Swagat Housing Finance Company Ltd.
66. Swarna Pragati Housing Microfinance Private Limited
67. Tata Capital Housing Finance Ltd.
68. Ummeed Housing Finance Private Limited
69. USB Housing Finance Corporation Ltd
70. Vastu Housing Finance Corporation Ltd
71. Viva Home Finance Ltd.
72. West End Housing Finance Limited

Public Sector Banks Under PMAY

1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Bhartiya Mahila Bank Ltd.
7. Canara Bank
8. Central Bank of India
9. Corporation Bank
10. Dena Bank
11. Indian Bank
12. Indian Overseas Bank
13. Oriental bank of Commerce
14. Punjab & Sind Bank
15. Punjab National Bank
16. State Bank of Patiala
17. Syndicate Bank
18. UCO Bank
19. United Bank of India
20. Vijaya Bank

Private Sector Banks Under PMAY

1. Axis bank Ltd.
2. Catholic Syrian Bank
3. City Union Bank
4. DCB Bank Ltd.
5. Dhanlaxmi Bank Ltd
6. ICICI bank Ltd.
7. J & K Bank
8. Karnataka Bank Ltd.
9. Karur Vysya Bank Ltd.
10. Lakshmi Vilas Bank
11. Nainital Bank Ltd.
12. South Indian Bank Ltd.
13. Tamilnad mercantile Bank Ltd
14. The Federal Bank Ltd.
15. Yes Bank

 Rural Banks under PMAY

1. Allahabad UP Gramin Bank
2. Andhra Pradesh Grameena Vikas Bank
3. Arunachal Pradesh Rural Bank
4. Assam Gramin Bank
5. Bangiya Gramin Vikas Bank
6. Baroda Gujrat Gramin bank
7. Baroda Rajasthan Kshetriya Gramin Bank
8. Baroda Uttar Pradesh Gramin Bank
9. Bihar Gramin Bank
10. Bihar State Co-operative Bank Ltd.
11. Bombay Mercantile Co-operative Bank
12. Central Godavari Grameena Bank
13. Chaitanya Godavari Grameena Bank
14. Chhattisgarh Rajya Gramin Bank
15. Chhattisgarh Rajya Sahakari Bank Maryadit
16. Citizen Credit Co-op Bank Limited
17. Cosmos Co-operative Urban Bank Ltd.
18. Cosmos Co-operative Urban Bank Ltd.
19. Dena Gujarat Gramin Bank
20. Ellaquai Dehati bank
21. Gramin Bank of Aryavart
22. J& K Grameen Bank
23. J&K State Cooperative Bank
24. Jalgaon Janata Sahakari Bank Ltd.
25. Janta Sahakari Bank Ltd
26. Jharkhand Gramin Bank
27. Jharkhand State Co-Operative Bank Ltd.
28. Kalupur Commercial Co-operative Bank Ltd.
29. Karad Urban Co-operative Bank Ltd.
30. Karnataka Vikas Grameena Bank
31. Kashi Gomti Samyut Bank
32. Kaveri Grameena Bank
33. Kerala Gramin Bank
34. Kerala State Co-Operative Bank Ltd.
35. Langpi Dehangi Rural Bank
36. Madhya Bihar Gramin Bank
37. Madhyanchal Gramin Bank
38. Mahanagar Co-Operative Bank Ltd.
39. Maharashtra Gramin Bank
40. Manipur Rural Bank
41. Meghalaya Co-Operative Apex Bank Ltd
42. Meghalaya Rural Bank
43. Mehsana Urban Co-Operative Bank Ltd.
44. Mizoram Cooperative Apex Bank Ltd.
45. Mizoram Rural Bank
46. Nagaland Rural Bank
47. Narmada Jhabua Gramin
48. Nutan Nagarik Sahakari Bank Ltd.
49. Odisha Gramiya Bank
50. Odisha State Cooperative Bank
51. Pandyan Grama Bank
52. Pragathi Krishna Gramin Bank
53. Prathama Bank
54. Prime Co-operative Bank Ltd.
55. Punjab & Maharashtra Co- operative Bank Ltd
56. Punjab GRamin Bank
57. Purvanchal Bank
58. Rajasthan Marudhara Gramin Bank
59. Rajkot Nagarik Sahakari Bank Limited
60. Sangli Urban Co-Operative Bank Ltd.
61. Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.
62. Sarva Haryana Gramin Bank
63. Sarva UP Gramin Bank
64. Sarvodaya Commercial Co- operative Bank
65. Satlij Gramin Bank
66. Saurashtra Gramin Bank
67. Shikshak Sahakari Bank Ltd.
68. Shree Panchganag Nagari Sahakari Bank Ltd.
69. Shri Mahila Sewa Sahakari Bank Ltd.
70. Sikkim State Co-Operative Bank Ltd.
71. Telangana Grameena Bank
72. The Ahmedabad Mercantile Co- operative Bank Ltd.
73. The Bharat Co-operative Bank (Mumbai) Ltd.
74. The Goa State Co-Operative Bank Ltd.
75. The Greater Bombay Co- operative Bank Ltd.
76. The Gujarat State Co-operative Bank Ltd
77. The Kalyan Janata Sahakari Bank Ltd.
78. The Nawangar Co-operative Bank Ltd.
79. The Punjab State Cooperative Bank Ltd.
80. The Surat People’s Cooperative Bank Ltd.
81. The West Bengal State Co- operative Bank Ltd.
82. Tripura Gramin Bank
83. Utal Grameen Bank
84. Uttar Bihar Gramin Bank
85. Uttarakhand State Cooperative Bank Ltd.
86. Uttarbanag Kshetriya Gramin Bank
87. Vanachal Gramin Bank

 For more information on CLSS, click here, and here for the official website of the Ministry of Housing and Urban affairs.

EMI under PMAY scheme

Another merit of the PMAY scheme is that it makes it easier for those who are economically weaker to buy a home loan through EMIs at affordable and fair rates of interest.

It is very easy to calculate your EMI account, the provision is available in the official website.

1. 1. Visit the official website of Pradhan Mantri Awas Yojana- click here to directly go to the EMI calculator page
   2. Fill in the details asked- Total loan amount (in Rs), Rate of Interest, Total Loan Period (in Months)
   3. Click “Calculate” to get results.

Calculate EMI here

Achievements

With an increase in subsidized loan amount to Rs 12 Lakh, the scheme is expected to cover a larger proportion of the urban poor. For those in the low and mid-income sections, the PMAY reduces the cost of purchasing a home by Rs 1 lakh to Rs 2.3 Lakh. The increase in loan amount to Rs 12 Lakh and the extension of the scheme to cover the mid-income groups will make the dreams of more affordable homes come true.

According to a report published by livemint, as of December 2019-

• 30 lakh houses have been constructed and a total of 57 lakh houses are under construction.
• “Compared to the earlier JNNURM scheme, PMAY (U) has achieved 10 times more in a span of 4.5 years, whereas the earlier scheme had taken 10 years to achieve a significantly less number”, mentioned the report.
• The wide-spread construction activities have resulted in employment generation.
• Across six states, six lighthouse projects are being implemented so as to act as a laboratory to execute eco-friendly and green methods of construction and development.

PMAY TECHNOLOGY SUB-MISSION

To adapt faster, efficient, and green technology of construction, a Technology Sub-Mission has been set up. It will also look into the layout designs and building plans specific to various climatic and geographic zones. The Sub-Mission will coordinate with different regulatory bodies, states, and cities to ensure the efficient reach of modern methods of construction.

According to the Ministry of Housing and Urban Affairs, 

The Sub-Mission will work on the following aspects:

• Design & Planning
• Innovative technologies & materials
• Green buildings using natural resources and
• Earthquake and other disaster resistant technologies and designs. Simple concept of designs ensuring adequate sunlight and air should be adopted.

A technical cell has been set up in the Building Materials and Technology Promotion Council (BMTPC) under the Ministry to support the Sub-mission.

Among various other success pointers, these are a few.

How to apply for the scheme

You can apply for the PMAY scheme both online and offline. Here is a step-by-step guide for you if you choose to apply online:

• Visit the official website for Pradhan Mantri Awas Yojana- https://pmaymis.gov.in/
• Click on the “Citizen Assessment” drop-down option. Click on either the “For slum dwellers” or  “Benefit under 3 components” as per your category.
• Fill in your Aadhaar card number and enter the application page.
• Fill in the necessary details accurately.
• Download the application form.
• Print the page for reference.
• Submit the form at your nearest CSC office outlet and financial institution/banks along with the necessary

Steps for Changing/ Editing Details After Application:

• • Visit the official website for Pradhan Mantri Awas Yojana- https://pmaymis.gov.in/
  • Fill in Application reference number and aadhar card details
  • Click on “Edit”

CONCLUSION

The Pradhan Mantri Awas Yojana or PMAY scheme aims to provide affordable “housing for all” by the year 2022. The mission started in June 2015 and has been rapidly progressing ever since.

The main objectives of the scheme include building affordable houses with round-the-clock water and electricity supply as well as sanitation; addressing the shortage of nearly 20 million housing units for rural and urban poor; slum rehabilitation.

The PMAY has two main components based on where it is being implemented- the Urban Scheme and the Gramin Scheme.

The prime target groups for the schemes are categorized based on income criteria– Economically Weak Sections of EWS (annual income up to Rs 3 lakh); Low Income Groups of LIG (Annual income lies between from 3 lakhs and 6 lakhs); the scheme is also extended to Middle Income Groups or MIG (which is further classified into MIG 1- annual income between 6 Lakhs and 12 Lakhs, and MIG 2- annual income between 12 Lakhs and 18 Lakhs).

Based on these categories, income subsidies, carpet area, etc are specified.

Some features of the scheme include eco-friendly methods of construction and development, Credit Linked Subsidy, women empowerment, and so on.

We then looked into the details of the Credit Linked Subsidy Scheme and how it addresses both the demand for affordable housing as well as the Government’s want to increase credit flow in institutions to meet the housing needs of urban poor.

We studied the various achievements of PMAY so far and learned how to apply for the scheme online.

For any queries regarding the PMAY scheme, here are some customer helpline numbers via https://www.bankbazaar.com/home-loan/pradhan-mantri-awas-yojana.html

1. 1800-11-6163 (Urban, HUDCO)
2. 1800-11-3388 (Urban,NHB)
3. 1800-11-3377 (Urban,NHB)
4. 1800-11-6446 (Gramin)

For region-specific information, you may use the following pages:

PMAY- ICICI Bank

PMAY- Axis Bank

I hope this guide helped you gain a detailed and comprehensive outlook on the PMAY scheme.

For more information, do refer to the further resources I’ve mentioned below:

https://pmaymis.gov.in/

https://www.bajajfinserv.in/home-loan-pradhan-mantri-awas-yojana

https://www.bankbazaar.com/home-loan/pradhan-mantri-awas-yojana.html

https://www.bankbazaar.com/home-loan/pradhan-mantri-awas-yojna-credit-linked-subsidy-scheme.html

http://mohua.gov.in/cms/progress-pmay.php

https://medium.com/@wavecity/objectives-and-features-of-pradhan-mantri-awas-yojana-scheme-75499797866e

https://housing.com/news/interest-subsidy-scheme-ews-lig-work/

Here are some helpful videos for further reference:

https://www.youtube.com/watch?v=Jk3bZwEzwtM

https://www.youtube.com/watch?v=w-F53YCAA3E

https://www.youtube.com/watch?v=zC20ZO_OIN4

FAQs on Pradhan Mantri Awas Yojana

Who is eligible for Pradhan Mantri Awas Yojana?

Ans.) The prime target groups for the schemes are categorized based on income criteria– Economically Weak Sections of EWS (annual income upto Rs 3 lakh); Low Income Groups of LIG (Annual income lies between from 3 lakhs and 6 lakhs); the scheme is also extended to Middle Income Groups or MIG (which is further classified into MIG 1- annual income between 6 Lakhs and 12 Lakhs, and MIG 2- annual income between 12 Lakhs and 18 Lakhs). Based on these categories, income subsidies, carpet area, etc are specified. 

How to Apply for the PMAY scheme?

Ans.) You can apply for the PMAY scheme both online and offline. Here is a step-by-step guide for you if you choose to apply online:

• Visit the official website for Pradhan Mantri Awas Yojana- https://pmaymis.gov.in/
• Click on the “Citizen Assessment” drop-down menu. Click on either the “For slum dwellers” or  “Benefit under 3 components” as per your category.
• Fill in your Aadhaar card number and enter the application page.
• Fill in the necessary details accurately.
• Download the application form.
• Print the page for reference.
• Submit the form at your nearest CSC office outlet and financial institution/banks along with the necessary

How to check your name in PMAY 2019 Beneficiary List?

Ans)  Go to the official website of PMAY.

• Find the “Search Beneficiary” drop-down menu and click on the “Search by Name”
• Enter the first 3 characters of your name. Click “Show”.

Is Pradhan Mantri Awas Yojana available to existing home loan borrowers?

Ans) No. An existing home loan borrower is not eligible for the scheme. Only the people who match the eligibility criteria can avail the benefits of the PMAY scheme.

How can I get a loan under PMAY?

Ans.) Eligible applicants may apply for loans in his/her preferred bank of Non-Banking Financial Company. The application form will ask for various details of the applicant including, investments, other loans, income, properties, etc.

How do I check my PMAY list? 

Ans.)Go to the official website of PMAY.

• Find the “Search Beneficiary” drop-down menu and click on the “Search by Name”
• Enter the first 3 characters of your name. Click “Show”.

What is the PMAY scheme?

 Ans.) The Pradhan Mantri Awas Yojana or PMAY scheme aims to provide affordable “housing for all” by the year 2022. The mission started in June 2015 and has been rapidly progressing ever since.

The main objectives of the scheme include building affordable houses with round-the-clock water and electricity supply as well as sanitation; addressing the shortage of nearly 20 million housing units for rural and urban poor; slum rehabilitation.

What is Pradhan Mantri Awas Yojana (PMAY)- Credit Linked Subsidy Scheme (CLSS)?

 Ans.) The Credit Linked Subsidy Scheme addresses the demand for affordable housing as well as the Government’s want to increase credit flow in institutions to meet the housing needs of urban poor.