- December 26, 2016
- Posted by: admin
- Category: Blogs
Affordable Housing for All Govt Scheme
It is a known fact that in India poverty is a major problem and there are many families and individuals in the country who do not even have access to the basis requirements of life which includes food, clothes and shelter. But this comes as a biggest hurdle in the path of development and growth that the country is looking forward to achieving.
When talking about basic requirements of life food and clothes are something that people still somehow manage to get but then a house is something that is surely hard to get. A report that came out a few months ago revealed that around 5 crore families in the country are homeless, which means they do not have a proper or ‘pakka’ house to live in. now there are many reasons behind this, one being the fact that the land prices are quite high and same is the case of the cost of construction. Here comes the role of the home loans. But then the problem with the home loans is the high interest rate at which it is offered. Moreover one is considered for home loans based on the income, which if low one doesnot get a home loan. So many families are left with no option and are not able to build or buy a house for themselves.
Some of the main suffers here are the families that fall under the BPL (Below Poverty Line), LIG (Low Income Group) and the EWS (Economically Weaker Section) category. These people do not have any way to buy or build a house. So keeping this problem in mind the Government of India has launched the Pradhan Mantri Awas Yojana- Urban.
|S.No||Things Need to Know About PMAY||Detailed Information|
|1||Name of the scheme||Pradhan Mantri Awas Yojana (PMAY)|
|2||Launch date||June 2015|
|3||Scheme launched by||Prime Minister Narendra Modi|
|4||Objective of the scheme||Provide affordable house to the urban poor|
|5||Duration of the scheme||2015- 2022|
|6||Target group of the scheme||Homeless urban poor|
Objective of the scheme
The Pradhan Mantri Awas Yojana is for the urban as well are the rural areas. But here we would talk about the scheme relating to the urban area development. So the objective of the scheme is to provide affordable houses to the urban poor of the country and uplift their living condition.
The scheme would make efforts in the rehabilitation of the families and individuals who live in the slum areas. All the families are individuals who belong to the economically weaker section will be helped financially by providing home loan subsidy.
The government of India will try and bring together the government and private dwelling units’ developers together in order to build houses for the poor and homeless. Apart from this the scheme also aims on providing subsidy to the construction of houses or house renovation.
By doing so the government of India wants to provide a house for all the families in the country. The target set by the government is to provide house to all the homeless of the country by the year 2022, the year when India would celebrate its 75th year of Independence.
Some important features and Eligibility criteria of the scheme
The Indian government has set some eligibility criteria for the candidates to apply for the scheme. Here are the details about it.
A family that can apply for this scheme should comprise of a husband, wife and their children who are not married. Also that family should not already have a pucca house in any of the immediate family member’s names in any part of the country.
Assistance will be given under this scheme to the families who full-fill the income level criteria of the scheme. The family ha to belong to Below Poverty Line, Low Income Group and the Economically Weaker Section category
The income limitation for the family applying for the scheme is defined as- for the families belonging to the economically weaker section should have a maximum income of Rs.3 lakhs in a year. For the families belonging to the Low Income group should have an income limited between Rs.3 lakhs to Rs.6 lakhs.
Under this scheme candidates will be provided with subsidy on the home loans. For loans up to Rs.6 lakhs taken under this scheme will be charged an interest rate of 6.5%. And the tenure of the loan is 15 years within which the loan has to be re-paid.
For the loan amount more than 6 lakhs, interest will be charged at the market rate. This means that if a person takes a loan of 7 lakhs under this scheme then for the extra 1 lakhs the person has to pay the market level interest rate.
For a loan of Rs.6 lakhs one gets an interest subsidy of round Rs.220000.
One may wonder if there would be any additional documents required for availing this subsidy but nothing as such is required. The applicant has to just provide a Declaration certification of not owning a proper house in his or her name. Along with this the applicant has to provide an income proof or an Affidavit that validates your income.
Now another important thing to note is that as a part of this scheme you can buy or book a house from the 2 crore houses that the government is planning to build under this scheme. Or you may also book or buy a house from a private project where around 30% of the houses are booked for the Economically Weaker Sections. You may also built your own house under this scheme.
Now if you are taking a loan under this scheme to build a house by yourself then you have to make sure that the house is built in eco-friendly way and should have toilets inside them.
People will also be helped for the renovation of an existing house. But if you already have a house then you cannot apply for a new house, but you can repair your older house.
For the application process the Aadhaar card is an important document and if one does not have an Aadhaar then the CSC would help the applicant in getting one.
Please select a valid form
How to apply for Pradhan Mantri Awas Yojana Online
scheme if you meet all the above mentioned eligibility rules. You just need to follow the following steps-
If you have to buy a house under this scheme then you need to visit the following website- PMAY, Govt Portal and go to the option that says ‘Citizen Application’
Then go to the option that reads ‘slum dweller’ and then submit Format- A application. If you are not a slum dweller but belong to the Low income group or economically weaker section then select the category that you belong to and click on the ‘benefit under 3 component’ and submit Format- B application.
You will then receive a reference number that you will be requiring for further enquiry and for checking the status of your application. In this website you can also track your application stats if you are an applicant or you can check the beneficiary list for you name.
Recently the government of India has also made possible the application of this scheme through CSC as well. CSC refers to the Common Service Centers that are available in many parts of the states. The main function of the CSC is to deliver the various services of the government to the people of the country without any hassle. The government has enabled almost 60000 CSCs of the urban areas to collect the application from under this scheme and verify the details and submit the applications. So you can just visit your nearest CSC and apply for the scheme. This application process would charge you Rs.25. in order to locate the nearest CSC around you, just visit http://gis.csc.gov.in/locator/csc.aspx.
One may also choose to apply for the scheme through the Nodal Agency that is located around you.
Applying for home loan subsidy
So under this scheme you will have to apply for the house and you will then be allotted one. You then need to buy the house that has been allotted to you. Now there might be an instance where a family or an individual does not have the money to buy the house. Keeping in mind that such a scenario can arise the scheme allows the families to take home loans under this scheme. This home loan can also be used to build your own house if you do not want a house from the ones that the government is building under this scheme. The scheme also allows you to use this home loan for renovating the house and make it livable.
The home loans under this scheme can be got in the Scheduled Commercial Banks which includes ICICI Bank, State Bank of India, and many other. Apart from this the home loans under this scheme would be available in Urban Cooperative Banks, Regional Rural Banks, Housing Finance Companies, and other authorized lending institutions.Please select a valid form