Launched by the Indian Government, the Pradhan Mantri Awas Yojana is the most renowned initiatives. Considered as a practical scheme, it intends to offer Housing for All by 2022. The initiative aims to eradicate slums from urban areas and provide slum dwellers with a pucca house instead of the kutcha houses made of low-quality raw materials. Although it is simple, most of the applicants are still unaware of the scheme.
Following are some answers to solve your query:
How are beneficiaries identified?
Beneficiaries under PMAY get identified based on their socio-economic caste information collated through the 2011 Census. Based on this report, the Indian Government creates a list of beneficiaries after consulting the municipality, gram panchayats, and tehsils. This step is taken to make sure the scheme is made available only to those who qualify.
Who can apply under the scheme?
The Economically Weaker Section, Lower Income Groups, and Middle-Income Groups, also categorised as MIG 1 and MIG 2, can apply for the PMAY scheme. The income earned by these members helps them fall under any of this category. For instance, those with an annual household income less than Rs. 3 lakh fall under EWS. Meanwhile, anyone whose yearly household income is between Rs. 3 lakh and Rs. 6 lakh are categorised as LIG.
Similarly, MIG 1 includes individuals whose annual household income is between Rs. 9 lakh to Rs. 12 lakh and MIG 2 are those whose annual household income is between Rs. 12 lakh to Rs. 18 lakh.
Can women and transgender apply for housing through this scheme?
Yes. Women and transgender community members can apply for the scheme. The scheme encourages women, married or widowed, and transgender members. The only condition under which a women’s application gets rejected is if another member of her immediate family has applied for housing under the same scheme.
How to apply for a home via the scheme?
There are two ways to send your application: filing a form on the official PMAY website or visiting the shared service centre like banks, HFC, and NBFCs. You need to fill the application form thoroughly and submit the relevant documents to get the process started. Even if you apply online, the form must be downloaded, printed, and submitted at one of the common service centres.
Why is PMAY unique?
Two aspects make this scheme stand out. All applicants get concrete homes constructed according to the RERA guidelines, i.e., there is the usage of quality raw materials. Secondly, applicants are eligible for lower home loan interest rates under the subsidy scheme called Credit Linked Subsidy Scheme. Here, you get interest rates of 6.5% for a loan amount up to Rs. 6 lakh. If the amount exceeds Rs. 6 lakh, you need to pay standard interest rates.
https://www.bankofbaroda.in/pradhan-mantri-awas-yojana-pmay.htm