Pradhan Mantri Awas Yojana 2023-2024: Affordable Housing Scheme for Everyone | Latest Updates and Information.

Latest News on Pradhan Mantri Awas Yojana 2023

Mandatory to display PMAY Logo & beneficiary Details on Houses constructed under PMAY

The Union government has issued a crucial directive to state governments regarding the Pradhan Mantri Awas Yojana (PMAY). According to this directive, states are required to ensure that the housing units constructed under PMAY prominently display the PMAY logo and details of the beneficiaries. The government emphasizes that the logo should be displayed in its standard format, and no modifications are allowed.

Pradhan Mantri Awas Yojana (PMAY) is the flagship scheme of the Union Government, aimed at addressing the shortage of housing in both urban and rural areas. Under this scheme, eligible beneficiaries receive financial assistance on home loans for purchasing a house. PMAY is implemented through four verticals: Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), In-Situ Slum Redevelopment (ISSR), and Credit Linked Subsidy Scheme (CLSS). States and Union territories are urged to adhere to the specified guidelines for displaying the PMAY logo on housing units.

Meghalaya sets a target of 1.40 Lakh PMAY houses for the current Financial Year

December 1, 2023: In a positive development, the Northeastern state of Meghalaya has set a target of constructing over 1.40 Lakh houses under the Pradhan Mantri Awas Yojana (PMAY). The state government is making steady progress in terms of the development of affordable housing units for the citizens. In the last four years, the target number of houses under PMAY was 40,000-50,000. However, for this Financial Year, the Meghalaya government is all set to complete over 1.40 lakh houses.

PMAY is the flagship affordable housing scheme of the Government of India. The Union government and state government share the subsidy provided to the eligible beneficiaries. For the Hilly and North-eastern states, cost sharing for PMAY is done in a 90:10 ratio.  Under the PMAY CLSS, a credit-linked subsidy is given to the beneficiaries for the development/ renovation/construction of a home under the scheme.

About Pradhan Mantri Awas Yojana (PMAY)

Initiated in 2015, the Pradhan Mantri Awas Yojana (PMAY) is a governmental effort in India aimed at providing affordable housing options for economically disadvantaged segments of society. The PMAY initiative sets a goal of constructing approximately 20 million affordable houses by March 31, 2022. The Pradhan Mantri Awas Yojana Gramin (PMAY-G) has been extended until the year 2024, with a revised total target of 2.95 crore pucca houses.

Since its inception, PMAY has significantly transformed the dynamics of the real estate market by substantially reducing the cost of homeownership for the urban poor. If you are considering owning a home through the Pradhan Mantri Awas Yojana scheme, here is a comprehensive guide to everything you need to know about the PMAY (Pradhan Mantri Awas Yojana) scheme.

We've covered the  PMAY eligibility criteria & parameters, subsidy calculation, how to apply PMAY online/offline, and all other information you want to understand about the PMAY housing scheme 2023-24. Let's start with the benefits of Pradhan Mantri Awas Yojana scheme or PMAY Yojana-

PMAY Scheme Benefits

• To rehabilitate slums with the help of private developers.
• To promote affordable housing for the weaker sections through the Credit Linked Subsidy Scheme.
• To construct affordable houses in partnership with the public and private sectors.
• To provide subsidies for beneficiary-led individual house construction.

Pradhan Mantri Awas Yojana Eligibility 2024 (PMAY Eligibility)

• A Beneficiary can be a husband, wife, and unmarried daughters/sons
• A Beneficiary should not own a pucca house, which means the house should not be in his/her name or any other member of the family across India.
• Any adult, irrespective of his/her marital status, can be treated as a separate household altogether.

Beneficiaries Under PMAY Scheme 2024

Under the Pradhan Mantri Awas Yojana, beneficiaries falling into the categories of LIG (Low-Income Group) and MIG (Middle-Income Group) are exclusively eligible for the Credit Linked Subsidy Scheme. However, those belonging to the Economically Weaker Sections (EWS) are entitled to comprehensive assistance. To be classified as a beneficiary in the LIG or EWS category, the applicant is required to submit an affidavit substantiating their income proof.

Pradhan Mantri Awas Yojana Eligibility Parameters

Particulars	EWS	LIG	MIG I	MIG II
Total household income	Upto Rs 3 Lakhs	Rs 3 -6 Lakhs	Rs 6 -12 Lakhs	Rs 12 -18 Lakhs
Max loan tenure	20 years	20 years	20 years	20 years
Max dwelling unit carpet area	30 sq. m.	60 sq. m.	160 sq. m.	200 sq. m.
Max loan amount allowed for subsidy	Rs 6 Lakhs	Rs 6 Lakhs	Rs 9 Lakhs	Rs 12 Lakhs
Subsidy	6.50%	6.50%	4.00%	3.00%
Discount rate for net present value (NPV) calculation of interest subsidy (%)	9.00%	9.00%	9.00%	9.00%
Max. interest subsidy amount	Rs 2,67,280	Rs 2,67,280	Rs 2,35,068	Rs 2,30,156

How does Pradhan Mantri Awas Yojana Work?

An Illustration to help you understand-

Assume that you fall in the MIG-II category (i.e. your total household income is between Rs 12-18 Lakhs). You are planning to buy a house worth Rs 50 Lakhs. Your minimum down payment would be 20%, i.e. Rs 10 Lakhs, and you can arrange the remaining amount of Rs 40 Lakhs through a loan.

However, under PMAY 2022, MIG-2 category applicants are eligible for a subsidy of 3% on loans of upto Rs 12 Lakhs. Therefore, for the remaining Rs 28 Lakhs of the loan, you will have to pay regular (non-subsidized) interest rates to the lender.

Pradhan Mantri Awas Yojana Subsidy Calculation (PMAY Subsidy)

As evident from the table provided, the Pradhan Mantri Awas Yojana (PMAY) subsidy you qualify for is approximately Rs 2.3 Lakhs. Consequently, from the total loan amount of Rs 12 Lakhs, your PMAY subsidy of Rs 2.3 Lakhs will be subtracted, and you will be making monthly EMI payments based on the remaining balance of Rs 9.7 Lakhs.

In other words, the PMAY Subsidy is credited upfront to the borrower's account, which reduces the effective home loan amount and EMI amount.

 

What are the Main Components of the Pradhan Mantri Awas Yojana Scheme?

The government has created the following four components to ensure a maximum number of people are covered, depending on their income, finances, and availability of land.

1. Credit Linked Subsidy Scheme (CLSS) - PMAY

One of the most important considerations in India’s shortcoming in providing Housing opportunities is the limited funding and availability of houses at affordable rates. To combat this problem, the Govt. came up with the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana to recognise the need for subsidising home loans, so the urban poor could either own a house or build one.

 

The table will explain what’s covered under CLSS scheme.

 

Type	Purpose of loan	Household Income (Rs)	Subsidy Interest	Max. Carpet Area	Validity	Max. Interest Subsidy Amount	Women Ownership
EWS & LIG	Construction/ Extension/ Purchase	Up to Rs 6 lakh	6.50%	60 sq m	2022	R. 2.67 lakh	Yes
MIG -1	Construction/ Purchase	Rs 6-12 lakh	4.00%	160 sq m	2019	Rs. 2.35 lakh	No
MIG -2	Construction/ Purchase	Rs 12-18 lakh	3.00%	200 sq m	2019	Rs. 2.30 lakh	No

2. In-situ Slum Redevelopment (ISSR) - PMAY

The In-situ Redevelopment scheme aims at rehabilitating slums in association with private organisations by providing houses to people living in deprived conditions, using land as a resource.

 

While the respective State or UT will decide the beneficiary contribution, the prices of the houses will be determined by the Central Government

Under this scheme:

• Financial assistance of Rs. 1 lakh will be provided to slum residents eligible for this scheme to build houses
• Private investors will be selected through the bidding process (whoever offers the best price for this project)
• During the construction period, slum residents will be provided with a temporary accommodation

3. Affordable Housing in Partnership (AHP) - Pradhan Mantri Awas Yojana 2022

This program seeks to offer financial aid, amounting to a maximum of Rs. 1.5 Lakhs from the Central Government, to families classified under the Economically Weaker Sections (EWS) for the purpose of buying and building homes. The State or Union Territory has the option to collaborate with either private organizations or agencies for the development of such housing projects.

Under this scheme:

• The state/UT shall set an upper limit price for units planned to be provided to buyers under EWS.
• Carpet area is considered for deciding the value to make the constructed houses economically affordable.
• There will be no profit margin on the homes constructed by the State/UTs without the involvement of a private party.
• In the case of private developers, the State / UTs will decide the sale price using a transparent method based on Center / State / ULB incentives.
• The central grant will be applicable only for housing projects that have 35% of the total units built for EWS

4. Beneficiary-led Individual House Construction/Enhancements (BLC) - Pradhan Mantri Awas Yojana 2023-24

This scheme applies to families under EWS who can’t avail of the benefits of the previous three schemes (CLSS, ISSR, and AHP). Such beneficiaries are likely to get financial assistance of Up to Rs. 1.5 Lakh from the Central Govt. for constructing or renovating an existing house.

Under this scheme:

• The Centre will provide unit support in plain areas between Rs 70,000 and Rs 1.20 lakh and hilly and geo-difficult regions between Rs 75,000 and Rs 1.30 lakh
• It’s mandatory to provide personal and other identity documents (relating to landing ownership) to the Under Local Bodies (ULBs)
• Residents from other slums that haven’t been redeveloped can take advantage of this policy if they own a kutcha or semi-pucca home.
• The State shall establish a program for monitoring construction progress by using geo-tagged photographs.

Also Read: PMAY Gramin List 2023-24: Pradhan Mantri Awas Yojana Gramin Beneficiary List

How to Apply for PMAY 2023 Online @ pmaymis.gov.in?

You can apply for PMAY scheme both online and offline.

Follow the steps given for  Pradhan Mantri Awas Yojana Gramin online application-

 

The steps mentioned below would help individuals avail of the subsidies on their home loans under the PMAY scheme. The online process to apply for PMAY is mentioned below-

Step 1: Visit the official website of PMAY (Pmay gov in)
Step 2: Click on the Citizen Assessment option under the Menu tab. 

Step 3: The applicant will enter his/her Aadhar card.
Step 4: Once the Aadhar number is submitted, he/she will be taken to the application page.
Step 5: The PMAY applicant must proceed to enter all required details on this page, including income details, personal details, bank account details and other required information.
Step 6: The pmay applicants must recheck all information before submission.
Step 7: As soon as a person clicks on the 'Save' option, he/she will find a unique application number.
Step 8: You must download the filled-in application form.
Step 9: Finally, the person can submit the form at his/her nearest CSC office or a financial institution/bank offering her home loan.He/she should submit all necessary documents along with the form.

PMAY Beneficiary List: How to find your name in PMAY List?

The Government releases an annual list of beneficiaries on the basis of SECC 2011 data. To check your name in Pradhan Mantri Gramin Awas Yojana list, take the following steps:

• Visit the PMAY beneficiary list website (Pmay gov in)
• Enter your registration number.
• Click on ‘Submit’ to view the status.
• Pradhan Mantri Awas Yojana - Gramin has been one of the most important rural development schemes initiated by the government. If you are looking to get a house under this scheme and if you are eligible, keep a track on the annual beneficiary list.

How to check Pradhan Mantri Awas Yojana Application Status (PMAY Status)?

You can take the following steps to check the status of your Pradhan Mantri Awas Yojana application:

1. Visit the office PMAY Track Assessment Website (Pmay gov in).
2. Track the status in one of the two ways: 1. Enter your Name, Your Father’s Name, and Mobile Number. 2. Enter your Assessment ID and Mobile Number.

How to Apply for PMAY 2023 Offline?

If you wish to apply offline for Pradhan Mantri Awas Yojana (PMAY), you can directly go to any CSC office near you to get an application form. Fill in the PMAY application form and submit it right there along with other required documents.

Documents required for Pradhan Mantri Awas Yojana

You will need the following documents to apply for PMAY scheme:

• Consent to use Aadhar information
• An affidavit stating that you (or your family members) do not own a pucca house
• Identity proof such as Aadhar card or Voter ID
• Bank account details
• Swachh Bharat Mission registration number
• Job card number - as registered under MGNREGA (Optional)

Pradhan Mantri Awas Yojana Bank List

You can get a subsidized loan under the Pradhan Mantri Awas Yojana scheme from any scheduled Commercial Bank, Housing Finance Company, State Cooperative Bank, Urban Cooperative bank, Regional rural bank, or any other institution as may be identified by the MoHUA.

Summing up Pradhan Mantri Awas Yojana (PMAY)

In conclusion, the Pradhan Mantri Awas Yojana, or PMAY Scheme, has enabled millions of Indians to achieve the dream of owning their own homes. By utilizing the PMAY list and checking the PMAY beneficiary status online, individuals can verify the status of their home loans. The government releases the PMAY beneficiary list to facilitate easy online verification, allowing citizens to conveniently confirm their inclusion in the PMAY beneficiary list.

 

Also Read: PMAY or Pradhan Mantri Awas Yojana Eligibility Criteria