Pradhan Mantri Awas Yojana – Housing for All by 2022

PM Narendra Modi has recently launched the much awaited Pradhan Mantri Awas Yojana (PMAY). The PMAY scheme was previously named as Housing for All by 2022.

The PM Awas Yojana aims to construct over 2 crore housing by the year 2022, i.e. next 7 years. Today we will discuss about the Pradhan Mantri Awas Yojana guidelines, beneficiaries, interest rate, EMI amount & Subsidy.

Pradhan Mantri Awas Yojana Housing for All by 2022

Pradhan Mantri Awas Yojana Guidelines & Complete Details

PM Awas Yojana will be completed in 3 different phases:

  • Phase 1: Pradhan Mantri Awas Yojna Phase 1 will be carried out from April 2015 to March 2017.  The developmental work will be done in total of 100 cities in this phase.
  • Phase 2: The Pradhan Mantri Awas Yojana Phase 2 will span from April 2017 to March 2019. During this phase, a total of 200 cities will be constructed.
  • Phase 3: The Phase 3 of PMAY would be started and completed during the span from April 2019 to March 2022 and the pending cities will be developed during this phase.

Beneficiaries: The below are the beneficiaries of this PMAY scheme are:

  • Women, irrespective of caste and religion
  • Economically Weaker Section (EWS)/ low income group
  • Ttransgenders
  • Scheduled Tribes (ST)
  • Scheduled Casts (SC)

Pradhan Mantri Awas Yojana Scheme Features: Interest Rate, EMI Amount & Subsidy

  • Govt. will provide an Interest Subsidy of 6.5 % on housing loan which will be provided for 15 years to the from the time of starting of the loan.
  • The newly constructed houses can either be allotted on the name of the female head of the family or else joint name of male and female head of the family should be there. That means, the applicants need to include the name of Wife or Mother while registering for the various affordable housing schemes under the PMAY scheme.
  • While allotting ground floors in any housing scheme under Pradhan Mantri Awas Yojana, preference will be given to older  & differently-abled people.
  • During the development process of the houses under PMAY, the construction will be carried out through sustainable, eco-friendly technology.

Under this scheme, the EMI paid by the house owners under the scheme will be reduced significantly.  The Govt. is providing a subsidy of 6.5% on the current rate of interest on housing loan in India i.e. 10.50%.

E.g. Suppose someone buys a property currently on a loan of Rs 6 lakh for a tenure of 15 years with current interest rate. So, he/she will have to pay an EMI of Rs 6,632 per month.  But, with 6.5 % subsidy under the scheme, the beneficiary will have to pay an EMI amount of Rs 4,050 per month.  Thus, a significant benefit of Rs 2,000 will be there in the EMI.

Pradhan Mantri Awas Yojana Compnents

  • An average of Rs 1 lakh will be granted by the Government of India to all the beneficiaries.
  • A subsidy of 6.5% will be given to each beneficiary belonging to EWS (Economically Weaker Section) and LIG (Lower Income Group) categories by means of Credit Lined Subsidy Scheme.
  • A central government assistance of Rs 1.5 lakh will be provided to each beneficiary for promoting housing stock for urban poor. 35% of the dwelling units under the project will be earmarked for the EWS category.
  • Rs 1.5 lakh will be provided to all eligible urban poor who want to build new house in urban areas or want to undertake improvements of their existing houses.

How to Apply for Pradhan Mantri Awas Yojana (Housing for All by 2022)

We will shortly provide you all the details about How to Apply for Pradhan Mantri Awas Yojana scheme along with the application form as soon as they are published by government of India.

States/UTs covered under Pradhan Mantri Awas Yojana

Assam Jammu and Kashmir Nagaland Tripura
Andhra Pradesh Jharkhand Odisha West Bengal
Arunachal Pradesh Karnataka Punjab Andaman and Nicobar Islands
Bihar Kerala Rajasthan Chandigarh
Chhattisgarh Madhya Pradesh Sikkim Dadra and Nagar Haveli
Goa Manipur Tamil Nadu Daman and Diu
Gujarat Maharashtra Uttar Pradesh Delhi (National Capital Territory of Delhi)
Haryana Meghalaya Uttarakhand Lakshadweep
Himachal Pradesh Mizoram Telangana Pondicherry

The Pradhan Mantri Awas Yojana is a great initiative by the prime minister of India & hope to change the infrastructural face of Modern India in coming days. What is your opinion about the PMAY scheme?

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  1. Good Knowledge sharing article
    and what about the middle class people those who efforts their whole life time to build a shelter for their dependents and finally they die with this dream ?
    Is their any provision planning for this by the Govt ???????

    1. That’s a nice expectation Rajik. But I have to say that this will never happen. 🙂
      Because we middle class people are contributing money by paying income tax to allow Got. to launch such eye catching schemes. 🙂

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