Housing for All

Govt. of India is implementing the “Housing for All” Mission for urban areas. The Ministry of Housing and Urban Poverty Alleviation of India has implemented the “Housing for All” Mission in urban areas.  Hence, It will provide central assistance to implementing agents. This Mission offers the Credit Linked Subsidy Program.

PMAY (Urban) Mission launched on 25 June 2015. It aims to provide housing for all by 31 March 2022, Mahatma Gandhi’s 150th birthday year, through the construction of 20 million homes across the country.

Therefore, The Mission provides Central Assistance through States/Union Territories and Central Nodal Agencies to implement agencies for housing all eligible families/beneficiaries against the valid demand for houses at about 1.12 cr.

Key Parameter – Interest subsidy

The Middle Income Group (MIG), is given an interest subsidy on housing loans for the acquisition/construction of houses (including purchase) up to 31 March 2021.

that is, The interest subsidy for housing loans will be available to the Economically Weaker Section (EWS), and Lower Income Groups to construct or acquire a house. Credit Linked Subsidy Scheme (CLSS) will also be available to home loans for new construction, rooms, and toilets to Existing dwellings as incremental dwellings.

The principal outstanding will be subject to the interest subsidy benefit. So, Income criteria for different categories are a requirement to determine the amount and availability of the interest subsidy.

The PMAY (Urban) currently has approximately 4,331 cities and towns that are part of this scheme. It includes the urban development authority, special area development authorities, industrial development authorities, development area, and notified planning.

Beneficiary

The beneficiary family will consist of husband, wife and unmarried children.

An adult earning member can create a separate household, regardless of marital status.

The following eligibility criteria is a must for this scheme:

Eligibility for the Pradhan Mantri Awas Yojana scheme requires that you must not have a house.

It is important,that individuals must not be eligible for any other housing program run by the State or Central Government.

The CLSS allows home loans for a maximum term of 20 years. The net present value, or NPV, is calculated at a 9% interest subsidy discount rate.

The following are the options for beneficiaries to apply for PMAY:

A. Online: Individuals may apply online at the official website. Hence,To apply, you must possess a valid Aadhaar card.

B. Offline: Beneficiaries may apply offline for the scheme by filling out a form through Common Service Centre. These forms cost 25 + GST.