PMAY, marching towards the target of 1.12 crore houses by March 2020

Posted by on Thursday, March 12, 2020

The Pradhan Mantri Awas Yojana (PMAY) was introduced by Prime Minister, Mr. Narendra Modi on 1 June 2015. This initiative by the government is an effort to provide affordable housing to the citizens of India based on their income, and by 2022 it aims to make available 2 crore houses for the rural and urban population of India. Houses built in selected cities under this scheme will be constructed using eco-friendly construction building material and methods.

This scheme consists of two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban population and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural segment.

PMAY & Credit Linked Subsidy Scheme (CLSS)

The “Credit Linked Subsidy Scheme” (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) offers interest subsidy on construction/ purchase of houses to eligible individuals based on the annual income of the family. Interest subsidy is given depending on the income segment and the eligibility criteria. The loans under CLSS have maximum tenure of upto 20 years and a maximum subsidy of 2.67 lakhs

Qualification to be a PMAY Beneficiary 

  • A family consisting of  husband, wife, unmarried children qualifies to be a beneficiary.
  •  An unmarried earning member of the family also qualifies under the scheme
  • The family should not own a pucca house in any part of the country
  • The Beneficiary should not have already availed any benefits from the center or the state housing schemes and owned a house under it.
  • If the Beneficiary belongs to EWS/ LIG categories, an adult female should  be included in ownership of the home. 
  • The property should have basic facilities like water supply, electricity and drainage/sanitation. 

How does the process work?

On-line applications can be made at the  official PMAY website: Using the ‘Citizen Assessment’ -> ‘Benefits under other 3 Components’, one can initiate the process.  The beneficiary has to provide personal information and complete details of the property to be purchased/constructed. Once the individual obtains the approval, he/she can apply for bank loan under CLSS of PMAY.  The bank claims the  subsidy benefits from National Housing Bank (NHB) which grants it after  appropriate validations. This subsidy is then reduced from the  loan amount borrowed from the bank.

Marching towards the 1 crore target

Union Housing and Urban Affairs Minister Hardeep Singh Puri has specified in Rajya Sabha that the government will sanction the entire 1.12 crore houses under the Pradhan Mantri Awas Yojana (PMAY) by March 2020.  He also specified that  till now, about 32 lakh houses have been built and successfully handed over to the beneficiaries, and currently about 60 lakh units are in different stages of construction. These will be made ready in the next 12-18 months and handed over to the rightful beneficiaries.

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