The Pradhan Mantri Awas Yojana is a housing scheme that was launched in 2015 to provide affordable housing by the year 2022. In fact, in the Union Budget for 2021, the finance minister mentioned an eligibility extension for affordable housing up to March 2022. The project aims to cater to the housing needs of the urban and rural poor in India. 

This is a shared goal of many housing schemes in India and the government primarily aims to achieve this by easing access to ‘pucca’ houses for those in the low-income groups and economically weaker sections of society. PMAY also grants access to the Credit-Linked Subsidy Scheme (CLSS), which is an interest subsidy on home loans, for first-time homebuyers.

To know all about the scheme, its home loan subsidy benefit, and how to feature on the Pradhan Mantri Awas Yojana list, read on.

Features of Pradhan Mantri Awas Yojana

1. Credit Linked Subsidy Scheme: Beneficiaries of PMAY Urban can avail of interest subsidy of up to Rs.2.67 lakh on home loans.
   
2. Rehabilitation of slum dwellers: PMAY Urban addresses the housing needs of slum dwellers residing in unsanitary conditions with no access to drinking water facilities.
   
3. Targets both urban and rural areas: A major plus point of the PMAY scheme is that it caters to both urban and rural areas. PMAY-Urban is crafted specifically to cater for the needs of urban beneficiaries and PMAY-Gramin caters to the needs of rural beneficiaries.
   
4. Housing for all: By 2022, PMAY targets to build 1.2 crore affordable homes in urban areas for all those who are eligible to avail benefits. 

Types of PMAY scheme

Pradhan Mantri Awas Yojana is divided in to two parts. 

• Pradhan Mantri Awas Yojana Urban: As the name suggests this scheme caters to the development of affordable housing with basic amenities like drinking water and proper sanitation in urban areas. 
• Pradhan Mantri Awas Yojana Gramin: This scheme is tailored for providing affordable housing with basic minimum facilities in rural areas.  

Role of CLSS

The primary role of CLSS is to promote access to affordable housing. With an interest concession on a home loan, those on the PMAY list are able to purchase or construct their first home in a more affordable manner. Here is a breakdown of the role CLSS plays for those under different income categories.

• Beneficiaries of the Economically Weaker Section (EWS) and Low-Income Group (LIG) can avail of an interest subsidy of up to 6.5% on a home loan of up to Rs.6 lakh with a tenor of up to 20 years. 

• Middle Income Group-I (MIG-I) beneficiaries can avail an interest subsidy of 4% on a loan of up to Rs.9 lakh. Middle Income Group-II (MIG-II) beneficiaries can avail of an interest subsidy of 3% on a loan of up to Rs.12 lakh.

Across all the categories, CLSS provides a maximum subsidy of Rs.2.67 lakh, with EWS beneficiaries enjoying the highest concession. 

Identification and selection of beneficiaries

Under the PMAY scheme, beneficiaries are decided based on their annual household income. The 4 main categories are:

• Economically Weaker Section (EWS)
• Lower Income Group (LIG) 
• Middle Income Group I (MIG I) 
• Middle Income Group II (MIG II) 

To qualify for PMAY-G, an individual must belong to the Economically Weaker Section (EWS), Lower Income Group (LIG) or Below Poverty Line (BPL) category with an annual household income of less than Rs.6 lakh. 

Steps to check PMAY status

• PMAY-Urban List (With Aadhaar Number)
  • Visit the PMAY-Urban official website
  • Click the ‘Search Beneficiary’ option and click ‘Search By Name’ 
  • Enter your Aadhaar number.
  • All the details regarding your application will be displayed.

• PMAY-Urban List (Without Aadhaar Number)

In case you don’t have your Aadhaar number, you can still check your name on the list

• Visit the official PMAY website
• Hover over ‘Citizen Assessment’ and click ‘Track Your Assessment Status’
• Choose the right option and enter details as requested
• Wait to be redirected to a page that confirms your status and your name on the PMAY list.

Applying for a home loan from a lender entails checking for subsidy provision and fulfilment of the eligibility criteria. Thereafter, the application will be sent to the Central Nodal Agency for review. Following the verification and approval, the agency will disburse the amount, which will then be credited to your loan account. It is necessary to understand these steps while applying for the PMAY scheme in order to receive the benefits hassle-free. 

Among the requirements is that you must have a sanctioned home loan when you apply and the Bajaj Housing Finance Limited Home Loan is a great option to consider. Not only will you receive a home loan subsidy, but you also have access to other features such as online loan management tools, swift loan disbursal, property search provisions and more. With this loan, you can get approved for a sizable sanction at a competitive home loan interest rate and can repay easily over a longer tenor. For quick and easy access to these features, apply online today!