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PMAY-Features and benefits

The main features and benefits of PMAY scheme are mentioned as follows:

Interest rate is provided at a subsidized rate of 6.50% p.a. if beneficiaries opt for housing loan for a tenure of up to 20 years.
The interest subsidy will be provided for Middle Income Group (MIG) on housing loans for the acquisition/construction of houses (including repurchase).
For Economically Weaker Section (EWS)/Lower Income Group(LIG), the interest rate subsidy will be provided on home loans for construction or acquisition of the house. Interest subsidy will also be provided on home loans taken for adding rooms, kitchens, etc. to existing dwellings.
Under this pradhanmantri aavas yojna, all the urban areas have been covered in India that includes 4041 statutory towns with the priority given to 500 Class I cities.
Eco-friendly and sustainable technologies will be used for construction.
For senior citizens and differently-abled, allocation of the ground floor will be preferred.

Pradhan Mantri Awas Yojana eligibility

Income Group	Annual Income	Maximum Eligible Loan Amount
EWS – Economically Weaker Section	Upto ₹ 3 Lakh	₹ 6 Lakh
LIG – Light Income Group	₹ 3 to 6 Lakh	₹ 6 Lakh
MIG1 – Medium Income Group	₹ 6 to 12 Lakh	₹ 9 Lakh
MIG2 – Medium Income Group	₹ 12 to 18 Lakh	₹ 12 Lakh

Maximum interest subsidy eligible amount ranges from ₹ 2.30 Lakh to ₹ 2.67 Lakh.
Check PMAY subsidy status online on PMAY official website.

Income Groups	Economically Weaker Section (EWS) Low Income Group (LIG) Medium Income Group (MIG)
Maximum Home Loan Amount	₹ 6 Lakh to ₹ 6 Lakh
Interest Subsidy	3% to 6.50%
Eligible Interest Subsidy Amount	₹ 2.30 Lakh to ₹ 2.67 Lakh
Eligible Carpet Area	30 sq. m. to 200 sq. m.
Maximum Annual Income	Upto ₹ 18 Lakh

Interest subsidy and carpet area eligibility depends on the income group of the borrower.
Income group for a borrower changes based on his/her income.

The main features and benefits of PMAY Gramin are:

It promotes housing facilities in all rural areas in India except Delhi and Chandigarh.
The main objective of this scheme is to assist the applicants in constructing a pucca house.
This scheme aims to construct 4 crore houses for the rural poor by 2022.
The budget for this scheme is ₹ 81,975 crore.

This scheme does not apply to people living in Delhi and Chandigarh.

For people living in plain and hilly areas, they will be given an allowance of ₹ 1,20,000 and ₹ 1,30,000 respectively.
The unit size of the house can be up to 25 sq meters which will also include a dedicated cooking area.
A loan amount of up to ₹ 70,000 is available to the beneficiary for construction of the house, which is optional.

Beneficiaries of this PMAY scheme will be identified as per data available from the Socio-Economic and Caste Census (SECC) and include –

Scheduled castes and scheduled tribes.
Non-SC/ST and minorities under BPL.
Freed bonded labourers.
Widows and next of kin of paramilitary forces and individuals killed in action, ex-servicemen, and those under a retirement scheme.

Form: Application form duly signed.
ID proof: PAN Card, Voter ID, Driving License, Aadhaar Card, etc.
Address Proof: Voter Card, Passport, Aadhaar Card, latest utility bill or rent agreement
Income proof: In case of salaried employee – 6 months’ salary slip, latest form 16 or bank statements of last 6 months. In case of self-employed – IT Returns along with computation for last 2 financials years, Balance Sheet and Profit & Loss Account.

The details of Pradhanmantri Aavas Yojna urban scheme including features, benefits, and eligibility criteria are given below:

The main features and benefits of PMAY Urban Scheme are:

Around 4,041 towns and cities come under this scheme.
PMAY Urban scheme is also applicable to special area development authority, urban development authority, development, and notified planning.
The scheme will progress in three phases: In Phase I, 100 cities will be covered in selected states and UTs from April 2015 to March 2017. In II Phase, 200 additional cities will be covered from April 2017 to March 2019. In Phase III, the remaining cities will be covered from April 2019 to March 2022.
The total amount deemed to be invested is ₹ 4,95,838 crore out of which ₹ 51,414.5 crores of funds have already been released.

The eligibility criteria of PMAY Urban are mentioned below:

Any household with an annual income up to ₹ 18 Lakh can apply for this scheme. The annual income of a spouse could also be included while applying.
The applicant or any other family member must not own a pucca house in any part of the country.
The beneficiary cannot avail PMAY benefits on an already built house.
For senior citizens and differently-abled, ground floor housing is given preference.
If the applicant is married, both together in joint ownership or either of the spouse can get a single home loan subsidy.

The Pradhan Mantri Awas Yojana Urban caters to the housing requirements of urban poor. This scheme also caters to people living in slums with inadequate infrastructure and poor sanitation facilities.
A beneficiary family will comprise husband, wife, unmarried sons, and/or unmarried daughters.
Beneficiaries of PMAY Urban mainly include EWS, LIGs, and MIGs. The annual income of EWS is capped at Rs 3 lakh. For LIG and MIG Group, it can range between Rs.3-6 lakh and ₹6-18 lakh, respectively.
Beneficiaries from LIG and MIG Groups are only eligible for CLSS under PMAY.
All the applicants are required to submit an affidavit as income proof to the authority.

Form: Application form duly signed.
Property documents: NOC from builder/society, sale agreement or deed of sale, Letter of allotment, etc.
ID proof: PAN Card, Voter ID, Driving License, Aadhaar Card, etc.
Address Proof: Voter Card, Passport, Aadhaar Card, latest utility bill or rent agreement
Income proof: In case of a salaried employee – 6 months’ salary slip, latest form 16 or bank statements of last 6 months. In case of self-employed – IT Returns along with computation for last 2 financial years, Balance Sheet and Profit & Loss Account.