Pradhan Mantri Awas Yojana Gramin (PMAYG) is aligned with the “Housing for All” scheme and aims to provide “pucca” housing with basic amenities like water, hygienic kitchen, etc. to beneficiaries. Presently, the minimum size of houses built under the scheme has been increased from 20 square meters to 25 square meters.
PMAY Gramin scheme benefits
- You can get a loan of a maximum amount of Rs. 70,000 from lending institutions.
- You can avail a 3% subsidy on the interest rate on a maximum loan amount of Rs. 2 lakhs (You can apply for a loan larger than Rs. 2 lakhs but the subsidy on interest rates will apply to Rs. 2 lakhs only).
- You can avail a maximum subsidy of Rs. 38,359 for the EMI payable.
- The tenure for loans under this scheme can last up to 20 years.
- You will be entitled to a sum of Rs. 90.95 per day of unskilled labour from MGNREGS.
- You will receive payments under PMAYG directly in your post office or bank account that is linked to Aadhar.
Additional Read: How to Get Subsidy Benefit under PMAY Home Loan This 2020?
Pradhan Mantri Awas Yojana eligibility
You are eligible for Pradhan Mantri Awas Yojana Gramin scheme if your family:
- Lives in a kutcha house with zero, one or two rooms.
- Doesn’t have any male adult aged between 19 to 59 years.
- Doesn’t have a literate adult with a minimum age of 25 years.
- Has a disabled member and no bodily abled member.
- Earns from casual labour and not owning land.
- Belongs to scheduled caste, scheduled tribe and other minority categories.
How will PMAYG be administered?
- The selection of beneficiaries will be done based on socio-economic and caste census instead of the BPL list.
- The construction cost of the houses will be
shared between the central and the state government in a:
- 60:40 ratio in plain areas, I.e., Rs. 1.20 lakh of assistance for each unit.
- 90:10 ratio for rural areas situated in the Himalayan states, north-eastern states and the union territory of Jammu and Kashmir, I. e. Rs. 1.30 lakh of assistance for each unit.
- The Central government will provide 100% financing for houses located in union territories including the newly- formed union territory of Ladakh.
- The scheme is linked to other government-backed schemes like the Swachh Bharat Abhiyan, through which monetary assistance of Rs. 12,000 will be provided for the construction of the toilets.
- Construction of the houses will be carried out keeping in mind the socio-economic and geopolitical factors and using local materials.
How to register for PMAYG?
You can register for the scheme by visiting the official website or contacting your Gram Panchayat. You can take help from a third party, but to do so you will have to provide the respective third party with a consent document, allowing the use of your Aadhaar number.
Beneficiaries will be picked from the Pradhan Mantri Awas Yojana Gramin list prepared by the Gram Sabha from the Socio Caste Census (SECC) 2011.
If you are eligible for the scheme, you can apply for a home loan from Tata Capital. Tata Capital offers attractive advantages for PMAYG beneficiaries. Contact us to know more!