The Pradhan Mantri Awas Yojana is a beneficial housing scheme launched by the Government of India in 2015 with an aim of providing affordable housing for all. The scheme is for the benefit of economically weaker sections, lower income groups, urban poor and rural poor. There are two components of the Pradhan Mantri Awas Yojana:
- PMAY-Urban
- PMAY-Rural
There are 4 different schemes which form a part of the Pradhan Mantri Awas Yojana:
- In Situ Slum Development:
In this, private developers join hands with the State Governments to provide affordable housing to slum dwellers.
- Credit Linked Subsidy:
Credit Linked Subsidy is direct subsidy for loans availed from notified organizations. Economically Weaker Sections/Lower Income Groups, and Middle-Income Groups can apply to National Housing Board and Housing and Urban Development Corporation (HUDCO) for interest subsidy loans. The loans for economically weaker sections have an upfront subsidy of 6.5% up to Rs. 6 lakhs. Interest subsidy of 4% for loans up to Rs. 9 lakhs are available for Middle Income Groups with income up to Rs. 12 lakhs. Subsidy of 3% is available for loans up to Rs. 12 lakhs to Middle Income Groups with income from Rs. 12 to Rs. 18 lakhs.
- Affordable Housing in Partnership:
As a part of this scheme, State Governments will provide subsidy per flat to developers to build affordable housing and sell 50% of the housing to people from economically weaker sections and lower income groups. The subsidy will directly reduce the cost of the house for those sections.
- Beneficiary led construction:
This scheme is meant to provide benefits to economically weaker groups to enhance and alter their existing houses. It also provides subsidy for people to construct houses on their lands. The subsidy is provided in phases depending upon construction.
How to apply for Pradhan Mantri Awas Yojana?
There are two ways to apply for the Pradhan Mantri Awas Yojana:
- Online:
It is possible to apply directly online on the Pradhan Mantri Awas Yojana website. Depending on the type of benefit applied for, there are different forms that have to be filled up. Having an Aadhar card is mandatory for filling up the form. Beneficiaries opting for the credit linked subsidy scheme can directly approach empanelled banks who provide home loans. The subsidy will directly be paid to the bank and reduce the loan outstanding amount for the borrower.
- Offline:
For those wondering how to apply for PM Awas Yojana offline, it is possible by filling up a form in the Common Service Centre (CSC) operated by the State Governments. Offline forms can be filled up for Rs. 25 plus the GST. It is to be noted that no private individuals or companies are allowed to collect money to get benefits under this scheme.
The Pradhan Mantri Awas Yojana application procedure is very simple if done online on the scheme website.
You can apply for the Pradhan Mantri Awas Yojana scheme through HDFC Bank.
Looking to apply for a Home Loan through the Pradhan Mantri Awas Yojana scheme? Contact your closest HDFC Bank branch now!
Read more on how to apply for an HDFC Bank Home Loan now!
* Terms & conditions apply. Home Loan disbursal at sole discretion of HDFC Bank Ltd.
