Policy

What is Pradhan Mantri Awas Yojana-Grameen (PMAY-G)?

Under PMAY-G, an eligible rural household can take a loan of Rs 6 lakh at an interest rate of up to 6.5 percent annually, Nishant Chandravanshi writes
What is Pradhan Mantri Awas Yojana-Grameen (PMAY-G)?
What is Pradhan Mantri Awas Yojana-Grameen (PMAY-G)?

Pradhan Mantri Awas Yojana-Gramin (PMAY-G) or Pradhan Mantri Gramin Awas Yojana was launched by PM Narendra Modi in his last term. This is a scheme run by the Central government, under which the target is to provide pucca houses to as many families as possible by 2022 in rural areas.

Under this scheme, the government provides monetary support for the construction of pucca houses featuring all basic facilities like electricity supply and sanitation. All families who do not have a home or are currently living in raw or dilapidated houses in rural areas of India can apply for PMAY-G.

Benefits of PMAY-G

In PMAY-G, you can take a loan of six lakh rupees at an interest rate of up to 6.5 percent annually. The minimum size of the house should be 25 square meters with all basic facilities such as a power supply and clean cooking space. CLSS or credit-linked subsidy is given under this scheme.

If you want more than this to build a house, then you will have to take a loan with the normal interest rate on that additional amount. Now that there are many calculators on the online website, you can also calculate the monthly installment according to the amount and interest rate of your home loan.

How much will be the benefit?

  • Annual Income: Rs 6 lakh
  • Maximum loan amount: Rs. 6 lakh
  • Subsidised interest rate: 6.5 percent
  • NPV will be Rs 267,000 after subsidising your interest according to a 6.5 percent subsidy. According to this, your PMAY loan actually becomes Rs 3.33 lakh instead of Rs 6 lakh.
  • Revised loan amount: Rs 3.33 lakh
  • Rate of interest: 9 percent
  • Monthly EMI: Rs 2,996
  • Total interest in 20 years: Rs 3.86 lakh
  • Savings in Monthly EMI: Rs 2,402
  • Savings in interest: Rs 3,08,939

Who will get the benefit?

  • Apart from the list of Below Poverty Line (BPL) households, there are some other persons who are eligible to receive the benefits of PMAY-G.
  • The family should not have a pucca house anywhere in the country.
  • SC / ST (SC / ST)
  • Minority and non-SC / ST rural households in the BPL category
  • Retirees and widows and dependants of defence personnel or paramilitary soldiers martyred in action
  • The family applying for a loan under this scheme includes a husband, wife and children (who are unmarried).
  • The applicant and his family must meet the mandatory income criteria for the scheme and should belong to EWS (Economically Weaker Section), LIG (Low Income Group), or BPL (Below Poverty Line) category.
  • The income of the applicant’s family should be between Rs 3 lakh and Rs 6 lakh.
  • Only beneficiaries are allowed to buy or construct a property under this scheme.

On the basis of which the list is prepared

The government pays attention to Socio-Economic Cast Census 2011 ie Socio-Economic Caste Census 2011 to identify the beneficiaries under the Pradhan Mantri Awas Yojana. In addition, the government includes tehsils and panchayats to make the final list.

How to check the name if you have applied?

  • First of all visit the website rhreporting.nic.in/netiay/Benificiary.aspx.
  • If the registration number is there, enter it and click, after which the details will be revealed.
  • If there is no registration number, click on ‘Advanced Search.
  • After this, fill the form that comes.
  • Then click on the search option.
  • If your name is present in the PMAY-G list, then all the related details will be visible.

Required documents

  • Filled PMAY G application form
  • ID proof (Aadhaar Card, Voter ID)
  • Ethnic group certificate
  • Proof of income
  • Income certificate, if income is less than the taxable limit
  • Address proof
  • Salary certificate
  • 6-month bank statement
  • Income tax return
  • Form 16
  • Tax assessment order
  • Business information if the applicant is involved in the business
  • Economic statement in case of business
  • Construction plan
  • Claiming certificate of cost of construction
  • Official appraiser’s certificate
  • An affidavit certifying that neither the applicant nor his family members have pucca houses
  • Receipt of any advance payment made to the builder
  • Agreement with developer or builder
  • NOC from a Housing Society

(Nishant Chandravanshi founder of Chandravanshi. The information expressed here are solely those of the author and do not represent the views of www.RuralMarketing.in)

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