Initially launched in 2015 to address the problem of homelessness in our country, the Pradhan Mantri Awas Yojana or PMAY list of benefits is pretty extensive. It includes affordable housing for all urban classes at subsidised home loan interest rates, eco-friendly houses, exclusive advantages for women and minorities, etc. The PMAY scheme is rapidly advancing towards its mission of providing 20 million citizens with housing by the year2022.

However, applicants may find it tricky to understand the nuts and bolts of the scheme. If you are interested in the PMAY scheme, then read on to clear your doubts.

Pradhan Mantri Awas Yojana: Problems Faced by Home Loan Applicants

While applying for Pradhan Mantri Awas Yojana subsidy under home loan, it is common for applicants to face problems in the following areas.

Problem #1 PMAY home loan eligibility

The following Pradhan Mantri Awas Yojana eligibility criteria must be met to qualify for the scheme’s benefits –

  • The applicant or any member of their family must not own a house in any part of the country.
  • The applicant’s household must belong to any one of the prescribed beneficiary categories.
  • The applicant’s family must not have previously availed Central assistance via housing schemes.

Apply for Pradhan Mantri Awas Yojana online only when you’re confident of your PMAY eligibility.

Problem #2 PMAY scheme beneficiary categories

The PM Awas Yojana is available to every first-time homeowner, provided they fall under any of the four prescribed beneficiary categories. They are –

  • Economically Weaker Section (EWS) – Any household whose annual income is below Rs. 3 lakhs.
  • Lower Income Group (LIG) – Households having an annual income that ranges between Rs. 3 lakhs to Rs. 6 lakhs.
  • Middle Income Group I (MIG I) – Households whose annual income falls between Rs. 6 lakhs to Rs. 12 lakhs.
  • Middle Income Group II (MIG II) – Any household whose annual income ranges between Rs. 12 lakhs to Rs. 18 lakhs.

It is crucial to apply under the category your household falls into or else your Pradhan Mantri Awas Yojana form may get rejected.

Problem #3 PMAY subsidy

The subsidy available on home loan interest rates under the PMAY scheme is not the same for each beneficiary category. For annual household income up to Rs. 6 lakhs – home loan interest will be charged after deducting a subsidy of 6.5%.

For annual household income ranging between Rs. 6 lakhs to Rs. 12 lakhs, home loan subsidy is available at the rate of 4%, and for annual household income ranging between Rs. 12 lakhs to Rs. 18 lakhs, the subsidy is available at 3%.

Carefully consider your category and then calculate PMAY subsidy accordingly.

Problem #4PMAY application process

PMAY online apply is a smooth and secure process. Just follow the below-mentioned steps.

Step 1 – Log into the official government website – http://pmaymis.gov.in/

Step 2 – Select the ‘Citizen Assessment’ dropbox and click on ‘Benefits under 3 components’ option.

Step 3 – Enter your Aadhar number and click on ‘Submit.’ Your details will be verified.

Step 4 – If the Aadhar details are correct, you will be redirected to a new page where you need to enter personal information such as your name, contact info, residential address, etc.

Step 5 – Once you have entered all such details, all that is left to do is enter the Captcha Code in its respective box and click ‘Submit.’

Before you apply for Pradhan Mantri Awas Yojana online, use free online tools such as the PMAY subsidy calculator and the home loan EMI calculator to gain a clear idea of your monthly financial commitments.