It is Pradhan Mantri Awas Yojana, a flagship scheme from the Government of India launched in 2015 to grant affordable housing to the urban and rural poor. Updated and extended relevantly in 2024, PMAY still promises a way towards “Housing for All” by 2024, thereby fulfilling the promise of the abandonment of homelessness through decent access to housing for all citizens.

What is PMAY?

PMAY is an initiative that encourages the construction of pucca dwellings for people in the categories of EWS, LIG, and MIG. It works under the following two significant verticals:

PMAY-Urban (PMAY-U): Residential construction in cities

PMAY-Gramin (PMAY-G): Rural residential construction

Critical Features of PMAY 2024

Interest Subsidy through Credit-Linked Subsidy Scheme CLSS:

The recipients can avail benefit through home loans carrying subsidized interest rates to construct/ purchase a brand new house.

EWS/LIG: The Government offers subsidy for the loanable amount up to ₹2.67 lakh.

MIG-I: Between ₹6-12 lakh of annual income (subsidy up to ₹9 lakh).

MIG-II: Annual income between ₹12-18 lakh (subsidy up to ₹12 lakh) 

Eco-friendly Technology :

The construction is done with disaster and eco-friendly technology so high quality houses are constructed.  

Empowerment of Women:

The houses are being constructed keeping the position of women at first in the country.

Encouraging ownership or joint ownership of houses under PMAY in the names of female family members for gender equality.

Focus on Slum Rehabilitation:

The slum rehabilitation under PMAY is done through in-situ rehabilitation by incorporating private developers through the PPP mode.

Urban Rental Housing:

The government is working to implement rental housing complexes for migrant workers and other urban poor for relieving the stress of overcrowded urban spaces.

Eligibility Criteria

To apply under PMAY, one must qualify as follows:

No pucca house owned: Neither the applicant nor his family owns a pucca house in India.

Income levels: The categories range from EWS to LIG and MIG. Income eligibility is mandatory to avail a certain category of subsidy.

Aadhaar card is mandatory: Identification and authentication of beneficiary

Beneficent desire to take on the women beneficiaries: More importance needs to be given to the EWS and LIG beneficiaries.

Apply for PMAY in 2024

Online Application:

Step 1: Walk through the PMAY portal official website with the help of pmaymis.gov.in and register using Aadhaar details.

Offline Application: 

Application forms can also be picked from the nearby Common Service Centres or banks which are linked to this scheme.

Tracking Application Status:

Applicants can check their application status online by generating the reference number at the time of registration.

Update on PMAY in 2024 Latest Updates

Expansion of PMAY-Urban: The government extended the scheme of the urban housing mission till 31st December, 2024 beyond 2022. In doing so, the scheme could bring its benefits to more and more people.

Budgetary Provision: PMAY-U and PMAY-G have been allocated ₹79,000 crores for housing development in FY2024.

Rural Development to be Focus Area: The central government has said it would build 29 lakh houses under PMAY-G in each individual district by 31 December, 2024.

Impact of PMAY

Since its launch, PMAY has uplifted millions of people through a decent place to dwell. Till the end of 2023, over 3.5 crores of houses sanctioned; the sum total of houses already handed over to the beneficiary group is huge in amount. Moreover, it has established job opportunities and kick-started construction activities on both urban and rural terrain.

Conclusion

Showcased by Pradhan Mantri Awas Yojana 2024, it assures an affirmative end for the government to achieve its inclusive and sustainable development. It continues to serve as a supporting pillar for the social welfare program of the nation, as PMAY works towards providing subsidized housing for all, offering financial assistance as well as promoting gender equality, environmental sustainability, and even urban-rural integration.

If you are eligible for PMAY, then now is the time to submit your application for it and move closer to making your dream of home ownership a reality.

Frequently Asked Questions

1. What is the last date to submit an application under PMAY?

For PMAY-Urban the last date for an application is December 31, 2024.

2. Is it possible to apply for PMAY if you already possess a house?

No. The scheme is open to those families who do not have any pucca house in any part of India.

3. What are the documents required to avail yourself of the benefits under PMAY?

Aadhaar card, income certificate, loan papers, and identity proof are the documents required by a person to avail yourself of the benefits under PMAY.

4. What is CLSS interest subvention?

The interest subvention ranges from 3-6.5% based on the income level of the beneficiary.

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