According to statistics, prices of apartments in Lucknow have been on an upswing. Therefore, to own a single-bedroom independent apartment, you will need a corpus of Rs. 5 to Rs. 10 lakh at the very least. However, thanks to the Pradhan Mantri Awas Yojana, financing a home has become easier as you get access to interest subsidies of up to Rs. 2.67 lakh on a home loan. You can get the subsidy through the Credit-Linked Subsidy Scheme (CLSS), one of the main pillars of PMAY U or PMAY Urban.
An introduction of Pradhan Mantri Awas Yojana Lucknow, Uttar Pradesh
Overview of Pradhan Mantri Awas Yojana in Lucknow
Housing development in Lucknow comes under Pradhan Mantri Awas Yojana, Uttar Pradesh. According to reports, over 1 lakh PMAY houses will be constructed in the capital, in due course of time, where the centre and the state will split the cost of construction in a 60:40 ratio. Data also suggests that in 2019, Lucknow Development Authority secured land at Bijnor Road and Sarojninagar to build around 13,000 PMAY dwellings. In the recent past, LDA undertook the construction of 2,500 houses in Balaganj and Basantkunj, where homes offered amenities such as kitchens, bathrooms, and balconies.
Components of Pradhan Mantri Awas Yojana, Lucknow
The four pillars of PMAY Lucknow are Beneficiary Led Construction (BLC), In Situ Slum Rehabilitation (ISSR), Affordable Housing Partnership (AHP), and Credit-Linked Subsidy Scheme (CLSS). All four components provide individuals with financial assistance.
- BLC gives eligible EWS families support of up to Rs. 1.5 lakh to construct/ enhance dwellings
- ISSR offers slum rehabilitation grants of around Rs. 1 lakh per house
- AHP offers the assistance of Rs. 1.5 lakh to make EWS houses affordable
- CLSS offers beneficiaries home loan subsidies of up to Rs. 2.67 lakh
Important dates for PMAY Lucknow
PMAY was launched in 2015 with the vision of affordable housing for all by 2022. In terms of the Credit Linked Subsidy Scheme that helps access affordable housing through a subsidised home loan, remember that the general PMAY deadlines apply to PMAY in Lucknow.
- For Economically Weaker Sections and Lower Income Group applicants, the CLSS scheme is valid up to 31 March 2022
- For Middle Income Group I and II persons, the CLSS scheme, which was previously valid till March 2019, is now valid up to 31 March 2020
Further, as a resident of Lucknow, it is important that you track registration and submission dates on the UP Housing and Development Board’s website and the Lucknow Development Authority site as well.
PMAY eligibility criteria, Lucknow
As per PMAY CLSS guidelines, an interest subsidy is available depending on the income category you fall under. These categories are as follows.
- Economically Weaker Sections (EWS): Where annual household income is up to Rs. 3,00,000
- Lower Income Group (LIG): Where annual household income is between Rs. 3,00,001 and Rs. 6,00,000
- Middle Income Group (MIG) 1: Where annual household income is between Rs. 6,00,001 and Rs. 12,00,000
- Middle Income Group (MIG) 2: Where annual household income is between Rs. 12,00,001 and Rs. 18,00,000
Apart from belonging to one of the eligible income groups, as per PMAY eligibility criteria,
- The beneficiary family, which includes you, your spouse, and unmarried children, must not own a pucca house in any part of the country.
- The beneficiary family must not have availed assistance via any Govt. housing scheme from the Centre.
- Must meet the carpet area restrictions.
Pradhan Mantri Awas Yojana beneficiary list, Lucknow
While you can apply for PMAY online at the official website, first, you must check if you qualify as a beneficiary by checking the Pradhan Mantri Awas Yojana Lucknow list. To do so, follow these steps.
- Visit the official PMAY website
- Click on the ‘Search Beneficiary’ option
- Enter your Aadhaar number and click on ‘Show’ to view details
Now that you know how to check details on the PMAY list, consider the advantages you get through PMAY.
PMAY benefits, Lucknow
Some of the salient PMAY benefits include:
- Preference to persons from SC/ ST, OBC, and other minorities
- Prioritising ground floor accommodation access for senior citizens and physically disabled persons
- Use of eco-friendly and sustainable technology when constructing houses
- Interest subsidy at a rate of up to 6.5% on loans with a tenor of up to 20 years
To obtain PMAY CLSS benefits of up to Rs. 2.67 lakh, you, as a beneficiary, need to approach an authorised PMAY lender and apply for a housing loan. With the Bajaj Housing Finance Limited Home Loan, for instance, you can claim PMAY interest subsidies, a high-value sanction of Rs. 5 crore and even more, as well as facilities such as nil charges for foreclosures and part-prepayments. What’s more, you can get the loan on simple eligibility terms and with minimal documentation for a flexible tenor of up to 360 months. So, to become a proud homeowner in Lucknow and access PMAY benefits quickly, check your pre-approved offer and gain access to a customised financing deal.
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