According to The Times of India, rental rates in Thane and Navi Mumbai experienced an inflation of 18% in 2018, compared to Pune, where it increased by 7% during the same year. Faced with high rental costs, you may prefer to construct or buy a home of your own, as it can help you save finances in the long run. To aid you in achieving this economically, the government has launched Pradhan Mantri Awas Yojana (PMAY), an initiative that seeks to provide ‘affordable housing for all by 2022’.
PMAY targets the following income categories: the Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG I and II). Additionally, under the Credit Linked Subsidy Scheme (CLSS), PMAY offers eligible beneficiaries home loans at subsidised interest rates. The state launched PMAY Maharashtra to assist the centre in meeting PMAY's objectives.
Here’s all you need to know about PM Awas Yojana, Maharashtra
Pradhan Mantri Awas Yojana Maharashtra
The Maharashtra Housing and Area Development Authority (MHADA) is in charge of bringing the PMAY initiative to fruition. It has identified locations across the state where affordable houses are being built under the scheme. Some of the important places to benefit from Pradhan Mantri Awas Yojana Maharashtra include Mumbai, Thane, Navi Mumbai, Panvel, Ambarnath, Ulhasnagar, Badlapur, Dombivali, Mira Bhayandar, Kalyan, and Karjat.
Projects under Pradhan Mantri Awas Yojana in Maharashtra
PMAY Maharashtra aims to develop 19.2 lakh affordable houses in 382 cities across the state by 2022. To hasten the development, MHADA has now tied up with private landowners to build projects in urban areas of the state. As of July 2019, around 850 housing projects consisting of 9,85,591 units were sanctioned across Maharashtra, the cost of which is estimated to be Rs. 87,265 crore. Out of these, 3,69,525 units are under construction, and 2,21,687 houses already have occupants.
Eligibility criteria for Pradhan Mantri Awas Yojana in Maharashtra
The PMAY scheme divides beneficiaries into four broader economic categories based on their annual household income. To be eligible for the scheme, you need to qualify under the economic groups listed below.
- To qualify as a beneficiary of the Economically Weaker Section (EWS) and Low Income Group (LIG), your annual household income should not exceed Rs. 6 lakh.
- To qualify as a beneficiary of the Middle Income Group I (MIG I), your yearly household income should be above Rs. 6 lakh but not more than Rs. 12 lakh.
- To qualify as a beneficiary of the Middle Income Group II (MIG II), your yearly household income should be above Rs. 12 lakh but not more than Rs. 18 lakh. Besides the income-based PMAY eligibility criteria, here is the other terms based on which you can easily qualify as a beneficiary for the scheme.
- You should not own a pucca house in any part of the country.
- You or your family should not be a beneficiary of another housing scheme initiated by the Government of India.
Note that for PMAY, a household should include a husband, wife, and unmarried children. It means if your parents own a house of their own, then you can still qualify under PMAY as a first-time homeowner with your own family unit. However, if you have dependent parents and are part of your family unit, you cannot qualify for the scheme.
Key features of Pradhan Mantri Awas Yojana Maharashtra
- PMAY offers an interest subsidy of up to Rs. 2.67 lakh on home loans to purchase properties registered under the scheme. You can also use the loan to fund the construction of houses and claim the same subsidy. You are allowed to claim it for up to 20 years. In case your home loan tenor extends beyond this time frame, then you cannot claim subsidy on the remaining tenor exceeding beyond 20 years.
The subsidy on interest rate differs based on income slabs and economic standing, which is as follows:
- 6.50% interest subsidy on a home loan of up to Rs. 6 lakh for beneficiary households earning an annual income of up to Rs. 6 lakh as part of the EWS or LIG category.
- 4% interest subsidy on a home loan of up to Rs. 9 lakh for beneficiary households earning an annual income of up to Rs. 12 lakh as part of the MIG I category.
- 3% interest subsidy on a home loan of up to Rs. 12 lakh for beneficiary households earning an annual income of up to Rs. 18 lakh as part of the MIG II category.
- PMAY gives preference to women applicants and those belonging to SC/ ST, OBC, and other minority communities. The scheme makes women’s ownership mandatory for certain sections of society, promoting equal rights.
- Under this scheme, preference is also given to senior citizens and differently-abled applicants, who are also given mandatory ground floor accommodation.
- All houses under PMAY are constructed using eco-friendly and sustainable methods. Builders and developers have to abide by this rule as a stakeholder of the scheme.
Steps to apply for Pradhan Mantri Awas Yojana Maharashtra
Once you meet the eligibility criteria, you can apply for PMAY by following the procedure given below.
- Identify the category under which you qualify for PMAY. From citizens living in slums, citizens who don't own land or have no financial means to get a home loan. Citizens who don't own land or a house and are looking to either construct or enhance a property and citizens capable of purchasing, constructing, or improving a house with a home loan.
- Then visit this link.
- Click on ‘Citizen Assessment’ under the main menu and select the category of applicant.
- You will be redirected to a different page where you must enter your Aadhaar details.
- Fill out the online PMAY application with your income, and bank account details, and current residential address.
- Enter the captcha code, verify the details for accuracy and submit it. You can track the application status later on clicking on ‘Track your Assessment Status’ under ‘Citizen Assessment.’
Pradhan Mantri Awas Yojana 2019 list Maharashtra
The list of beneficiaries under Pradhan Mantri Awas Yojana List Maharashtra is published on the official PMAY website from time to time. To check if your name features on the beneficiary list, follow the steps listed below.
- Visit Pradhan Mantri Awas Yojana’s official website.
- Under ‘Search Beneficiary’, select ‘Search by Name.’
- Next, key in your Aadhaar number and click ‘Show.’
- Now, the Pradhan Mantri Awas Yojana Maharashtra list will be displayed.
- To see if you are a qualified beneficiary, search for your name and other details.
Once you qualify for PMAY, look for loans that allow you to profit from subsidies and other PMAY benefits coupled with a hefty sanction on competitive terms. To get up to Rs. 2.67 lakh subsidy on your sanction and additional benefits, choose the Bajaj Finance Housing Limited Home Loan. Here, you can secure a high-value sanction of Rs. 5 crore and even higher on competitive terms and repay it over a flexible tenor of up to 30 years as per your convenience. What’s more, you just have to meet simple eligibility terms and submit minimal documentation to qualify for the loan, after which you can expect funds within 48 hours*. So, avail funding here and become a proud homeowner in Maharashtra quickly.
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