Pradhan Mantri Awas Yojana Pune - A comprehensive look

Even though Pune is known as Mumbai’s affordable counterpart, the cost of owning an apartment in Pune has gone up significantly in the past few years owing to the rise in demand for housing. Statistics show that numerous localities in Pune have witnessed an extremely rapid property price appreciation, in the recent past. If you are planning to buy a house, this can prove to be a barrier for you. However, thanks to Pradhan Mantri Awas Yojana, Pune, you can buy a home without exhausting your savings, courtesy of the interest subsidy that it offers on home loans via CLSS.

Know More about Pradhan Mantri Awas Yojana in Pune

Overview of Pradhan Mantri Awas Yojana, Pune

PMAY in Pune comes as a boon to first-time homeowners belonging to a range of income groups. It comes under the umbrella of Pradhan Mantri Awas Yojana Maharashtra and is put into action at the ground level by the Pune Municipal Council and the Pune Metropolitan Region Development Authority. As per data from PMC, the civic body, in 2017, over 1 lakh applicants applied to enroll for PMAY benefits.

Moreover, a 2018 report indicates that PMC will construct around 16,000 PMAY houses in various urban areas, while a recent 2019 report points to the construction of 6,500 houses and over 1,000 units in Vadgaon Budruk. These will be available to beneficiaries via a draw of lots.

Components of PMAY, Pune

PMAY Urban or PMAY U envisages housing for all by 2022, and to achieve this, the scheme runs on 4 main verticals.

• 'In situ' Slum Redevelopment, which seeks to rehabilitate slum dwellers using land as a resource, with the help of private developers
• Affordable Housing through the Credit Linked Subsidy Scheme (CLSS), which provides economic home loan financing through subsidies
• Affordable Housing in Partnership (AHP), aims to make economical houses available to those belonging to the Economically Weaker Sections
• Subsidy for beneficiary-led individual house construction or enhancement, which helps EWS families build or enhance their dwelling

As per the Pune Municipal Council, the Credit-Linked Subsidy Scheme is central , while the other three functions as centrally-sponsored schemes.

Eligibility criteria for PMAY Pune

PMAY U aims to provide affordable housing to urban dwellers by the time the nation achieves 75 years of Independence, by 2022. The PMAY eligibility criteria are minimal to help the maximum number of people qualify for the benefits. As per the guidelines, for an individual to claim PMAY benefits, s/he must belong to one of these income categories.

• Economically Weaker Sections (EWS): Where annual household income is up to Rs. 3,00,000
• Lower Income Group (LIG): Where annual household income does not exceed Rs. 6,00,000
• Middle Income Group (MIG) 1: Where annual household income does not exceed Rs. 12,00,000
• Middle Income Group (MIG) 2: Where annual household income does not exceed Rs. 18,00,000

Further, when trying to avail benefits like interest subsidies, remember that

• The beneficiary family, which comprises you, your spouse, and unmarried children, should not own an all-weather dwelling unit or pucca house in any part of India.
• The beneficiary family must not have obtained assistance from the Centre through other Govt. housing schemes.
  

PMAY Beneficiary List, Pune

Just as you can apply for the Pradhan Mantri Awas Yojana Pune online by visiting the official site, you can find out if you’re a beneficiary by checking the PMAY list on the very same portal. All you need to do is,

• Visit the official PMAY website
  
• Navigate to ‘Search Beneficiary’
• Feed-in your Aadhaar number and click on ‘Show’ to view results

Once you feature in the Pradhan Mantri Awas Yojana Pune list and are eligible for CLSS benefits, approach an enlisted lender such as Bajaj Finserv to obtain a housing loan. Here, you get an interest subsidy of up to Rs. 2.67 lakh under Pradhan Mantri Awas Yojana and facilities such as zero charges on part-prepayments and foreclosure. Moreover, you can repay the loan flexibly through a tenor of up to 30 years, as per your financial standing. In addition, you also get access to a loan of Rs. 5 crore, a handsome top-up loan, and property search services, all of which enhance your borrowing experience.