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30 October 2020

PMAY-G - Features and Application Process

According to the Ministry of Rural Development in India, approximately 1.10 crore houses were completed under Pradhan Mantri Awas Yojana Gramin scheme. This initiative of the Government of India aims at 

· Offering housing to eligible beneficiaries who belong to a financially backward family. 

· Providing 25 sq. metre pucca houses to all rural individuals who live in a dilapidated, kancha or mud houses. 

· Along with houses providing other basic amenities like a clean cooking area. 

This PMAY Gramin scheme also publishes a list each year, mentioning the names of the eligible beneficiaries. With the motto of providing “Housing for All” by 2022, this scheme features a host of benefits that rural individuals from an economically challenged background can avail.  

Key features of PMAY Gramin 

For individuals who cannot afford to build a pucca house on their own, a subsidised home loan under PMAY Gramin is a golden opportunity to improve their living condition to a great extent. In fact, urban poor people can also avail this scheme after knowing how PMAY eases your way to becoming a homeowner, especially suited for city-dwellers. 

However, the benefits of PMAY-G include. 

Amount allotted

Under this scheme, every housing unit will be eligible for financial assistance of up to Rs.1.3  lakh in hilly areas and Rs.1.2 lakh in plain areas. The cost-sharing ratio between Central Government and State Government will be 60:40 in plains whereas it will be 90:10 in hilly areas. 

Linked with other Government schemes 

This particular scheme is connected with other government-backed initiatives like Ujjwala Yojana, Swachh Bharat Abhiyan, etc. that helps to provide other essential amenities.    

Loan facility 

Eligible beneficiaries will also get a chance to avail an advance of up to Rs.70,000 from any financial institutions. 

Befitting houses 

Local material will be used in the construction of the home units under PMAY Gramin scheme. The contractors will also build houses following the geo-climatic and socio-culture aspects in mind, employing trained masons. 

Nonetheless, if you cannot fulfil the eligibility criteria, you can also opt for a home loan with easy repayment structure.   

How to Apply for PMAYG? 

Another key benefit of Pradhan Mantri Awas Yojana PMAY Gramin is that you can apply online for a home loan under this scheme. Once your name comes in the published list, the sanctioned amount will be directly credited to your registered bank account. 

Following is a step-by-step process of applying for PMAY-G scheme.

There is no such application process to avail this facility as the names of the beneficiaries will be selected from SECC 2011, after being approved by Gram Sabha. However, the registration process as follows. 

1. Visit the official website of PMAYG.

2. Duly fill-up the form with accurate details and Aadhaar Number. 

3. Using that number, search for your name on the list.

4. On finding your name, select the tab “Select to Register”. 

5. Check the automatically filled-up information and fill up the rest as required.

6. Enter your bank account details and upload the consent form. 

7. To avail a loan, click on “yes” button and mention the loan amount as well. 

8. Another page will appear, and there you have to enter your MGNREGA number and SBMG number. 

On successfully submitting the form, you will get a notification on your registered mobile number, confirming the same. Now, you need to stay updated about the list publication date to check your name on that date, downloading the list of beneficiaries. 

Top financial institutes of India offers home loans under this scheme to the eligible candidates. They also extend pre-approved loan offers that simplify the process of a loan application. Such offers are also available on several other secured loans like loans against property, housing loans, etc. You can check your pre-approved loan offer instantly by sharing some necessary credentials like your name and contact number. 

Moreover, being a Credit Linked Subsidy Scheme (CLSS), the beneficiaries will also be offered subsidised interest rates on the advances.

These are some of the details that include all you need to know about Pradhan Mantri Awas Yojana along with its eligibility criteria. Also, contact your lender to check whether they offer home loans under this scheme.

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