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22 October 2021

Check out the Indira Gandhi Awas Yojna list 2021

The announcement of RBI of keeping the repo rate unchanged to 4% has made a positive impact on India’s real-estate sector. This unchanged repo rate guarantees that home loan interest rates will not appreciate any time soon.

Due to this, many financial institutions have reduced their home loan interest rate, which further encouraged salaried and self-employed individuals to invest in land properties. This rapid investment led to substantial growth in the home loan sector as well.

Furthermore, government-backed initiatives such as IAY (Indira Awas Yojana) also played a significant role in this massive growth. The former Prime Minister Rajiv Gandhi launched this beneficial scheme in 1985 to provide financial assistance to the urban and rural section of the society regarding the construction of residential properties.

IAY was later re-launched as Pradhan Mantri Awas Yojana Gramin.

How to check the IAY Gramin list online?

The eligible beneficiaries will be able to check the list using the official portal of Rural Ministry Pradhan Mantri Awas Yojana. Then, the beneficiaries have to replace IAY new list with PMAY-G to verify their application status. This process few essential steps are listed below:

  1. After visiting the website, individuals must click on the “Stakeholder” option displayed in the options bar.
  2. Next, applicants need to find the IAY/PMAY-G beneficiary option on the main page and submit their respective registration number.
  3. Using the search option, applicants can check if their names are there on the list.

Those who do not meet the eligibility criteria might not be named under the list in few cases.

Eligible candidates can also secure pre-approved offers from top HFCs, which can streamline the borrowing process. This makes financing swift and hassle-free. These lucrative offers are available on several financial products such as home loan, loan against property, etc. Prospective applicants can check their pre-approved offers by submitting their name and contact information.

Features and benefits of IAY (PMAY Gramin)

The Indira Gandhi Awas Yojana scheme focuses on the Rural Landless Employment Guarantee Programme (RLEGP) to provide affordable housing to the rural population of India, belonging to the BPL category. Though IAY fundamentally targets to provide affordable housing to accomplish their “housing for All” mission. The benefits under this scheme will allow individuals to avail home loans at a subsidised interest rate as this scheme involves government intervention.

  • Along with the construction of durable houses, eligible beneficiaries will receive technical assistance for their houses. Moreover, they will benefit from additional advantages such as covered toilets, undisrupted electricity, LPG connection, clean drinking water, etc.
  • The IAY beneficiaries will be chosen from the Socio-economy and Caste Census data, and this scheme is exclusively catered to people belonging to the Scheduled Castes, Scheduled Tribes, etc. This scheme also covers people with mental and physical disabilities, widows of army personnel, ex-servicemen, etc. However, to avail these benefits, individuals should know about PMAY eligibility criteria. This would aid in acquiring necessary housing credit as well.
  • Eligible candidates will be ensured with the quality products to be utilised in their house construction as the government appoints skilled workers to execute the project plan. Furthermore, this scheme encourages the utilisation of locally available materials for construction, which will further boost the regional economy and prove eco-friendly and sustainable materials.
  • Under IAY, the government has allocated Rs.1.20 lakh to construct houses to be built in plain areas and an amount of Rs.1.30 lakh for hilly and other regions.

These features will further encourage and assist the financially challenged section in applying for home loans at an affordable rate.

Building your own house is quite an expensive affair, and to manage that, individuals try to make their EMIs affordable. With these government-initiated schemes like IAY, intending borrowers can find guidance to get better home loan interest and realise their dream of becoming homeowners with ease.

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