Housing is a necessity for everyone, whether they are rich or poor. It helps you feel secure in all situations and empowers you to lead an independent life. You avoid paying rent to landlords and homeowners for occupying their flats. When the Indian Government is focusing on Housing for All, why go elsewhere?

The Pradhan Mantri Awas Yojana initiative launched in June 2015 aims at providing affordable housing to the urban poor, including the Economically Weaker Section of the society, by 2022. This mission offers financial assistance of Rs. 2 trillion.

The components

The PMAY mission has four distinct components. The Central Government backs In-Situ Slum Redevelopment with private sector participation with land as a resource, Affordable Housing via Credit Linked Subsidy, Affordable Housing in Partnership with private and public sector, and Beneficiary-led house construction/enhancement. It assists with a sum ranging between Rs. 1 lakh to Rs. 2.3 lakh.

The mission

The PMAY scheme is a Credit-Linked Scheme through which you apply for Home Loans at an interest rate of 6.5% onwards. The tenure is of up to 15 years for specific housing purposes only. They launched it to uplift the economic growth and for better living of the citizens.

It offers flexibility to eligible individuals whose household income is less than Rs. 3 lakh to less than Rs. 18 lakh. Based on the income, this has different categories and benefits. With a noble mission, the Prime Minister launched this scheme to have two crore housing in India by 2022. This scheme is available for all, irrespective of your caste, religion, and creed.

How to avail benefits?

Applying for the Credit Linked Subsidy Scheme is simple so that all eligible members gain the benefits. You need to apply for a loan from any bank or financial institution offering the subsidy and meeting your requirement. Alternately, visit the online portal and download the subsidy form. Take a printout of it and fill up the required details with accurate information.

Submit the form and attach relevant documents to the office accepting them nearby. If you are eligible for the scheme, your application goes to the Central Nodal Agency, sending the subsidy amount to the lender. This amount gets credited to your Home Loan account and decreases the total principal amount.

Priorities

Applications submitted by women who are sole breadwinners of the family get priority. Senior citizens and differently-abled people also get preference. Development Authorities, Housing Boards and Urban Local Bodies are the agencies in India that support the CLSS scheme.

The successful beneficiaries get their money directly through the Direct Benefit Transfer in their accounts as instalments. It eliminates bank visits for updates and receiving money.