All you need to know about Housing for All Scheme

The vision of The Hon’ble President of India, for Housing for All states that “By the time the Nation completes 75 years of its Independence, every family will have a pucca house with water connection, toilet facilities, 24×7 electricity supply and access.” In order to achieve this objective, Central Government has launched a comprehensive mission “Pradhan Mantri Awas Yojana – Housing for All (Urban)”.

Housing-for-all-schemeThe mission seeks to address the housing requirement of urban poor including slum dwellers through following programme verticals:

  • Slum rehabilitation of Slum Dwellers with participation of private developers using land as a resource
  • Promotion of Affordable Housing for weaker section through credit linked subsidy
  • Affordable Housing in Partnership with Public & Private sectors
  • Subsidy for beneficiary-led individual house construction /enhancement.

Here are some commonly asked questions-

  • What is the eligibility criterion for the PMAY subsidy?
  1. The household income must not exceed Rs. 18 lacs per annum, where a “household” is defined as a husband, wife and any unmarried children.
  2. The purchaser should not have another house under their name.
  3. The house should be purchased in the joint names of both the husband and wife or individually in the name of the wife.
  4. The carpet area of the house should be less than 60 sq. meter.
  5. Only one unit per family can be purchased.
  6. The subsidy will always be paid via the housing loan provider.
  • What are the documents required for the subsidy?
  1. Declaration of income below 18 lacs.
  2. Simple undertaking stating marital status
  3. Document stating that there is no house in his/her name.
  4. Aadhar card or Voter’s ID card or PAN card.
  • Can singles also avail benefits of Housing for All scheme?

Singles can apply for PMAY subsidy but there is a different criteria for it. Unmarried men can make use of the PMAY subsidy if their mother is the co-applicant. In some cases, unmarried men may apply when there is no surviving woman in the family. Single women are although not eligible to benefit from PMAY scheme.

  • Is taking a loan a pre requisite for availing the scheme?

Yes, financing your home through bank is essential to avail this scheme.

  • Will I get the subsidy directly from the government?

The subsidy given by the government will directly be paid to the housing finance company. The housing loan amount will be reduced and you will need to pay less as EMI.

  • Am I eligible for ‘Housing for All’ if I have a house in my native place or village?

You are only eligible for Housing for All if the house in your village/native land is not made of concrete and not considered as a ‘pucca’ house.

  • What is the procedure to apply for PMAY?
  1. Shortlist and book your flat and apply for a housing loan
    Get your loan sanctioned from the bank
  2. Register your agreement
  3. Your housing finance company / bank submits the subsidy claim to National Housing Bank.
  4. National Housing Bank transfers the amount to your bank.
  5. Bank deposits the subsidy to your loan account
  6. Loan reduces to the extent of the subsidy received & the EMI is set
  • How long does it take to receive the Rs. 2.43 lacs Subsidy?

The bank will receive the subsidy within 3 months of the application.

  • What is the age limit to avail PMAY?

There is no age limit, as long as you are eligible for a Home Loan.

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