Pradhan Mantri Awas Yojana Urban LIST of 2022 - PMAY Housing

Benefits of the PMAY scheme

Under this scheme, there is a subsidy interest rate of 6.5 per cent per year on loans on housing. The term is of 20 years. It is for all beneficiaries. 

There is a system of additional benefit to differently-abled and senior citizens. They are going to get preference in the allotment of the ground floors. Eco-friendly and sustainable technologies will be used for the construction of houses. The scheme is going to include all urban areas in the country. The priority will be given to 500 class 1 cities. The work will be done in three phases. 

There will be the credit-linked aspect of subsidy of the yojana, and it will be implemented in India in all towns.

Also Read: Pradhan Mantri Awas Yojana (PMAY) Ahmedabad List 2022

Beneficiary

Annual Income

- Middle Income Group I (MIG I): Rs.6 lakh to Rs.12 lakh

- Middle Income Group I (MIG II): Rs.12 lakh to Rs.18 lakh

- Lower Income Group (LIG): Rs.3 lakh to Rs.6 lakh

- Economically Weaker Section (EWS): Upto Rs.3 lakh

Also Read: Affordable Housing Becomes Possible with Pradhan Mantri Awas Yojana

Identification of beneficiary

The PMAY scheme is directed to the housing requirement of the poor in the urban areas. The slum dwellers, too, will be taken care of and provided the benefits. These poor live in inadequate infrastructure and poor sanitation. There is a lack of drinking water facilities in these areas. 

The beneficiaries are mainly from the Middle Income Group, Low Income Group, and Economically Weaker Section. The EWS is eligible for full benefit, while LIG and MIG will be given credit linked subsidy scheme under PMAY. The people under LIG and EWS are to produce income proof in an affidavit. 

There are two types of PMAY schemes based on the areas of focus:

Also Read: Pradhan Mantri Awas Yojana Gramin 2022 List

Pradhan Mantri Awas Yojana Gramin

The Pradhan Mantri Awas Yojana Gramin was known differently previously. It was formerly named Indira Awas Yojana. It was rechristened in 2016. This scheme aims at giving affordable houses to eligible people or beneficiaries in rural areas. Under this scheme, the cost of housing development will be shared between the government of India and the state governments in the ratio of 60:40 for the plains and 90:10 for the North East and hilly areas.

Also Read: Pradhan Mantri Awas Yojana (PMAY) Scheme Karnataka 2022

Pradhan Mantri Awas Yojana Urban

It focuses on India's urban areas. Now there are 4000 towns and cities under the scheme. The scheme is about to function in three different periods: 

Under phase 1, there is a plan by the government to target 100 cities across different states across the nation. Under phase 2, the government is geared up to cover more cities in other cities in various forms all over the country. In phase 3, the target is to protect the cities that have not been covered so far in the first two phases. 

Pradhan Mantri Awas Yojana was conceptualized long ago when it was felt that there existed disparity among the masses regarding equitable distribution of housing facilities and other benefits. The government thought that the poor and the economically weaker section needed assistance and subsidy to enjoy better living conditions. They were not given equal opportunity of having the same kind of housing, infrastructure, sanitation, and amenities as other sections of society used to enjoy. This sizeable section needed help from the authorities to come at par with others and don't lag in any manner. Only reservation in jobs was not enough to push their case. There was something else that was needed to be done for them. It was felt that the housing problem was a perpetual one and needed an immediate address. The idea of Prim Minister AwasYojana bore the fruits in the prime minister's mind and his colleagues in his cabinet of ministers. So, it was decided to develop a scheme that would benefit the poor or the weaker segments in both urban and rural areas. Soon, the policies were framed, and things were implemented. 

The objective of PMAY has been to simplify the process of buying homes for the urban poor and the people of the weaker sections of society through EMIs. It should be given at a reasonable rate of interest. People were given loans on subsidy, and the interest rates charged were much less than those authorized for the commercial loans at the prevailing market rates. 

You can calculate the EMI by logging on to the PMAY website filling in the details in http://pmaymis.gov.in/EMI calculator. 

The details are the total amount of the loan, the interest rate, and the loan period. After filling in the details, you should click on 'calculate'. It will display EMI payable. 

You should know the manner of getting a PMAY interest subsidy. You can apply for a home loan from the listed lending institutions. You should ask for a donation. Once your application is verified and accepted, it will be sent to the Nodal Agency at the centre. Once your application is reviewed and found eligible, the central agency will disburse the loan subsidy to the lending institution. The money will be credited to your account by the agency of lending. It lowers the loan amount for you. You have to pay the EMI on the loan amount, and the rate will be lower.

Also Read: Pradhan Mantri Awas Yojana Enables Affordable Housing in India