Pradhan Mantri Awas Yojana (PMAY) in GURGAON Haryana – HUDA Affordable Housing Policy Flats

PM Narendra Modi announces new Housing Schemes with rebates/discounts on Home Loan interest rates under Pradhan Mantri Awas Yojana (PMAY). Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas.  Home loans of up to 9 lakhs, will get a 4% interest benefit. For home loans of up to 12 lakhs, an interest rate waiver of 3% will be provided. In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.

Pradhan Mantri Awas Yojna (PMAY) renamed from Housing for all by 2022 scheme has been launched by the government. The PM Awas Yojna aims to provide affordable homes to about 20 million families within next 7 years i.e. from 2015 to 2022. EWS and LIG categories of the urban society will be the main beneficiaries of the scheme.

Below are the quick links to access the detailed information about PM Awas Yojna 2015 housing scheme such as subsidy information, loan facility, facilities of the housing projects, application forms and procedure and much more.

Eligibility for the Pradhan Mantri Awas Yojana (Urban)

The following demographics are eligible for the scheme:

  • Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
  • People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply. EWS households with an annual income up to Rs. 3 Lakh, LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh
  • Scheduled tribes and castes will also be eligible.
  • Senior citizens and differently abled will be given special priorities for ground floor housing.

Important Things to Know About Urban PMAY

  • Subsidy interest rate is provided at 6.5% on housing loan for the term of 15 years to all the beneficiaries.
  • Differently abled and senior citizens get preference in allocation of ground floors under this scheme.
  • Sustainable and eco-friendly technologies would be used for construction.
  • The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
  • The credit linked subsidy aspect of the PMAY scheme gets implemented in India in all statutory towns from the initial stages itself.

Urban PMAY EMI Calculation through Interest Rates and Subsidy

The EMI calculated will be significantly low under this scheme as the current home loan rate is 10.50% but will be reduced down to a whopping 6.5%, as mentioned earlier. Based on this interest rate the monthly installment payable for this loan, let’s say of Rs. 6 lakh for a term of 15 years would come to approximately Rs. 6,632. But the revised rates will allow a higher reduction which will reduce it to EMI of Rs. 4050 at 6.5%. So, people get to benefit a lowering of one-third of what they were paying earlier, which is Rs. 2000. There are 4 aspects of the subsidies:

  • An average Rs. 1 lakh Central Grant will be given to the PMAY scheme subscriber.
  • 50% subsidy will be given EWS & LIG through the credit linked subsidy scheme.
  • 50 lakh worth of Central Assistance is supposed to be given to each beneficiary for enhancing housing stock especially for urban poor, as long as 35% of dwelling units of these projects that have been proposed are considered for the EWS category.
  • Also, a sum of Rs. 1.5 lakh Central Assistance is supposed to be given to the urban poor who are eligible to build new homes or renovate existing homes.

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