A Journey of the House for Homeless Achieved with PMAY

According to an analysis of circulars, around 1.77 million Indians were homeless in May 2024. Almost 80% of the homeless belonged to the scheduled castes, other backward classes and scheduled tribes. 

Hence, due to this miserable situation, the Government of India launched a project named Pradhan Mantri Awas Yojana, a “housing for all” in 2015, which is considered a flagship initiative to construct 20 million houses by 2024. The government scheme is divided into two categories- PMAY Urban and Gramin.

PMAY Urban: This government scheme specifies the needs of those living in urban areas. Individuals who fall under the economically weak section, the middle or low-income group, can access this scheme’s benefits.

PMAY Gramin: Under this division, homeless individuals or those staying in one or two- room kutcha houses can acquire permanent pucca residential units.

This scheme’s main objective is to provide interest subsidy on home loan for the establishment of houses. The availability of benefits and the interest subsidy is based on the income criteria and the individuals’ category under the scheme.

Benefits and features of PMAY housing for all:

According to the Census data of 2011, the scheme is significantly applicable to 4041 statutory towns. Individuals can check out the attractive features and benefits of this PMAY scheme before going ahead with the application process.

• The initiative targets re-establishing the slums through In-situ redevelopment for the dwellers. The government hopes to remove slums entirely in favour of housing units.
• Providing financial assistance to beneficiaries to renovate or reconstruct an existing property.
• To extend housing for all benefits to all, irrespective of their gender, caste, sexual orientation etc.

To avail the benefits mentioned above, individuals need to fulfil the PMAY’s eligibility parameters. One can take the help of a home loan EMI calculator to calculate the amount they are eligible to pay based on the subsidised loan rates after PMAY qualification.

Online application procedure:

The online application involves visiting the official website of Pradhan Mantri housing loan. Once there, follow the steps involved in the application process:

• Individuals need to visit the official website of PMAY
• Then, they need to select the “Citizen Assessment” option and check the category where one wishes to apply for the scheme. 
• Once individuals select the income category, they will be asked to provide the Aadhaar card details, which is mandatory for availing the benefits of PMAY housing for all scheme
• After filling in the Aadhaar details, individuals would be redirected to the online application form of PMAY to input pertinent details.
• The last step would require once to complete the captcha verification.

To know how urban residents can get a house via PMAY, individuals can apply for this beneficial government scheme by fulfilling the standard eligibility parameters as per the guidelines.

Moreover, some reputed HFCs extend pre-approved offers to make the loan application process streamlined and less time-consuming. These offers are available on several financial products such as home loans, loan against property and more. One can check his/her pre-approved offer by inputting their name and contact details.

Hence, to resolve the mass-scale homelessness, this housing for all initiative can help significantly. It can severely minimise financial stress when purchasing a home.