The government introduced a 'Housing for all by 2022' program called the Pradhan Mantri Awas Yojana in 2015. This project aims to provide a sustainable living to millions of citizens in India, mainly residing in poor conditions or kutcha houses. It has a mission of building around 20 million homes by the end of the scheme.

You can register yourself on the PMAY official site to avail of its benefits if you want to own a pucca home. It helps in the form of interest subsidy for construction, enhancement or purchase of homes through housing loans. You stand eligible if you belong to the economically weaker section, low-income group, or middle-income class in the society. Read on to understand the coverage of the initiative in depth.

The four verticals of the PMAY scheme are as follows:

In-situ redevelopment: This part of the program focuses on utilising the slum drought area in India. Currently, the significant population resides in slums in unhealthy conditions with a lack of basic amenities. The plan aims at developing 'in-situ', the original state of such slum dwellers, to provide proper shelter with private participation. The central government offers a rehabilitation grant of Rs. 1 lakh per house.

Credit linked subsidy scheme:Through this component in the program, the government promotes the credit flow in institutions for meeting the urban populations' housing needs. It gets implemented through two nodal agencies called Housing Urban Development Corporation (HUDC) and National Housing Bank (NHB). The interest subsidy distribution for all categories are as follows:

EWS and LIG get up to 6.5% for a maximum loan amount of Rs. 6 lakh.

A subsidy of 4% is allotted to MIG-I for the loan of Rs. 9 lakh.

With a loan amount of Rs. 12 lakh, MIG-II gets an interest subsidy of up to 3%.

Affordable housing in partnership:It is meant to aid the developers in augmenting affordable homes. This is done by granting Rs. 1.5 lakh for building each EWS house. The state, central or union territories through their agencies or private collaboration offer this support. The differently-abled individuals, senior citizens, scheduled tribes, backward classes, single women, transgender people, etc., get allotment preference under the vertical.

Beneficiary-led individual house construction: This component strives to empower those EWS families unable to benefit from the other three verticals. It offers Rs. 1.2 lakh for plain areas and Rs. 1.3 lakh for hilly and terrain parts construction or remodelling. This way, EWS sections can take the necessary steps at their discretion. However, they must adhere to the construction guidelines by reserving the ground floor for the elderly and disabled.

Knowing the above details regarding the program should enable you to apply for Pradhan Mantri Awas Yojana online effectively. Make sure to have all the supporting documents ready for approval.