The Pradhan Mantri Awas Yojana or PMAY is a flagship housing scheme that was implemented by the Central Government of India in 2015. As part of this mission, the center provides assistance to States and Union Territories across the country to ensure housing for eligible individuals. The ‘Housing for All’ scheme is characterized as urban and rural-based on the annual income of the family. Beneficiaries can avail an PMAY subsidy on housing loans acquired for the construction and purchase of a home. The interest subsidy is applicable to the principal loan amount. 

 Key Features of the PMAY Scheme

  • Ensure affordable housing for all by the year 2022. 
  • Aid minority groups like economically backward persons, women, scheduled castes, scheduled tribes, and more attain homeownership. 
  • Ensure decent living conditions among people of the urban and rural areas. 
  • The scheme applies to the first purchase or construction of a family home. 
  • Senior citizens and especially abled persons are offered priority ground-floor housing allocation. 

 PMAY Scheme – Requisite Female Co-applicant

The government aims to sublimely address two aspects through the Pradhan Mantri Awas Yojana. As part of the scheme, it delivers on its continual effort of empowering women from the Economically Weaker Section (EWS) and Low Income Groups (LIG). It has made it mandatory for the female of the family to be included as a co-owner or co-applicant of a housing unit. The government has included single women, widows, women of scheduled caste, disabled women, and employed women as eligible persons. Read on to know more about the requirement of a female co-applicant when applying for the PMAY subsidy.  

Benefits Availed by Women Upon Home Purchase

Women can avail of the following lucrative benefits through the PMAY scheme and Home loans: 

Home Loan Interest Subsidy: Women who belong to the EWS and LIG categories can avail of an interest subsidy of 6.5 lakh on a home loan that ranges up to 6 lakh. If the amount extends beyond 6 lakh, then the usual rate of interest will be applicable. On the other hand, women who belong to the Middle Income Group I (MIG-I) category enjoy an interest rate subsidy of 4% on home loans that range up to 9 lakh. Women belonging to the Middle Income Group-II (MIG-II) can avail an interest rate subsidy of 3% on a loan of up to 12 lakh. The interest rate subsidy is subtracted from the limit loan amount and the usual rate of interest is applicable on the principal loan balance. 

Concession on Stamp Duty: Several states offer a waiver on the stamp duty when a property is registered in a woman’s name. The woman must either be a sole proprietor or be a joint proprietor. Depending upon the state legislature, the waiver may range between 1 to 2%.

Tax Benefits- As part of the tax benefits, women can enjoy a tax deduction of up to 2 lakh during each financial year. The home in question must be self-occupied. In the case of shared ownership between the husband and wife, the total deduction will depend upon the share of each owner.  

Steps to Apply for the PMAY Scheme

As an eligible person, you can apply for the scheme through an easy online application process. Here the simple steps that you can follow: 

 Step 1: The first thing to do is identify the category that you qualify for under the Pradhan Mantri Awas Yojana. 

Step 2: Log in to the official website 

Step 3: On the website, click on the ‘Citizen Assessment’ tab that is listed on the main menu. You can now choose the applicant category. 

Step 4: The page will be redirected to a separate page. Under this section, you must enter your Aadhar card details. Fill in your details correctly as the information will be verified for authenticity. 

Step 5: Now complete the PMAY application. This will include details such as your name, income, bank account details and residential address. 

Step 6: Enter the captcha code and click on submit. You can also go back and edit your information if you think that there may be errors. 

The PMAY application status can be tracked using the ‘Track your Assessment Status’. This tab is listed under the ‘Citizen Assessment’ category. You can check the status by either entering your assessment ID or personal details. 

The PMAY scheme is a noble initiative flagged off by the Central government. It not only offers men but also women of eligible categories to stay independent and secure homeownership. Visit Finserv MARKETS to stay updated on the introductions to PMAY and know the best way on how it can benefit your home loan application.