PRADHAN MANTRI AWAS YOJANA (PMAY)

Scope: “Housing for All” Mission for Urban Area by 2022

Affordable Housing: Housing projects where 35% of the houses are constructed for Economic Weaker Section (EWS) category

Coverage: All 4041 statutory towns as per Census 2011 will focus on 500 Class I cities will cover in three phases i.e. Phase I :2015-17, Phase II: 2017-2019 & Phase III: 2019-2022

Beneficiary: A beneficiary family will comprise husband, wife, unmarried sons and /or unmarried daughters. The beneficiary should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

EWS & LIG: Beneficiaries are from Economically Weaker Section (EWS) and Low Income Group (LIG)

Preference Group: Preference, subject to beneficiaries being from EWS/LIG segments, should be given to Manual Scavengers, Women, persons belonging to STs/SCs/OBCs, Minorities , Persons with disabilities and Transgender.

EWS/LIG definition: Urban poor having an annual household income up to Rs 3 lakh is classified as EWS while those falling between Rs 3 lakh to Rs 6 lakh is categorised as LIG

Carpet Area: The carpet area of houses being constructed under the component of the mission should be up to 30 square metres and 60 square metres for EWS and LIG respectively in order to avail credit-linked subsidy.

Floor Area Ration (FAR)/FSI: The quotient obtained by dividing the total covered area (plinth area) on all the floors by the area of the plot:

                                Total covered area on all the floors x 100

                FAR =   -----------------------------------------------------------

                                                        Plot area

National Building Code: Minimum size of houses constructed under the mission under each component should conform to the Standards provided in National Building Code (NBC)

Credit-Linked Subsidy: The mission is a credit-linked subsidy scheme. Beneficiaries seeking loans from Banks would eligible for an interest subsidy at the rate of 6.5% for tenure of 15 years or during the tenure of loan whichever is lower. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%.

Loan Amount: The credit-linked subsidy will be available only for loan amounts up to Rs 6 lakh and additional loans beyond Rs 6 lakh, if any, will be at non-subsidised rate.

No subsidy for balance transfer: In case a borrower who has taken a housing loan and availed of interest subvention under the scheme but late on switches to another PLI for balance transfer, such beneficiary will not be eligible or claim the benefit of interest subsidy again.

Identification of Beneficiary: Beneficiary identification shall be Aadhaar, Voter card, any other unique identification or a Certificate of house ownership from Revenue Authority of Beneficiary’s native district to avoid duplication

Income Proof certificate: For identification as an EWS or LIG beneficiary under the Scheme, an individual loan applicant will submit Affidavit as proof of income.

State Level Nodal Agency: State Level Nodal Agency (SLNA) identified by State/UT for implementing the Mission will facilitate the identified eligible beneficiaries in getting approvals and documents, etc. to avail of credit linked subsidy.

Central Nodal Agency: Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies to channelize the subsidy to lending banks and for monitoring the progress of the scheme.

Monitoring: Mission will be monitored at all three levels; City, State and Central Government.