Pradhan Mantri Awas Yojana is a scheme launched by the Indian Government on 25th June, 2015. The scheme was officially announced by the Prime Minister of India. This initiative was taken to uplift the dream of affordable houses for the urban poor citizens. This scheme is run successfully by the Ministry of Housing and Urban Affairs (MoHUA). It is a Credit Linked Subsidy Scheme (CLSS), i.e. one can take a loan under this scheme to build a house. The main mission of this Yojana is “Housing for all“. The scheme aims to fulfill its agenda by 31st March, 2022. The vision is to create more than 2 crore houses.
Canara Bank is one of the leading banks in India. It is regulated by the government and aims at following the instructions given by the authorities. CANARA bank has been customer centric in it’s approach since the start. It provides the customer with the government benefits at the earliest and simplest ways.
Features of Pradhan Mantri Awas Yojana
- Aims at providing affordable houses to every individual
- The subsidy rate of interest starts from 6.50% p.a.
- The subsidy can be availed upto 20 years of tenure
- Preference is given to senior citizens and differently abled citizens
- The construction of houses will be done in eco-friendly manner
- The scheme covers both urban and rural areas
- The initiative is a Credit Linked Subsidy Scheme and it is implemented all over India
Eligibility to apply for PMAY
The following factors decide the eligibility to apply for this scheme :
- Income : The citizens annual income should be below 18 lakh to avail the benefits of the scheme. The people are categorised as EWS, LIG or MIG. But, Individuals having an annual income above 18 lakhs cannot avail the benefits of the PMAY Yojana.
- Property owner: It is essential under the PMAY scheme, for women to be the owner of the house. Her name should be on the property papers. It can be a single woman owning the house or a woman along with Men in her family.
- No existing property : This scheme is only for people who don’t have their own pucca house. An individual who already has a house cannot sign up for this scheme.
- Registered towns : The person who wants to apply for the scheme must reside in a registered town, village or city. This means their residence place or the place they want to build their own house must be classified under the Census 2011.
- No previous home loans : The beneficiary should not have taken any previous home loans from Canara Bank or availed the pradhan mantri awas yojana beforehand.
Types of PMAY
The housing benefit is divided into two types :
1. Pradhan Mantri Awas Yojana Urban
- It comprises 4300 cities
- Completed residence : 35.8 lakhs
- Approved residence : 105.6 lakhs
- Occupied residence : 66.23 lakhs
- The interest rate varies from 3% – 4% for Canara Bank users
- Maximum home loan tenure is 20 years
- Maximum subsidy amount varies around ₹2.3 lakhs
2. Pradhan Mantri Awas Yojana Gramin
- It comprises villages, slums and rural areas.
- 1.4 crores houses have been sanctioned
- The interest rate is from 6.50%
- Maximum subsidy amount is ₹2.67 lakhs
- The maximum tenure for loan is 20 years
How to apply for Pradhan Mantri Awas Yojana?
1. The Pradhan Mantri Awas Yojana website
- Visit the official website of Pradhan Mantri Awas Yojana
- From the menu tab, click on ‘Citizen Assessment’.
- Enter your Aadhar number
- Click on submit
- Fill all your details required in the application duly
- Save your information
- After saving, you will receive a unique application number
- Download your application
- Submit your application with your documents at the nearest Canara Bank branch
You’ll shortly be informed about the status of your application.
2. Official Canara Bank website
- Visit the Canara bank portal
- From the left menu, select Personal Banking
- From personal banking , select loan features
- Choose pradhan mantri awas Yojana
- Call the toll free number for more details.
Benefits of PMAY
- Housing for all irrespective of their class or starta
- Development of the country’s residential status
- Priority to women owners promotes women empowerment
- Eco-friendly homes build on sustainable methods
- Subsidies at lower interest rates for a longer period
Your housing dreams are now fulfilled by your very own Canara Bank in association with the government. So, don’t miss a chance and get yourself your own roof with the Pradhan Mantri Awas Yojana with Canara Bank.
