How Can Women Avail Pradhan Mantri Awas Yojana Scheme In India?
A wise man once said, “The progress of a nation depends on the progress of its women”. The PMAY (Pradhan Mantri Awas Yojana) is a scheme that helps women fulfil one of their most important dreams of owning a house. With the help of this scheme, becoming a homeowner for women has never been easier.
What is the PMAY scheme?
PMAY is a government scheme that was launched on 25th June 2015. It aims to provide affordable housing to the urban poor. PMAY is part of the “Housing for All” programme, which seeks to decrease the housing shortage among economically weaker sections of low-income and middle-income group categories. It also includes the people living in slums.
It is a Credit Linked Subsidiary (CLSS) scheme. In simple words, it provides a credit-based subsidy. It is based on annual income levels and divided into urban and rural categories. Thus, it offers eligible applicants discounts on home loan interest rates. Click here to learn more about the eligibility criteria.
Let’s find out how women can enjoy the benefits of this scheme.
Benefits offered to women
You can lower the cost of owning your first home with the help of this government scheme. In addition, PMAY offers certain privileges and lower interest rates for women.
Many banks also provide additional advantages to female borrowers. Some of the benefits are:
Low-interest rates:
A lot of banks offer low-interest rates to women on housing loans. It is one of the most important benefits for women applying for the PMAY scheme. The rates change depending on the borrowers’ professions and the amount of borrowed money.
Benefits of subsidy:
The government aims to promote women’s empowerment through this initiative as well. The PMAY requires at least one female family member to be registered as the homeowner. If a woman is listed as the co-owner of the house, a maximum subsidy of Rs. 2.67 lakhs can be availed. Additionally, women who fall under the Economically Weaker Sections (EWS) and Lower Income Group (LIG) are eligible for a 6.5% rebate on loans up to Rs. 6 lakh.
Low stamp duty rates:
If a house is registered under a woman’s name, it may attract lower stamp duty. Many state governments have partial or complete removal of stamp duty under the PMAY scheme. You can get a 1-2% waiver on stamp duty rates.
Tax-Benefits:
Women can also avail of a few tax benefits under the PMAY scheme. You can get a deduction of up to Rs. 2 Lakh on home loan interest payments. If you are a married couple, you should list both of your names as co-owners. You can get separate tax deductions if the woman has her source of income. The tax benefit will vary according to each co-ownership owner’s stake.
No Prepayment Charges:
One of the best things about this scheme is that there are no payments that are supposed to be made in advance for women. It is one of the most encouraging steps to help women enjoy the benefits of the Pradhan Mantri Awas Yojana scheme.
The two major categories of PMAY
Under the PMAY online application process, you have the choice of applying for one of two PMAY categories:
- Slum Dwellers: According to PMAY, the slum is a small area of at least 300 inhabitants or around 70 households that have been poorly built. It also includes the factors of an unsanitary environment and inadequate infrastructure. It also mentions the severe lack of sanitary amenities and drinking water.
- 3 Important components: The advantages of this scheme are also available to people who fall within the Economically Weaker Sections (EWS), Middle-Income Groups (MIG), and Low-Income Groups (LIG). You can apply for the scheme under this category if you meet the requirements.
- For EWS, the annual earning range is set at under Rs 3 lakh.
- The annual earning range for LIG applicants is between Rs 3 and Rs 6 lakh.
- For people in the MIG category, the income range is between Rs 6 and Rs 18 lakh/ annum.
Process for filling PMAY online application
Here is a step-by-step process for you to apply for PMAY online.
- Visit the official PMAY website and log in to your account.
- Select the appropriate category under the “citizen assessment” tab.
- Input the details of the Aadhar card for verification.
- To avoid cases of fraud and identity theft, the government uses the Aadhaar number of people while applying for the programme.
- Once verified, you’ll be taken to the home page for the application. You will be asked to submit all the important details on the application page.
- Fill out all the important information such as total household income, residential and permanent addresses etc.
- After filling out the necessary information, you can submit the application.
Conclusion
A wide variety of benefits are available to women under the PMAY scheme. The scheme aims to increase female home ownership in rural and urban areas. From tax deductions to low subsidies, PMAY has many provisions for women.
To learn more about such governmental schemes, check out the Piramal Finance website. It has plenty of information regarding eligibility, benefits, how to apply and much more. Moreover, Piramal Finance also offers low-interest rates on housing loans that can help you build your own home.