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Schemes For The Rural Home Loans

The Pradhan Mantri Awas Yojna was introduced by the Modi government for the poor. It is meant to help the poor afford their own dream home. It had two parts, one is for the urban poor, and the other for the Gramin or rural people. Here, we will be talking about the Pradhan Mantri Awas Yojna for the Gramin (PMAY-G).

It is supposed to ensure housing for all with pucca walls and all basic amenities. This is to ensure that nobody in the rural areas has to live in a kutcha house or without basic facilities like toilets. Some people still live in heavily damaged houses, leading to accidents as well. The main aim of the government is to prevent all of this.

The Subsidy Scheme For The Yojana:

PMAY subsidy for the Gramin Yojana includes that the maximum loan a beneficiary can from any financial body is up to 70,000 INR.

The loan will have an interest subsidy of three percent and the maximum principal amount of subsidy can go up to 2 lacs.

There is a maximum amount for subsidy for EMI that can go up to Rs 38,359 only.

Some Important Points Of The PMAYG Scheme:

  • In the case of plain areas, the area of the unit will be shared 60 percent with the Central government and 40 percent with the State government. There will be total assistance of Rs 1.20 lacs per unit.
  • The central government pays 90 percent and the state government pays only 10 percent in the case of Himalayan states or a unit in the Northeastern states or case of J&K unit.
  • The central government takes 100 percent financial responsibility only in cases of the union territories.
  • As per Mahatma Gandhi National Rural Employment Guarantee Scheme, the government also provides Rs 90.55 Rs unskilled labor.
  • The gram sabha verifies the applicants based on caste and socio-economic status.
  • Swacch Bharat Mission provides Rs 12000 financial aid for toilet construction per unit.
  • The beneficiary should have an aadhar and the linked bank accounts are paid by the government.

Procedure For Application Or Registration For PMAYG:

  • The application or registration process for the Gramin Yojana can be both online and offline. The online process is more convenient and you’ll have to visit the PMAY official website.
  • The first step is to fill in the basic details like the Aadhar number to which your bank account is linked. There is a separate consent form to be filled to allow the use of your Aadhar number. This is done to ensure that you are the one using your aadhar card and nobody else.
  • Then, the next step is to add the beneficiary name, the ID on PMAY, and one’s a priority. Then, you can press button on the “select to register” option to proceed.
  • Then, proper details of the beneficiary are shown for confirmation. Any remaining fields can be filled like ownership, relation, aadhar details, etc. Now, the same process of consent form of beneficiary has to be done, this time on the beneficiary’s behalf.
  • For availing loan, you’ll have to select “yes” and also mention the amount required.
  • There is another field to enter your MNREGA card number and Swacch Bharat Mission details too.
  • The rest of the fields are to be filled by the office.

PMAYG and Gram panchayat home loan Benefits & Features

  • The government grants Rs 1 lakh per house to rehabilitate the slum area.
  • There is a subsidy on PMAY home loans if the tenure is more than 20 years.
  • This scheme also encourages women to become homeowners or co-applicant.
  • Senior citizens also benefit from this scheme. There is a compulsory ground floor for old people and differently-abled.
  • The homeowners are required to use only sustainable and eco-friendly materials for the construction of the house.
  • Approval of building design is also mandatory before you start constructing your house.

PMAY and Gram Panchayat Home Loan both have emerged to be blessings for the poor in rural areas. The people can have a pucca roof over their heads and can have a home that they can call their own.

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