Finance

Points to ponder about Indira Gandhi Awas Yojana

Indira Gandhi Awas Yojana, or IAY, was renamed the Pradhan Mantri Awas Yojana Gramin in 2015. Since then, this scheme has achieved 92% of its target in the first phase, which ended in 2019. Moving forward to FY2020-21, the government allocated a total of Rs.39,269 crore for this scheme.

PMAY-G was introduced in 2015 to provide financial assistance to the rural poor of this country to build pucca houses. Every Indian in the gramin areas is eligible for this scheme, considering that they meet the set eligibility parameters successfully.

Nonetheless, before applying for this affordable housing program, applicants should gather in-depth knowledge about the same to undertake informed decisions.

Features of Indira Awas Yojana

Here are the notable features of Indira Gandhi Awas Yojana –

  • Carpet area

Individuals applying for this program will get housing units with a nominal area of 25 square meters. A dedicated kitchen and toilet will also be a part of it.

  • Financial assistance per unit

Every housing unit covered under this IAY will be eligible for financial assistance of up to Rs.1.2 lakh in plain areas and Rs.1.3 lakh in selected hill and mountain regions.

  • Connected with other government-backed welfare schemes

IAY or PMAY-G is also connected to various other government-backed welfare schemes like Ujjwala Yojana, Swachh Bharat Abhiyan, Saubhagya Yojana, etc. These schemes extend fundamental amenities for the development of these housing units. Additionally, applicants will also get 90/375-days of work and wages under the MGNREGA.

  • Housing loan facilities

Individuals with their name on the PMAY Gramin list can avail a home loan of up to Rs.70,000 from any financial institution operating in India.

  • Construction and designing of houses
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House built under this scheme will use local materials and carry designs fitting to various geo-climatic and socio-cultural conditions. Also, one should also be aware of the hidden costs of buying a home to make a better decision regarding its construction.

To avail the benefits of this scheme, individuals should learn about the application process first.

Steps to apply for Indira Awas Yojana or PMAYG

Here is a step-by-step guide for the application of Indira Gandhi Awas Yojana –

Step 1: Visit the official PMAYG website.

Step 2: Enter Aadhaar number and click on ‘search’.

Step 3: After viewing the details, click on ‘Select to Register’.

Step 4: Provide necessary details and upload a form of consent.

Step 5: Provide details of the savings account.

Step 6: While availing credits, click on ‘yes’ in the next section and select the desired principal.

Step 7: Provide SBMG and MGNREGA number to complete this registration process.

Along with the application process, one should also be aware of the methods of checking the IAY Gramin list to note if their application is approved or not.

Steps to check IAY list

Authorities publish a list of beneficiaries each year, with relevant information for PMAYG for the previous year. One can check this list by following the below-mentioned steps –

  1. Visit the official website of PMAY.
  2. Find the ‘search beneficiary’ option and click on it.
  3. Select the ‘search by name’ option from the drop-down menu.
  4. Enter your name and find it from the final list of beneficiaries.

Individuals can also access this beneficiary list by typing the first 3 characters of their name. After locating their name on this list of beneficiaries, individuals can start applying for their home loans.

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Those failing to qualify for the benefits under IAY can alternatively seek a housing loan from any leading financial institution in India.

With these NBFCs, individuals can also skip the hassle of complicated applications through pre-approved offers. These offers are available on various financial products, including home loans, loans against property, etc. Debtors can check their pre-approved offer online by providing their contact details.

Moving ahead, prospective applicants of IAY should also be wary about its eligibility norms to avoid chances of rejection.

Eligibility criteria for PMAYG

Following are the eligibility criteria of PMAYG –

  • Applicants or their immediate family members must not own a pucca house anywhere in India.
  • Families living in a house with kuchha walls and a roof with not more than two rooms.
  • Families must not have a literate adult over 25 years of age.
  • Also, families without a male or adult member of the age group of 16 to 59 years.
  • Households with a disabled member.
  • Families that have no land and earn from casual labour.
  • SC/ST and minorities will get preference depending on their deprivation under PMAYG.

Additionally, to ensure that deserving families receive the key benefits of the PMAY, the selection for this program is based on SECC data. Gram Sabha then verifies the initial list.

The introduction and rebadging of IAY have provided the rural poor of India a chance to have a safe and properly constructed house with adequate sanitation facilities. It will improve their living conditions and contribute to their social development. Simultaneously, one can also learn about how urban residents can qualify for PMAY to check if they qualify for that particular section of the scheme.

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