PMAY Benefits – Benefits of Having a Female Co-owner

Homeownership is something most people in India dream about, and Pradhan Mantri Awas Yojana (PMAY) is trying to make that dream come true. There is great potential for the program to transform millions of lives by encouraging women, especially, to buy their own homes.

The program offers significant benefits to those who apply with a female co-applicant. This article looks at the benefits of the PMAY scheme and its role in economic empowerment.

What Is the Pradhan Mantri Awas Yojana?

Pradhan Mantri Awas Yojana (PMAY) is a centrally sponsored scheme that aims to provide housing for all in India. It was launched in 2015 by the Ministry of Housing and Urban Affairs (MoHUA) as part of addressing the shortfall of homes in urban areas. This program is also referred to as “Housing for All by 2022”.

Key Goals of the Scheme Include:

• Improving the affordability of land and property.
• Providing sustainable housing at affordable prices to eligible families living within cities and offering houses for slum dwellers in urban settings.
• The scheme targets 4 major beneficiary categories – Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG), and slum dwellers.

Benefits of Having a Female Co-Owner Under PMAY

Including a female co-owner in your housing loan application can open the door to several benefits. Through the Pradhan Mantri Awas Yojana for females, one can enjoy the following benefits:

• Subsidized interest rates for women. With a woman co-owner, the maximum available subsidy is up to 2.67 lakh rupees.
• Women belonging to the Lower Income Group (LIG) and Economically Weaker Sections (EWS) categories can avail of a subsidy of 6.5% on a loan of up to INR 6 lakhs.
• Women borrowers are entitled to lower interest rates on home loans.
• This means that it is a long-term savings option, even if she is just a co-owner.
• Under the Credit Linked Subsidy Scheme (CLSS), the interest subsidy can go up to 6.5% per annum for EWS and LIG categories of loan interest rates.

Stamp Duty Benefits

• Many states in India charge reduced stamp duty rates for women.
• For example, in Delhi, a woman pays 4% compared to a man’s 6% in terms of stamp duty, thereby enabling her to save thousands of rupees annually.

Empowering Women Through Home Ownership

• Property ownership among women is a way of giving them economic security and independence.
• Moreover, this is consistent with PMAY’s objective of enhancing women’s dignity through residential rights.

Also Read: Government Schemes for Women-led Businesses/MSMEs in India: All You Need to Know

Eligibility Criteria for PMAY

Therefore, it is important to know the eligibility criteria for Pradhan Mantri Awas Yojana beforehand. These basic points must be kept in mind:

• The applicant should not have permanent houses all over India.
• The economically weaker section (EWS) should have an annual household income below INR 3 LPA.
• Low Income Group (LIG) should have an annual household income below INR 6 LPA.
• Middle-income group I (MIG-I) should have an annual household income between INR 6 LPA and INR 12 LPA.
• Middle-income group II (MIG-II) should have an annual household income between INR 12 LPA and INR 18 LPA.

How to Apply for PMAY

Applying is easy and can be done online. Step by step guide on Pradhan Mantri Awas Yojana applies online is given below:

• Go to the official PMAY website.
• Choose a suitable category – Slum Dwellers or Benefits under Other 3 Components.
• Fill in all necessary information, including Aadhaar's number and income details.
• Selecting herself as a co-owner (wherever possible).
• Submit your form, save the reference number.

Importance of Women’s Property Rights

The drive to have more women take up ownership positions under PMAY has nothing to do with saving money alone but everything to do with equality promotion and creating an all-encompassing financial society. When women own property:

• It enhances their decision-making ability within the household.
• This also serves as a form of security for them in terms of assets that can be liquidated whenever the need arises in future time.
• It adds to their creditworthiness for other financial transactions.

Benefits of the PMAY Scheme

The following are some of the benefits of PMAY scheme, especially for female co-owners:

• Subsidized loan interest rates.
• Lower stamp duty charges for women in most states.
• Preference in allocation of houses.
• Promotes women's empowerment and financial security.

The Bottom Line

The government aims to ensure that owning a home is not dependent on gender through the Pradhan Mantri Awas Yojana for female co-owners, which goes beyond mere financial incentives into social justice territory. Financial benefits to families are a key motivator for including women in property rights in addition to gender inclusivity.

If you meet the Pradhan Mantri Awas Yojana eligibility criteria, why wait? Just go ahead and apply for the scheme today and make your dreams come true.

Moreover, if you want to calculate your monthly EMIs easily, then use an online EMI calculator to make calculating EMIs super easy for you.

FAQs

Q.1. Is female ownership mandatory for PMAY subsidy?

A. Yes, the PMAY(U) has made a mandatory provision for the female head of the family to be the owner or co-owner of the house. A plethora of options is adopted to ensure a greater number of people depending on their income, finances, and availability of land.

Q.2. What is the subsidy for female property?

A. It is required under the government's Pradhan Mantri Awas Yojana (Urban) (PMAYU) that the female head of the family owns or co-owns the property. The maximum subsidy that can be obtained when a woman co-owns a home is INR 2.67 lakh.

Q.3. Who are the beneficiaries of PMAY?

A. The scheme caters to economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG) in urban and rural areas.

Q.4. What are the benefits of being a female co-owner of a home loan?

A. With a woman as the co-owner, the interest on your home loan gets calculated using the daily reducing balance method. This means that if you partially prepay a large sum, the principal amount is reduced daily.

Q.5. Were there any recent changes to the PMAY subsidy announced in the Union Budget for FY2025-26?

A. Yes, the Union Budget for FY2025-26 introduced enhancements to the Pradhan Mantri Awas Yojana (PMAY). The government increased the allocation for PMAY by 66% to over INR 79,000 crore, aiming to boost affordable housing and ensure housing for all.

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