Launched in 1985 by Rajiv Gandhi, IAY or Indira Awas Yojana is a scheme that provides constructed houses for the economically weaker sections of the society. IAY scheme was in action till 2014 targeting the Scheduled Castes (SCs), Scheduled Tribes (STs), and labourers in the country mostly. However, on audits certain gaps were found in the scheme. In order to make IAY more effective, assessments were being carried out by the government and soon a more structured housing scheme was relaunched in 2016 as Pradhan Mantri Awas Yojana – Gramin (PMAY-G). So, IAY scheme today is better regarded as PMAY-G.
What are the main features of the IAY scheme?
Working on fulfilling the ‘Housing for All by 2022’ motto of the PMAY scheme, the IAY scheme allows a beneficiary to avail the scheme in order to construct a pucca house having a minimum carpet area of 25 sq. m. Over and above this, the beneficiaries are given financial aid of Rs.1.20 lakh in plain areas and Rs.1.30 lakh in hilly regions. Earlier, this scheme only entitled BPL cardholders as beneficiaries. However, once relaunched, this housing scheme in India selects the deserving beneficiary using the data from Socio-Economy and Caste Census.
The IAY scheme only promotes use of eco-friendly building materials for construction work and the funds for construction are given to the beneficiary in instalments. IAY is strict with the funding they give to the needy and the first phase of the construction has to be completed within 9 months from receiving the money. Post this, within another 9 months the second stage of the construction needs to be completed.
Who are eligible to apply for the IAY scheme 2021?
Before you choose to apply for IAY, check if you are eligible for it as per the below mentioned categories.
- You are eligible if you belong to the Schedule Caste or Schedule Tribe community
- You are eligible if you are a BPL cardholder or a widow
- The minorities or freed bonded labourers are also eligible for this scheme
- You are eligible if you are an ex-defence personal, ex-servicemen or their closest family member
Apart from these category specific eligibility, you can be eligible only if:
- You do not own a pucca house
- You own a maximum of two rooms with kutcha walls and roofs
- You must belong to the Economically Weaker Section of the society, qualify as a Lower Income Group or BPL individual
- Your family’s income does not cross Rs.6 lakh per annum
How can you benefit from the IAY scheme?
The houses constructed under the IAY housing scheme in India ensure environment-friendly construction that are well-equipped with running water, electricity and proper sanitation facilities. As an IAY beneficiary you are also eligible to claim a loan of up to Rs.70,000. Also, both the husband and wife can enjoy a joint ownership of the houses constructed under the IAY scheme. This apart, the beneficiary is eligible to claim an interest subsidy of up to 3% on a home loan of up to Rs.2 lakh taken for a tenor of 20 years for the construction of their affordable housing.
Steps to register for IAY scheme
Since the beneficiaries are picked as per the census, in order to register under this housing scheme in India, you can follow a few simple steps:
- Visit the PMAY G website and enter your Aadhaar number, then click ‘Search’
- If you are eligible as a beneficiary based on the census, you will find your name once you press search. On finding your name, click ‘Select to Register’.
- After entering the required details on the next screen, you will have to upload a consent form.
- Now enter the bank account details and click ‘Yes’ to avail a loan.
- Lastly, enter your MGNREGA card number and SBMG number to proceed with your registration.
Using this portal, you can also check your name on the IAY list. All you have to do is click on the ‘Stakeholders’ in the options bar and then select ‘Beneficiary’. Here you can enter your registration number and then click ‘Search’. This will help you find your name and other beneficiary details on the IAY list.
If you do not qualify as a beneficiary for the IAY scheme, you can still get your hands on an affordable Home Loan from Bajaj Housing Finance Limited. This loan allows you to get a hefty sanction on a nominal interest rate that you can repay through a comfortable tenor, ensuring that repayment is easy on your pocket.