Pradhan Mantri Awas Scheme
The Government of India launched a scheme called Pradhan Mantri Awas Scheme or PMAY to meet the basic necessity of housing for citizens belonging to the economically weaker sections, low income group, medium income group and minorities of the demographic.
PMAY was launched on the 1st June 2015. Awas Scheme aims to build 2 crore houses by 2022 for the “urban” and “gramin” population of the country. Centred around the ideal of “housing for all,” Pradhan Mantri Awas Yojana scheme has already built around 1.53 crore houses.
Driving forces of PMAY
- Developing “in-situ” slums with the help of private organisations to provide houses with the land as a resource.
- Affordable residence through Credit Linked Subsidy Scheme or CLSS. Providing residential properties with the co-operation of the public and private sector.
- PMAY helps to fund the housing construction of the individuals belonging to the EWS section. Such financial assistance can be availed from the Central Government till up-to Rs.1.5 lakh.
Pradhan Mantri Awas Yojana is a home loan Awas Scheme, divided into two groups, viz. –
- Pradhan Mantri Yojana – Urban (PMAY – U)
- Pradhan Mantri Yojana – Gramin (PMAY – G)
Pradhan Mantri Awas Yojana – Urban (PMAY – U)
PMAY–U is a scheme for development projects in urban areas of the country. Around 4,331 towns and cities are under the purview of this Awas Scheme. Pradhan Mantri Awas Yojana loans for the urban sector are disbursed in three phases including –
Phase I – To cover 100 cities within March 2017.
Phase II – To cover 200 cities within March 2019.
Phase III – To cover the rest of the area within March 2022.
As per the data collected from the Ministry of Housing and Urban Affairs, 26.08 lakh houses have already been built.
Pradhan Mantri Awas scheme – Gramin (PMAY – G)
This specific PMAY Gramin for home loan previously known as the Indira Awas Yojana was renamed in March 2016. This scheme focuses on the affordability of residential properties of the rural area of the country, excluding Delhi and Chandigarh. This process aims to provide financial assistance to the homeless or to citizens without pucca residence.
Not every Indian resident can avail this scheme. There are a few eligibility criteria to be met which qualify an individual to apply for the PMAY scheme. The PMAY eligibility criteria include –
- Individuals belonging to the economically weaker section (EWS) can apply for this scheme. To obtain PMAY, the applicant should have a minimum income Rs.3 lakh per annum and has to provide proof of their income.
- With enough proof, individuals belonging to the lower income group (LIG) can apply for this scheme. The yearly income of this group should range between Rs.3 lakh to Rs.6 lakh.
- Medium income group (MIG1) is another category in which individuals having a yearly income of Rs.12 lakh can apply for PMAY scheme and can avail credits up-to Rs.9 lakh.
- Individuals who have a yearly income of Rs.12 lakh to Rs.18 lakh can apply for this scheme. These individuals fall under the middle income group 2 (MIG2) and can avail loans up to Rs.12 lakh.
- Individuals belonging to minority groups like SC/ST/OBC can apply for this Awas Scheme.
- Women under the group of EWS or LIG are considered to apply for PMAY.
PMAY has simplified the process of availing residential properties in the urban and rural parts of the country. Key benefits of the Pradhan Mantri Awas Yojana include –
- The subsidy provided to the citizens under EWS, LIG etc.
- Development in all area of the country.
- Residential properties provided to every individual belonging in the urban and gramin part of the country.
Though PMAY is a Awas Scheme launched by the Government of India, leading financiers are also providing affordable home loans with repayment-friendly benefits aimed at helping borrowers purchase a residential property with ease.
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