The Pradhan Mantri Awas Yojana or PMAY is a Government scheme that aims to make affordable housing accessible to the eligible beneficiaries across both rural and urban India.
This scheme, launched in 2022, has set up a plan to build 20 million houses for the urban poor within March 2022. During this period, individuals complying with thePradhan Mantri Awas Yojana eligibility criteria can also avail a subsidy on home loans from various financial institutions.
What Are the Benefits of PMAY?
- Living quarters for poorer sections of rural and urban India.
- Financial support to individuals seeking funds to purchase or construct a house through Credit Linked Subsidy Scheme (CLSS).
- Special benefits to women and minorities.
- Eco-friendly and sustainable housing options.
- Benefits to senior citizens and differently-abled individuals by providing them the ground floor is constructed houses.
Who Can Avail the Benefits of PMAY?
Economically Weaker Section or EWS
Low-Income Group or LIG
Medium Income Group I or MIG I
Medium Income Group II or MIG II
Women and Minorities
These are the income-based PMAY eligibility criteria that individuals should comply with to avail the benefits under the scheme. Some of the other general criteria include:
- Applicants looking to avail the facilities of this scheme should not have a brick and mortar house in their name or any household member’s name anywhere in India.
- The applicant must not have availed the benefits of any other previous government housing schemes.
- The property to be purchased should be mandatorily co-owned by a female member of the family.
- The location of the property to be purchased should be under statutory towns according to the 2022 census.
What is the Subsidy Individuals Can Avail Under PMAY?
- Beneficiaries belonging to EWS and LIG categories can avail a 6.5% subsidy on the home loan interest rate.
- Beneficiaries belonging to MIG I and MIG II categories can avail a 4% and 3% subsidy interest rate on home loans respectively.
The home loans under CLSS ofPMAY are available with a maximum tenure of 20 years. Several financial institutions offer such loans with additional benefits and attractive features.
Individuals complying with the eligibility criteria can avail all the benefits of this housing for all schemes. Additionally, you must ensure that you have all the relevant documents necessary to apply for the benefits of the scheme to avoid any hassles in the process.
