The PMAY or Pradhan Mantri Was Yojana was implemented with effect from 17.06.2015 to provide subsidy on home loans to those belonging to the financially weaker sections of the society. The applicable interest rate and the amount of loan to be made available is subject to meeting the PMAY eligibility criteria.
Beneficiary
A beneficiary of the PMAY scheme can belong to any of the two categories -
- A beneficiary can comprise a husband, wife, unmarried sons and/or daughters
- Any adult earning member irrespective of their marital status and who will be treated as a separate household
Eligibility
The applicants of the PMAY scheme are divided into four groups based on their household income per annum as follows -
EWS - Those with an annual household income of up to Rs. 3,00,000 are eligible for an interest subsidy of 6.5% with a maximum dwelling unit carpet area of 30 sq. m.
LIG - Those with an annual household income between Rs. 3,00,000 to Rs, 6,00,000 are eligible for an interest subsidy of 6.5% with a maximum dwelling unit carpet area of 60 sq. m.
MIG I - Those with an annual household income between Rs. 6,00,000 to Rs, 12,00,000 are eligible for an interest subsidy of 4% with a maximum dwelling carpet area of 160 sq. m.
MIG II - Those with an annual household income between Rs. 12,00,000 to Rs. 18,00,000 are eligible for an interest subsidy of 3% with a maximum dwelling carpet area of 200 sq. m.
The PMAY has been further divided into two parts Urban and Grameen. Urban covers the towns and cities and includes special area development authority, development area, urban development authority, industrial development authority, and every other authority which is responsible for urban planning and regulation.
Grameen, on the other hand, is aimed at providing affordable housing for rural areas within India with the exception of Delhi and Chandigarh. Beneficiaries include -
- Free bonded labourers
- Non-SC/ST and minorities under BPL
- Scheduled castes and scheduled tribes
- Next of kin and widows of paramilitary forces and individuals killed in action, ex-servicemen, and those under a retirement scheme
Also Read: What Essential Things To Know About PMAY?
