The Indian Government’s flagship housing scheme, Pradhan Mantri Awas Yojana was launched in 2015 under the Ministry of Housing and Urban Poverty Alleviation. Through the scheme, the government aims to achieve the construction of 20 million houses by the end of March 2022.
The objective of Pradhan Mantri Yojana is “housing for all” to address the pressing poverty and lack of adequate finances with individuals to afford a house.
It is aligned with other government objectives of providing electricity, clean water, proper sanitation, etc. to ensure a comprehensive housing facility.
The initiative has four primary features, namely –
Credit-linked Subsidy Scheme (CLSS).
In-situ slum redevelopment.
Affordable Housing in Partnership.
House construction or enhancement by beneficiaries.
The first feature of the Pradhan Mantri Yojana is available on housing loans to certain groups of individuals belonging to particular economic groups. It allows such individuals to avail home loans at subsidized interest rates.
Here are the Pradhan Mantri Awas Yojana eligibility criteria -
The applicant or his or her family members should not possess a pucca house in India.
The applicant should not be a beneficiary of any previous government housing scheme.
The house should be built in a location recorded and notified under the 2011 Census.
These income groups are –
Economically Weaker Section (EWS) – Family annual income should not exceed Rs. 3 lakh.
Low Income Group (KIG) – Annual family income should be within Rs. 3 – 6 lakh.
Middle Income Group-I (MIG-I) – Family annual income should be within the range of Rs. 6 – 12 lakh.
Middle Income Group-II (MIG-II) – Annual family income within Rs. 12 – 18 lakh.
If you belong to these income groups, you can enjoy subsidized interest rates on home loans under the Pradhan Mantri Yojana.
