Pradhan Mantri Awas Yojana was launched in 2015 with an objective to provide housing to all by the government. It aims to build almost 2 crore houses by 2022 where individuals can receive access to affordable housing along with proper sanitation facilities.
Once an individual is enrolled under this scheme, he/she can avail a home loan under PMAY from a reputed lending institution and build the house on the allotted plot.
Who are covered under PMAY?
PM Awas Yojana covers the EWS, LIG, and MIG families of the society and provides them with housing. The detailed classification and eligibility of the categorical division in the society for PMAY Registration is discussed below –
EWS/LIG
Individuals with a yearly income less than Rs.3 lakh but not above Rs.6 lakh fall under this category. On enrollment, beneficiaries are eligible for a house with carpet area of 30 sq. m (EWS) and 60 sq. m (LIG.)
MIG-I
Those with income ranging between Rs.6 lakh and Rs.12 lakh per annum are considered under this category. They receive a 4% subsidy on a home loan up to Rs.9 lakh and access to a carpet area of 120 sq. m.
MIG-II
Yearly income should range between Rs.12 lakh and Rs.18 lakh for this category. Such families can avail a 3% subsidy.
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PMAY benefits those who are looking for houses at affordable prices without causing any financial stress. Make sure you know all about PMAY before applying to make the most of this scheme.
