Pradhan Mantri Awas Yojana or PMAY is a housing initiative launched by the Government of India in 2015 to offer affordable housing opportunity to several economic and social categories across India. With the aim of ‘Housing for All by 2022’, 40% of real estate projects currently cater to the affordable housing section.
The number of beneficiaries of Pradhan Mantri Yojana Scheme have crossed 5 lakh with subsidies sanctioned up to Rs.12,000+ crore until March 2019.
Features and benefits of PMAY
PMAY is associated with the following features as well as benefits –
• PMAY Urban and PMAY Gramin cater to the urban and rural poor respectively and provide affordable housing solution.
• The scheme aims to eliminate ‘kutchcha’ houses and provide ‘pucca’ houses to the beneficiaries. It attempts to rehabilitate slum dwellers as well.
• This scheme provides interest concessions of up to 6.50 % in the form of subsidies to individuals who apply for home loan online linked to this housing scheme.
• Houses constructed under this scheme are built with sustainable and eco-friendly materials that are durable beyond 30 years.
Eligibility criteria for PMAY
Individuals have to comply with the following eligibility criteria to avail the benefits of PMAY –
• Beneficiaries must belong to Lower Income Group (LIG), Economically Weaker Sections (EWSs), Middle Income Group (MIG I and MIG II) to avail PMAY home loans.
• Maximum loan amount available are –
i. Rs.6 lakh for LIG.
ii. Rs.3 lakh for EWS.
iii. Rs.9 lakh for MIG I.
iv. Rs.12 lakh for MIG II.
• The residential property must have a female member of a household as the co-owner.
• The beneficiary family must not have subscribed to state or central housing schemes other than the Pradhan Mantri Yojana.
Additionally, widows, disabled individuals, transgender, unmarried women and senior citizens are also eligible for PMAY benefits.
