Under Pradhan Mantri Awas Yojana 2019, the Indian government plans to build 1.2 Crore houses for the financially weaker section of the community to provide them with affordable housing. It aims to cover the weaker sections of the economy who are categorized as -
Economically weaker section
Low Income Group
Middle Income Group 1
Middle Income Group 2
So far, nearly 80 Lakh houses have been sanctioned and about 45 Lakh houses have been occupied by the beneficiaries. With this, the demand for home loans in India has also increased. The government provides subsidies to the beneficiaries in the form of lower rates of interest.
Individuals who belong to the Economically Weaker Section (EWS) and Lower Income Group (LIG), are eligible for an interest subsidy of 6.5%. Similarly, home loan borrowers falling in the Middle Income Group 1 category can avail a 4% interest subsidy. Likewise, beneficiaries from the Middle Income Group 2 are eligible for a 3% interest subsidy on their borrowed amount.
How can you apply for PMAY?
There are several ways how PMAY eases your way to becoming a homeowner. A simple application process is all it takes to be a beneficiary under the Pradhan Mantri Awas Yojana 2019. An applicant only has to meet some simple eligibility criteria, which are –
Age within 70 years.
Not holding any prior beneficiary from any similar housing scheme.
Eligible under the income categories as mentioned earlier.
Choose a suitable lender once you meet all the requirements. It is expected that this scheme is likely to mitigate most of the housing problems faced by the Indian citizens in the long-run.
