Pradhan Mantri Awas Yojana scheme was initiated in 2015 with a singular target of providing affordable houses to all.
The scheme aids in the construction of new houses for those eligible and also provides subsidy on interest rates of home loans.
For becoming eligible for Pradhan Mantri Awas Yojana, the following are the compulsory criteria -
Any applicant applying for this scheme cannot own a brick or mortar house. This extends to family members owning houses as well.
Applicants who have previously benefitted from any government scheme in order to build their house are strictly excluded from availing this scheme.
A property purchased under this scheme must be co-owned with a female family member.
Individuals will not be eligible to avail benefits on a property unless it belongs to statutory towns, as per the 2011 census.
The specific benefits that are to be availed under this scheme are underneath.
Individuals from economically weaker sections with a household income is less than Rs. 3 Lakh are entitled to avail a home loan of up to Rs. 6 Lakh with subsidized interest rates of 6.5%.
Applicants from middle-income groups further divided into two categories I and II have specific features to avail.
- For MIG I, with household income between Rs. 6 Lakh and Rs. 12 Lakh can avail 4% subsidy on loan up to Rs. 12 Lakh.
- For MIG II individuals, it is 3% subsidy on loans up to Rs. 12 Lakh.
