Introduced in 2015, Pradhan Mantri Awas Yojana 2019 has evolved into a grand scheme to ensure every Indian has a roof above their heads by the year 2022. The target is 20 Million houses by the mentioned year.
The beneficiaries of the Pradhan Mantri Yojana scheme primarily include the economically backward sections of Indian society and as a result, numerous benefits in interest rates have been introduced under this initiative.
What are the advantages of PMAY?
The interest rate subsidies coming under CLSS (Credit Linked Subsidy Scheme) offer home loans at convenient rates which even go down to 6.93%. According to regulations under the scheme, a subsidy up to 6.5% is offered.
What are the eligibility criteria for PMAY?
There are a few eligibility criteria to ensure that only the economically backward can avail these schemes.
An individual must not own any brick and mortar house in order to avail this scheme. Additionally, no close family member should also own any such house.
Beneficiaries must not have availed the benefits of any other housing scheme.
Individuals must fall under Lower Income Group (LIG), Economically Weaker Section (EWS), Middle Income Group I (MIG I), and Middle Income Group-II (MIG II).
Among documents required to apply for a home loan under Pradhan Mantri Awas Yojana 2019 scheme, an individual must provide copies of the Aadhaar card of all the members of his or her family along with notarized affidavit cum undertaking. The government has especially attempted to keep all the procedures simple so that every individual can avail the scheme.
