Pradhan Mantri Awaas Yojana: “Pucca houses” for every Indian citizen, all you need to know about this amazing scheme

For the urban poor, it has the Pradhan Mantri Awas Yojana (Urban) (PMAY-U), and for the rural poor, it has the Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and PMAY-R). This programme integrates with other programmes to guarantee that homes have a toilet, an electricity connection, an LPG connection, access to drinking water, Jan Dhan banking services, etc. As of December 28, 2019, a total of 1 crore dwellings have been approved against a total demand of 1.12 crore.

The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years. The implementation period of the PMAY-Urban scheme has been extended until 31 December 2024. The decision was made by the Union Cabinet after requests from Union Territories and states. Earlier, the aim was to provide houses by March 2022.

Union Budget 2022

In 2022–2023, 80 lakh dwellings would be finished for the PM Awas Yojana’s identified eligible recipients, including rural and urban and Union Budget 2022 has set aside 48,000 crore for this purpose.

Eligibility criteria

(a) Beneficiary max age 70 years.

(b) EWS (Economic Weaker Section) family income limit is ₹3 lakhs per annum and for LIG (Lower Income Group) Family Income limit is ₹6 Lakhs per annum,[15] and Middle Income Group -(MIG-I) income between ₹6 lakhs to ₹12 lakhs per annum, (MIG-II) income between ₹12 lakhs to ₹18 lakhs per annum.

c) The beneficiary should not have an own dwelling unit on the name of any family member in any part of India.

d) The loan applicant should not have availed any central/state government subsidy or benefit for buying a home under the PMAY scheme.

e) Currently, the loan applicant should not own any property under their name and along with any of the family members (including the dependents).

f) The home renovation or improvement loans, self-construction loans will be allocated only for EWS and LIG categories.[17]

The houses given under this scheme will be owned by females or jointly with males.

Features and Benefits of PMAY Scheme

• Under the PMAY Scheme, a subsidy interest rate is provided at 6.50% p.a. on housing loan for the term of 20 years to all the beneficiaries.
• Differently abled and senior citizens will be given preference in allocation of ground floors.
• Sustainable and eco-friendly technologies would be used for construction.
• The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
• The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all statutory towns from the initial stages itself.

Pradhan Mantri Awas Yojana(PMAY) Beneficiaries

The beneficiaries under the PMAY scheme can be listed as follows:

For More information please check the below link: https://pmaymis.gov.in/