Pradhan Mantri Awas Yojana (PMAY) is an initiative by the Government of India which aims to provide affordable housing to the urban poor by 2022. The program was launched on June 1, 2015. The interest rate for the PMAY program starts at 6.50% pa and is available for up to 20 years. The deadline for the acquisition of the PMAY CLSS program for the MIG-I and MIG-II phases has been extended to March 31 2021. The same has been extended to March 31 2022, for the LIG and EWS sectors. Learn how to apply for pmay online.
Features and Benefits of the PMAY Scheme
- Under the PMAY Scheme, the interest rate subsidy is provided at 6.50% per annum on a 20-year mortgage loan for all beneficiaries.
- People with disabilities are different and older citizens will be given the opportunity to be allocated on the ground floor.
- Sustainable and aesthetic technology will be used for construction.
- The program covers all urban areas in the country, including 4041 official cities with a priority for 500 Class I cities. This will be done in 3 stages.
- The subsidized debt-linked element of Prime Minister Awas Yojana is used in India in all official cities from the very first stages.
Beneficiaries of Pradhan Mantri Awas Yojana
Beneficiaries under the PMAY program can be listed as follows:
|Middle Income Group I (MIG I)
|Rs.6 lakh to Rs.12 lakh
|Middle Income Group I (MIG II)
|Rs.12 lakh to Rs.18 lakh
|Lower Income Group (LIG)
|Rs.3 lakh to Rs.6 lakh
|Economically Weaker Section (EWS)
|Up to Rs.3 lakh
In addition, people in the SC, ST, and OBC categories and women from the EWS and LIG teams will also be able to access the PMAY program.
Identification and selection of beneficiaries under PMAY
- The Pradhan Mantri Awas Yojana – Urban program focuses on the housing needs of the urban poor. The program also addresses the housing needs of slum dwellers living in informal settlements with inadequate infrastructure, substandard toilets and drinking facilities.
- Beneficiaries of PMAY-U mainly include Middle Income Groups (MIGs), Low Income Groups (LIGs) and the Economic Weaker Section (EWS).
- While beneficiaries in the EWS category are eligible for full assistance under this program, beneficiaries from the LIG and LIG categories are only eligible for the Credit Assistance Scheme (CLSS) under PMAY.
- In order to be recognized as a LIG or EWS heir under the Scheme, the applicant is required to submit an affidavit as proof of income to the official.
Building your own home without the interest on a loan is excellent. Those who qualify should choose Pradhan Mantri Awas Yojana. Remember, you should not have your own home before applying for benefits under this scheme.