Overview / Details

Pradhan Mantri Awas Yojana is a social welfare scheme which was launched by Honorable Prime Minister Shri Narendra Modi in the year 2015. This program aims to provide affordable housing to the economically weaker sections of the society which include:

  • Lower income groups
  • People belonging to poor strata from urban regions
  • and the rural poor

Under this initiative, the government is targeted to build 20 million affordable houses by 31 March 2022.

This scheme covers the two following elements:

  • Pradhan Mantri Awas Yojana urban – (PMAY-U) for the urban poor
  • Pradhan Mantri Awaas Yojana Gramin -(PMAY-G and also PMAY-R) for the rural poor

Features

  • The PMAY offers the benefit of a substantial decrease in the rate of interest by providing an interest subsidy of 6.5% on all home loans availed under its head and the subsidy is subjected to last for a period of 15 years from the date of commencement of the loan.
  • The scheme has levied more importance on female applicants thus it can be termed as a women-centric scheme.
  • The ground floor houses are allocated preferably to the senior citizens or the differently-abled people.

The driving force behind all the construction activities carried out under this scheme would be technology and the construction’s eco-friendly behavior.

Requirement Documents / Eligibility

  • The maximum age limit for the beneficiary to avail this scheme is 70 years.
  • The beneficiary family should not own any property in the name of any of its family members, in any part of India.
  • Families become eligible to receive the benefits being conferred under PMAY when they have not received prior assistance from the centre under this scheme.
  • The scheme covers the families which comprise of a husband, a wife and unmarried children. Also, an adult earning member irrespective of his/her marital status can also be covered under this scheme by treating them as a separate household according to the MIG category.
  • The income criteria: The income criteria considered for availing the PMAY benefits consists of different income ranges defined for the segregated sections. The income group of EWS, MIG, LIG will only be able to enjoy the benefits of this scheme.

The households having an annual income less than Rs. 3 Lakh will be considered as Economically Weaker Section- EWS.

The households falling under the annual income range of Rs. 3 Lakh to Rs. 6 Lakh will be considered as Lower Income Group-LIG

Whereas the families which have an annual income of above Rs 6 lakhs to Rs 18 lakhs will be counted under the category of Middle-Income Groups- MIG.

Only those families which fall under the aforementioned income sections are eligible to avail an interest subsidy on housing loans under the PMAY scheme.

The list of documents required to enrol for the PMAY scheme includes valid identity proof, address proof, income proof and property documents

Benefits

The Pradhan Mantri Awas Yojana offers the following 4 major benefits:

  • In-Situ Redevelopment which aims at providing formal urban establishments to slum dwellers.
  • Promotion of affordable housing for weaker sections through credit linked subsidy via which the lending institutions will be able to credit the interest subsidy to the beneficiaries’ accounts directly.
  • Partnering with the Public and Private sectors in order to provide affordable housing to the economically weaker sections.
  • Provision of subsidy for the beneficiary-led individual house construction and enhancement.

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