Pradhan Mantri Awas Yojana
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Pradhan Mantri Awas Yojana (PMAY) has recently prolonged its scope to provide to the housing needs of the mind – income group; apart from the economically weaker sections (EWS) and low-income group (LIG). PMAY launched in June 2015, the Government predicts to build affordable Pucca houses with good water facility, electricity supply without any interruption and sanitation.
The main purpose of the scheme is to cover people in the EWS (who annual income is not exceeding 3 lakhs) and LIG (who annual income is not exceeding 6 lakhs) sections, but now even they cover mid-income group (MIG) as well.
How “Pradhan Mantri Awas Yojana”works?
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The scheme consists 4 components, they are as follows
Transforming Slum Areas (Slum Rehabilitation of Slum Dwellers)Credit Linked SubsidyAffordable Housing in PartnershipBeneficiary led Individual house construction or Enhancement
Transforming Slum Areas (Slum Rehabilitation of Slum Dwellers):
This activity is carried out with the help of private developer using land as resource
Credit Linked Subsidy:
In this section, the weaker economic sections will give subsidy on home loans taken by Urban Poor,It is eligible for the loans availed for new construction and addition of rooms (kitchen, toilet etc.) and it will be available only for loan amount up to 12 lakhs.
Affordable Housing in Partnership
This section is a supply-side intervention, in this section financial assistance to EWS (Economically weaker sections) hoses begin built with different Paternership by states / UTs /Cities will be allotted
Beneficiary led Individual house construction or Enhancement:
This section supports the eligible families who belong to EWS categories and this support will be given to either to construct the new house or to enhance the existing houses on their own. Central assistance of one lakh will be given in this section.
Eligibility of Pradhan Mantri Awas Yojana:
Age – 70 years or lessIncome range – less than Rs. 3lakhs for economically weaker sections and between Rs. 3 to 6 lakh for lower income groupsIt is eligible to all Indian Citizens women. No other demographic will be considered as long as they are women.People who belong to the low-income group i.e. LIG and economically weaker sections also known as EWG in the society may also apply.Senior citizens and differently able will be given special priorities for ground floor housing.Scheduled tribes and castes will also be eligible.
The beneficiary of Pradhan Mantri Awas Yojana:
They must meet the income requirement of the scheme
They must not own a build house in the Indian subcontinent to avail this scheme
A family which include husband, wife, and children who are still unmarried
The economically weaker section consists of families with a yearly income less than 3 lakhs and people who belong to annual income group of Rs. 3 lakhs and up to 6 lakhs under lower income group or LIG
Eligible Beneficiary of PAMY (Gramin)
The Social Economic and Caste Census of 2011 is going to be utilized to identify and select the list of beneficiary on the Gramin Plan of the PMAY
Before making the list on the rural housing scheme, the village Tehsils and Panchayat will be considered for discussion of beneficiaries and this going to be held in order to ensure transparency of the project and ensure that only the deserving receive the aid in housing.
Features of PMAY:
The scheme is mainly targeted at the urban poor in IndiaFacility will be accessible to scheduled castes and scheduled tribesThere will be no caste-based inequity while providing loans under this scheme
Benefits of PMAY:
The PMAY Scheme is targeted for the Economically Weaker Section And Low Income Group.PM announced that the main aim is to reduce the rate of Home Loan. So anyone can make their house.They are giving the 4% concession on 9 Lakh loan and 3% on ₹ 12 Lakh Loan for the Beneficiaries who want to make a home in the urban area.They have increased 33% house in Rural Area under the Prime Minister’s Housing Scheme, and they want to include more people who don’t have a house.The Beneficiaries, who want to repair their house, they will get Rs 2 Lac Home Loan with 3% of Concession.Through the PM Awas Yojana, The poor and Deprived people can complete their dream is the motto of Indian Government.Sponsored Links:
Pradhan Mantri Awas Yojana (PMAY) Phases:
PMAY has divided into 3 phases as follows
Phase: 1
Started – April 2015,Covered – 100 citiesEnded – at March 2017
Phase: 2
The second phase is started – at April 2017Covered – 200 citiesEnded – at March 2017
Phase: 3
The third phase started – April 2019Covered – remaining citiesEnded at – March 2022.
PMAY Interest Rates, Loan & Subsidy:
ParticularsInterest SubsidyLoan AmountCarpet area Sq MtEWS6.50%6 Lakhs30LIG6.50%6 Lakhs60MIG 14.00%9 Lakhs90MIG 23.00%12 Lakhs110
PMAY EMI Calculator:
To calculate the EMI log on the Pradhan Mantri Awas Yojana website http://pmaymis.gov.in/EMI_Calculator.aspx and enter all the details as below
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Total loan amount in rupeesThe rate of interestThe total loan period in monthsAfter entering all the details click on calculateit will display monthly installments or EMI payable in rupees
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