By the government of India launched PMAY and through this affordable housing provided to the urban people with a target of building 2 million affordable houses by 2022. They divided into two categories pradhan mantri awas yojana urban or for the rural people.
This scheme is meet with other schemes to ensure that the house has a toilet, electricity connection, LPG gas connection, drinking water, banking facility and more. The government wants to give basic privileges that’s why they included this factors too. PMAY has launched in 2015 and motive to provide affordable housing for urban people.
Now we should know the eligibility criteria for this, let’s know below points of PMAY.
PMAY Under EWS or LIG Scheme
- You or your family don’t have another house their name
- Applying under the EWS scheme should have an annual income up to Rs 3 lakhs
- Whoever applying under EWS scheme should have an annual income between Rs 3 lakhs to Rs 6 lakhs
- The maximum term of the loan is 20 years
- The maximum age should be 70 years, at the end of the repayment period
PMAY Under CLSS Scheme
- The buyer and their family shouldn’t have another house under their name
- You shouldn’t have availed any central or state assistance under any housing scheme from the government of India
- Location of the property should fall under all statutory towns as per planning area
- The credit linked subsidy at 4% is available for a loan amount up to Rs 9 lakhs in a case of MIG-I
What Is The Pradhan Mantri Awas Yojana Scheme?
In launching time their scheme to cover people in the annual income whose not exceeding Rs 3 lakh and next one not exceeding Rs 6 lakh, now it covers the mid-income group as well.
This scheme can divide into four aspects. First, they want to transform slum areas by building homes so that can develop. Second, they plan to give credit-linked subsidy to the mid-income section as a loan for new construction or renovation of the existing home. Third the government with financial assistance for affordable housing projects done with states or union territories for the EWS. And fourth, it will extend the direct financial assistance of Rs 1.5 lakh to EWS.
An interest subsidy of 3 percent to 6.5 percent announced for loans ranging between Rs 6 lakh to Rs 12 lakh. If you are in the EWS or LIG schemes category and want to take a loan up to Rs 6 lakh, there is an interest subsidy of 6.5 percent for the tenure of 15 years. So that, around 20,000 people have availed of a loan under this scheme.
The government increased the loan amount to Rs 12 lakh, targeting mid-income category. For this interest, the subsidy will pay 3 percent. In rural areas, the interest of 3 percent offered up to Rs 2 lakh for constructing new homes or extension of old homes.