Everything You Need to Know About Pradhan Mantri Awas Yojana
- geetafinancial123
- Nov 15, 2022
- 3 min read
Updated: Nov 23, 2022
A solid and sturdy roof over their heads is the dream of many Indian citizens from the economically weak classes. All they want is to own a concrete house, no matter whether it’s big or small, so they can sleep in peace. That’s why the Indian government, led by Prime Minister Shri Narendra Modi, launched the Pradhan Mantri Awas Yojana or PMAY scheme with the dream of providing affordable houses to every Indian family. In this article, we will talk about everything you need to know about the PMAY plan. Let’s dive in.
What is Pradhan Mantri Awas Yojana?
PMAY, or Pradhan Mantri Awas Yojana, is an initiative launched by the Central Government of India in 2015 with the concept of building houses for every Indian family. It was launched with the goal of providing affordable houses to poor Urban and Rural Indian families. The Indian government has set a target of building 20 million homes for economically weaker families in the Urban sectors by the end of 2022. The loans under the PMAY scheme come with significantly lower interest rates and have a tenure of 20 years. Undoubtedly, many Indian families have obtained the Pradhan Mantri Awas Yojana benefits and have gotten their own affordable homes.
The Two Divided Projects
Depending on the region, the government has divided this scheme into two different projects, which are PMAY-Urban and PMAY-Gramin.
PMAY-Urban: This project concentrates on congested slums. The target is to replace the temporary housing units with permanent or pucca houses. The government is looking to deliver these houses to the slum residents, Economically Weaker Sections (EWS), and Middle Income Groups (MIG)
PMAY-Gramin: Pradhan Mantri Awas Yojana Gramin is designed to provide affordable houses to Indian families in rural areas.
The Benefits of PMAY
The PMAY plan comes with tons of benefits for economically weaker families. Let’s take a look at some key advantages of this scheme:
The applicants get subsidized home loan interest rates with a 20-year tenure.
Every economically weaker family can get their own permanent house.
The slum dwellers with temporary housing units can get their own concrete residences.
Homes built under the Pradhan Mantri Awas Yojana plan are environment-friendly.
Eligibility Criteria for PMAY
Here’s the list of eligibility criteria for PMAY:
The applicant’s age must not exceed 70 years at the end of the PMAY loan tenure.
People who have a home registered to their names are not eligible to apply for loans under the PMAY plan.
The applicant must not have any prior subsidy under any sort of central/state government housing plan.
The applicants must not own permanent concrete houses.
The family income limit of different classes is also one of the PMAY eligibility criteria. The income limits are:
Classes/ GroupsFamily Annual Income LimitEWS (Economically Weaker Section)Rs. 3 lakhsLIG (Lower Income Group)Rs. 6 lakhsMIG-1 (Middle Income Group - 1)Rs. 6 - 12 lakhsMIG-2 (Middle Income Group - 2)Rs. 12 - 18 lakhs
Conclusion
Starting with a mission to provide housing to all Indian families, the PMAY plan has played a great role in providing permanent residents by giving out subsidized home loans. As long as an applicant meets the eligibility criteria of the PMAY scheme, he/she can easily receive its benefits. Rural families are getting concrete houses, and the slum dwellers are getting permanent or pucca houses instead of unstable temporary housing units. While there are still many challenges, the government is hopeful to provide all of its citizens with a good and sturdy place to sleep.
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