Important Things About Pradhan Mantri Awas Yojana
What Is Pradhan Mantri Awas Yojana PMAY
The Government Of India launched Pradhan Mantri Awas Yojana in 2015, with an ambition of building 2 crore homes for various income categories by the year 2022. The PMAY scheme provides a subsidy on the Home Loans by bringing the Credit Linked Subsidy Scheme (CLSS). This allows the homebuyers from the Low, Medium, and Economically Weaker sections to get the interest subsidy from 3%- 6.5% on the home loans depending on their income category.
Key Objectives Of The Pradhan Mantri Awas Yojana (PMAY)
- The promotion of affordable housing in India by providing financial relaxation to the Low, Medium, and EWS income groups.
- Introducing Credit Linked Subsidy Scheme (CLSS) to promote affordable housing.
- Partnership with the Public and Private sectors to boost the affordable housing.
- Subsidizing the individual housing construction in urban and rural areas.
Four Major Verticals of Pradhan Mantri Awas Yojana (PMAY)
‘In situ’ Slum Redevelopment
Under this scheme, the land under slums will be used to provide housing to the slum dwellers. For this, private participation will be encouraged to promote the urban settlement of the existing slum dwellers. For this, The respective state government will make the decisions on the eligibility, ownership rights, and restrictions, etc.
Affordable Housing through Credit Linked Subsidy
Under the Credit Linked subsidy scheme, the homebuyers get an interest subsidy of up to 6.5% of the total home loan depending on their income category. The subsidy is only applicable for Home Loans up to ₹ 6 Lakh.
Additional home loan amount after ₹ 6 Lakh is non-Subsidized. Meaning, the maximum subsidy that can get under the PMAY is 6.5% of the maximum 6 Lakh home loan amount that is ₹ 2.67 Lakhs.
Affordable Housing in Partnership
This vertical of the PMAY aims to provide houses to the EWS category at many affordable rates. To ensure that there is enough supply of the EWS housing units government encourages the private players to develop the EWS housing projects by providing financial assistance of ₹ 1.5 Lakh per EWS housing unit.
Moreover, PMAY will provide financial assistance to the Affordable Housing Projects with at least 35% of the houses are EWS units.
Subsidy for beneficiary-led individual house construction
This PMAY vertical gives a subsidy of ₹ 1.5 Lakh for the construction of the New Houses or re-construction of the existing house. The beneficiaries who do not get the benefit of the above three PMAY verticals will be eligible.
For this, the state government releases the financial assistance in 3-4 installments. Whereas the last installment of ₹ 30,000 is released after the construction of the house.
You can refer to image below,
Eligibility Criteria For The Pradhan Mantri Awas Yojana PMAY
Following is the set of eligibility criteria to get the benefits under the PMAY scheme.
- The annual income of the household should be between ₹ 3 Lakh- ₹ 18 Lakh.
- The applicant should not own a pucca house in any other part of the country.
- The Applicant should not be the beneficiary of other housing schemes of the state or the central government.
- No subsidy for the already built houses.
- The subsidy is applicable only on the Home Loan Amount up to ₹ 6.7 Lakh.
- The Home Loan tenure is 20 Years.
These were the general eligibility criteria for the PMAY. However, under the PMAY CLSS, the following is the eligibility criteria and the applicable subsidies for different types of incomes group.
Source Link, Click Here: Important Things About Pradhan Mantri Awas Yojana
Comments
Post a Comment