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The government introduced the Pradhan Mantri Awas Yojana on 25th June 2015 with an aim to provide affordable housing to eligible beneficiaries within March 2022.
Features of PMAY
- PM Awas Yojana - Rural – Provide 4 crore homes to the rural beneficiaries within March 2022.
- PMAY - Urban – Allocate 20 million houses to urban poor and slum dwellers by the same date.
One should PMAYG before applying for it to avail the maximum benefit of this plan.
Eligibility criteria and subsidy of PMAY
To avail a loan under PMAY, one should have the following eligibility criteria –
- Middle Income Group (MIG 1) families with annual household earnings ranging between Rs.6 lakh and Rs.12 lakh are eligible to avail a subsidy of 4% on the loan interest. MIG 2 families with a yearly household income between Rs.12 lakh and Rs.18 lakh are entitled to avail PMAY benefits such as loan subsidy of 3%.
- Applicants of the Economically Weaker Section with a yearly household income below Rs.3 lakh can also avail this benefit. They can avail a subsidy of 6.5% on the loan interest rate.
- A household from the Lower Income Group with an annual income less than Rs.6 lakh are entitled to receive a loan subsidy of 6.5% on the rate of interest.
PMAY ensures that any individual can quickly avail a home loan along with scheme related benefits. It is an exceptional initiative by the government to help individuals fulfil the dream of owning a pucca house. One can visit the official website today for PMAY registration to receive these benefits.
