Own a House With PMAY (Pradhan Mantri Awas Yojana)

Sujan Afi S

“Mamma, I wanna go home! Mamma, I am tired.”

We often utter these kinds of sentences. No matter how much we love to travel, no matter how much we love to explore the world, there is something unique and attractive about the home that always brings us back at the end of the day. Home is nostalgia, right? It is a place where we spend our days with our near and dear ones. It is a place made of hopes and dreams. 

However, the hard reality is that many of us still have no roof above our heads. It is the new unnatural to see people living, cooking their dishes, and even resting on pavements! A person who gets to eat one meal (or hardly two) a day can never think of saving money to build a house! Now the question is, don’t they deserve a house? Don’t they deserve the same security that we feel at our home? Yes, they do! They want to have a home, but their poverty doesn’t allow them to materialise their dream. 

That is why the Government of India has brought forth the Pradhan Mantri Awas Yojana (PMAY). It is a brilliant initiative wherein reasonable lodging is to be furnished to needy people. The scheme aims at building 20 million houses by 31 March 2022.

What is Pradhan Mantri Awas Yojana?

The Pradhan Mantri Awas Yojana scheme was dispatched with the target of giving ”Affordable Housing” through a credit-connected subsidy on home loans for individuals from the financially vulnerable segments of society (EWS) along with the people with low income (LWS) and middle income (MWS). The plan works with both private and government sector funding.

The plan is parted into equal parts – PMAY Urban and PMAY Rural, and every half has its own scope of advantages and highlights which were created remembering the ideal interest group.

The PMAY scheme is such that it includes every category of people who really need the benefit of such a scheme.

That’s why the scheme has been further subdivided into several categories which have been discussed in detail in the upcoming lines.

  1. In Situ Slum Rehabilitation: Several people amongst us live in slum areas. They too are the citizens of India. They too deserve a better life. Thus, the Government of India has made the provision for them too. The people living in slum areas can have a loan of up to 1 lakh and construct a house for him. 
  2. Beneficiary Led Construction: Many amongst us belong to the Economically Weaker Sections (EWS). Thus, the Government has provided help to people belonging to the EWS category. The Government will grant a loan of up to 1.5 lakh to them so that they can build a house or redevelop the existing one. The only condition is that they should have land of their own to build the house. 
  3. Affordable Housing in Partnership: Under this part, one can get the benefit of Rs.1.5 lakh for the development of another house, given the individual doesn’t possess land or a house and can’t stand to construct one with the assistance of a home advance. This monetary help will be given to houses that are being built in partnership with the assistance of States/Union Territories. 
  4. Credit Linked Subsidy Scheme: This plan is for those individuals who can construct or buy or renovate a house with the assistance of home loans. A subsidy is to be given on the interest part of the home loan EMI if the qualification criteria are met. What is to be noted is that a maximum amount of 2.67 lakh subsidy can be given. 

Eligibility Criteria for PMAY scheme

  • The individual who wants to apply for a loan under the PMAY scheme should be less than 70 years old.
  • The loans for renovating or redeveloping a house will be given to individuals belonging to the EWS (Economically Weaker Sections) and LIG (Lower Income Group) categories.
  • The individual should not have a house in his/her name and should not be a joint holder of a property with any of his/her family members.
  • The candidate ought not to have availed the central or any state government subsidy for purchasing a house under the PMAY scheme.
  • The income of people belonging to the EWS category should be less than 3 lakhs, whereas the individuals of LIG should have a yearly income of less than 6 lakhs.
  • The income of individuals having a place in the MIG-I classification ought to be between 6-12 lakhs, and those belonging to MIG-II should have a yearly income of 12-18 lakhs.

On a Final Note

I hope you have got a clear idea about the PMAY scheme. For further information, you can click here. Still if you have any doubt regarding the scheme, feel free to contact us at info@roodland.com.

Our dedicated team understands your needs and desires. You will be guided in the right direction by the right person! Trust me, the guidance of an expert helps to utilize the offer available in the best possible manner.


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