PMAY & its Salient Features

Kishan Thakkar K

What is PMAY?

PMAY stands for Pradhan Mantri Awaas Yojana (Gramin) / Indira Awas Yojana.

The Pradhan Mantri Awaas Yojana is a Government of India initiative to provide affordable housing to the urban poor, with a target of building 2 crore affordable houses by March 31, 2022.

Objective

The main objective of the PM Awaas Yojana Scheme is housing that is affordable for all by the year 2022.

The preferential and key beneficiaries under PMAY are;

Scheduled castes and scheduled tribes

Economically Weaker Section (EWS) of the society

PMAY is applicable to borrowers belonging to the

1. Economically Weaker Section (EWS – with a maximum annual family income of Rs. 3,00,00)

2. Low Income Group – (LIG – with maximum annual family income of Rs. 6,00,000) and

3. Middle Income Groups (MIG – I & II – with a maximum annual family income of Rs. 18,00,000)

Salient features

  • The scheme provides an interest subsidy rate of up to 6.5 percent on housing loans to all beneficiaries who take out loans with terms of up to 20 years.
  • Differently abled and senior citizens can get the preference of having a house on the ground floor under the PMAY scheme.
  • Houses will be constructed using eco – friendly and sustainable technologies.

Conclusion

I hope you have found the blog helpful in understanding about PMAY. However, if you have any questions or comments, you can reach out to us at info@roodland.com. Any concerns or suggestions you have will be taken into consideration.

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