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.
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)
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.
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Kishan Thakkar is working as a writer for the real estate and architecture industry. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management and handling operations for The Real Talks platform. He has a penchant for research, analysis, and understanding various fields. Discipline is the key to balance his diversified interest and work routine.