Quick Major Guidelines for Pradhan Mantri Awas Yojana Scheme
PMAY is a scheme introduced by the Government of India to make basic living standards accessible for the financially weaker sections of the population via affordable housing. It aims to build 20 million housing units by the end of FY22.
PMAY and Credit Linked Subsidy
Pradhan Mantri Awas Yojana helps its applicants by providing credit-linked subsidy on a home loan. The aid is provided on the interest rate of a loan. For Middle Income Group, the subsidy is disbursed for the acquisition and construction of homes. For Economically Weaker Section and Lower Income Group, the support also extends to building and extension (like toilet, kitchen, room, etc.) done in an existing house.
Guidelines for PMAY
There are several guidelines an applicant has to maintain while applying for Pradhan Mantri Awas Yojana.
Let’s take a look:
Adherence to specified income group
The eligibility of PMAY is primarily based upon the economic criteria and applicant’s household income.
It is mainly divided into three categories:
EWS/LIG – An applicant with an income not exceeding Rs. 6 Lakh per annum falls under this group. EWS beneficiaries can opt for a carpet area of 30 sq. meters, whereas LIG beneficiaries can choose properties of 60 sq. Meters.
MIG-1 – PMAY CLSS for Middle Income Group I is for applicants whose annual income is between Rs. 6 Lakh to Rs. 12 Lakh in a year. They can select properties of up to 120 sq. Meters.
The subsidy amount for MIG-I group applicants is 4% for a loan of up to Rs. 9 Lakh. Any amount higher than that will not be linked to the grant.
MIG-II – Applicants under MIG-II scheme should have an annual income ranging from Rs. 12 Lakh to Rs. 18 Lakh. They will receive a subsidy of 3% on loans of Rs. 12 Lakh under PMAY credit-linked subsidy scheme.
There are also some other rules that applicants have to adhere to get the benefits of this subsidy scheme.
Applicants or their family members should not own a house in any part of the country.
Anyone who has availed or purchased a house under any other central or state-assisted housing scheme will not be eligible for this policy.
Applicant must have their Aadhaar card linked at the time of application.
The location of the house should be in one of the Government approved listing of towns (according to 2011 census).
An adult female of the family has to be listed in the membership and ownership of the home.
The Government of India gives preference to applicants who are –
Women.
Widows.
People from SC/ST/OBC category.
Individuals belonging to the minority groups.
Differently-abled peoples.
Transgender.
These are some of the essential PMAY eligibility criteria that every applicant has to fulfill. Applicants must go through and understand all they need to know about PMAY to successfully apply and avail the subsidy of this credit linked scheme.
PMAY CLSS is aimed towards the betterment of the country by providing affordable housing to the developing LIG and MIG group. The subsidy helps a borrower reduce the strain of repayment by a significant margin. They can easily bear the additional costs like processing fee for a home loan, registration charges, etc. thanks to a lower rate of EMI.
Moreover, this policy also covers various financial institutions, including NBFCs. Borrowers can enjoy an affordable interest rate, flexible tenor, and doorstep services provided by the lender.
They also provide best offers that make applying and availing such credits quick and hassle-free. Such offers are available on numerous financial products including secured credits like loans and unsecured credits like personal loans and business loans. You can contact them by providing only your name and contact details.
PMAY CLSS was introduced to mitigate the severe deficiency of high-quality, yet affordable residential properties across the nation. A significant number of the country’s populace were living in poor conditions, especially in the metropolitan areas. Government of India introduced this scheme to provide financial assistance to the lower and middle-income group who were affected the most because of this sudden rise in the demand for housing.
Recent reports suggest that Pradhan Mantri Awas Yojana helped in the construction of nearly 10 million houses in the rural areas and 4 million homes in urban zones till March 2018.
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