A roof over the head, whether big or small, has always been considered a distant dream and a valuable possession for individuals from economically weaker classes. A Pradhan Mantri Awas Yojana is a big step in the direction of making this dream of owning a home come true for these citizens of India.
Pradhan Mantri Awas Yojana (PMAY) is an Indian government initiative that was launched by PM Narendra Modi in June 2015 and is based on the concept of “housing for all”. The idea behind this initiative is to provide affordable housing to the urban and rural poor of the country. The government proposed to build over 2 crore homes in urban areas by the year 2022 for citizens who come under economically weaker sections and low-income groups. The tenure for loans under the PMAY can go up to 20 years. This scheme also focuses on making housing affordable for demographics such as women, scheduled castes, scheduled tribes, and minority groups.
Depending on the region it caters to, PMAY is divided into two parts
The PMAY-U scheme launched in June 2015 addresses the issue of housing shortage among the Economically Weaker Sections (EWS) and Middle Income Groups (MIG).
Listed below are the three phases of PMAY-U which are envisioned from start to completion of houses construction.
The PMAY-G scheme, known as Indira Awas Yojana until 2016 comes under the Ministry of Rural Development. This scheme is focused on providing affordable housing to the citizens living in rural parts of India. Houses under the PMAY-G scheme are provided to the people who do not own a house or those living in kutcha houses.
The important conditions to be kept in mind while applying for a loan under the PMAY scheme are
|Classes||Family income limit|
|EWS (Economically Weaker Section)||₹3 Lakhs per annum|
|LIG (Lower Income Group)||₹6 Lakhs per annum|
|MIG-1 (Middle Income Group-1)||₹6-12 Lakhs per annum|
|MIG-2(Middle Income Group-2)||₹12-18 Lakhs per annum|
Some of the key benefits of the PMAY scheme are mentioned below
Listed below are few documents required while applying for a loan under the PMAY scheme
With its mission statement “housing for all”, the PMAY scheme has played a vital role in making housing affordable for people from all walks of life. If you ever dreamt of having your own home and meet the eligibility criteria of the PMAY scheme. Now would be the right time to apply for a housing loan and fulfill that ever-distant dream.