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Pradhan Mantri Awas Yojana - A Brief Overview!

The Central Government of India launched the Pradhan Mantri Awas Yojana or the Pradhan Mantri Awas Yojana (PMAY) in the year of 2015.

Pradhan Mantri Awas Yojana focuses on offering affordable housing solutions and home loan subsidies to people from weaker sections and low-income groups.

However, recently even middle-income group members in two-income categories were added to the PMAY scheme.

Pradhan Mantri Awas Yojana aims to build over 2 crores of Pucca houses across the length and breadth of India using eco-friendly and sustainable technologies. As a result, it comes with the tagline – ‘Housing for all’ by 2022.

It also offers a credit-linked subsidy to economically weaker and mid-income groups on home loans taken for construction and buying of a new home. As a result, you can enjoy subsidized home loan interest rates and pay reduced EMIs.

Who can benefit from Pradhan Mantri Awas Yojana?

Here are the beneficiaries of the Pradhan Mantri Awas Yojana:
  • Scheduled tribes
  • Scheduled Caste
  • Women of all religions and Caste
  • Economically Weaker Section (EWS)
  • Lower Income Group (LIG)
  • Middle or Medium Income Group I (MIG I)
  • Middle or Medium Income Group II (MIG II)

Pradhan Mantri Awas Yojana Eligibility

If you want to move into your own home and unaware of the PMAY eligibility conditions to make the most of the plan, have a look at them:

Any household who is earning an annual income ranging between Rs.3 lakh and Rs.18 lakh is entitled to apply for the PMAY scheme. What’s more, the applicant is free to include some income statistics of a spouse while availing of this plan.

Women candidates who are a resident and proven citizen of the Republic of India are also allowed to apply.

The receiver of the scheme is entitled to buy a new home for enjoying the benefits linked to Pradhan Mantri Awas Yojana.

The applicants having a home in any part of the country can’t apply for the PMAY scheme.

The applicants of Pradhan Mantri Awas Yojana are allowed to buy or construct only new homes. He/she can’t utilize the PMAY advantages on houses that are already built.

Applicants coming from Economically Weaker Sections (EWS) and Lower Income Groups (LIG) are also qualified to apply for the PMAY scheme.

Scheduled tribes and scheduled castes are also permitted to apply to make the most of the Pradhan Mantri Awas Yojana scheme.

Objectives of the Pradhan Mantri Awas Yojana

Currently, Pradhan Mantri Awas Yojana focuses on offering housing solutions that are deemed as affordable for all qualified applicants by the end of 2022.

Further, the PMAY emphasizes on giving preferences to women, senior citizens, and differently-abled people in allocating ground floors.

Special preference is given for widows and transgender under the scheme.

You need to register the property to reap the benefits of the Prime Minister Awas Yojana

If you think you belong to the EWS, LIG, or MIG I or MIG II Group, and wish to buy a home using the subsidized home loan interest rates, you can apply to a PMAY lender. Some banks offer home loans under the PMAY scheme in India.
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