Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana (PMAY) has delivered a series of advantages for first-time homebuyers. A subsidy on your home loan interest is one of the top benefits that PMAY extends to you. Claiming the PMAY subsidy on your home loan is a simple foundation of your eligibility, in case you apply for the Pradhan Mantri Awas Yojana as per your income and purchase a home that fulfils the carpet area norms set out through the scheme.

The Union Cabinet has approved Pradhan Mantri Awas Yojana- Urban (PMAY-U) 2.0 to offer financial assistance to 1 crore economically weaker and middle-class families. project aims to provide assistance to build, buy, or rent affordable houses in urban locations over the next 5 years. The Government of India has implemented this project as a major step to provide all-weather pucca houses to middle-class families at an affordable price. The PMAY-U scheme has already helped citizens with 1.18 crore houses and has delivered over 85.5 lakh homes to beneficiaries across urban India.

PMAY: Who will this benefit?

The primary beneficiaries of PMAY are weaker sections and middle-class families who still need to own a pucca house. Although, special attention will be given to widows, minorities, SC/STs, construction workers, slum dwellers, Anganwadi workers, etc.

PMAY 2.0 Eligibility Criteria

Some eligibility criteria to avail the benefit of PMAY- U 2.0 are as follows-

1. You should not have any pucca house anywhere in the country.
2. For EWS (Economically Weaker Section) families, annual income should not be more than ₹3 lakhs.
3. For LIG (Low-Income Group) families, annual income should be in the range of ₹3 lakhs to ₹6 lakhs.
4. For MIG (Middle Income Group) families, annual income should be in the range of ₹6 lakhs to ₹9 lakhs.
5. You must not have previously received any financial aid through a government housing initiative.
Already built houses do not come under the scheme.

Verticals under PMAY-U 2.0

Here are the verticals under which PMAY 2.0 will work to provide benefits to citizens-

1. Beneficiary-Led Construction (BLC)- In this, eligible families under EWS will get the benefit on constructing new houses on their own available land.
2. Affordable Housing in Partnership (AHP)- Under AHP, redeemable housing vouchers will be given to buyers when they purchase a house from a private sector project. If the construction is done using innovative technologies, an additional ₹1000 per sqm/unit will be provided.
3. Affordable Rental Housing (ARH)- This is a unique scheme that will cater to rental housing for urban migrants, students, industrial workers, working women, etc. ARH shall ensure affordable and hygienic living conditions for people who are looking for short-term accommodation and do not want to own a property.
4. Interest Subsidy Scheme (ISS)- Under this scheme, subsidies will be given on home loans for EWS, LIG and MIG families. The maximum value of property under this scheme should be less than ₹35 lakhs and loan value should be less than ₹25 lakhs. An interest subsidy of 4% will be given to all beneficiaries under this scheme. A home loan subsidy of up to ₹1.8 lakhs will be provided in five-year instalments.

Read this in Gujarati.

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