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All You Need To Know About Pradhan Mantri Awas Yojana (pmay)

By Author: Ritu Housing
Total Articles: 10
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Home is the most prized possession for any Indian. It sums up our life, as it is a reflection of our past, present, and future to come. The emotional value attached to a home is immense and in most cases, generations change in one single home. However, the cycle of dreaming for a home and finally buying it are two distant realities especially a dream home with all the comforts and conveniences.

Since the beginning of the 21st century, India has seen a massive shift in terms of urban migration. World’s largest democracy is also the fifth largest economy and the demands of this growth are unprecedented. In order to meet this demand of the growing urban population and migration, the Indian government under the leadership of Honourable Prime Minister Shri Narendra Modi launched the Pradhan Mantri Awas Yojana (PMAY) in the year 2015 which has four major verticals namely,

1. Slum Rehabilitation
2. Credit Linked Subsidy Scheme
3. Affordable housing in partnership with private & public sectors
4. Subsidy for beneficiary-led individual house construction
What is PMAY?

Pradhan Mantri Awas Yojana is an initiative by the Indian government to provide “HOUSING FOR ALL” by the year 2022 with a target to provide 20 trillion affordable houses. The scheme has two main subdivisions that are Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor.

What is Pradhan Mantri Awas Yojana (Urban) (PMAY-U)?

This subdivision aims to cater to the urban population and has two further divisions under its belt. The urban dwellers have been divided into two-income groups of The Middle Income Group (MIG) will comprise of households having an annual income between Rs.6,00,001 up to Rs.12,00,000 and the Middle Income Group (MIG) - II will comprise of households having an annual income between Rs.12, 00,001 up to Rs.18, 00,000.

What is Pradhan Mantri Awas Yojana (Gramin) (PMAY-G and also PMAY-R)?

Beneficiaries of PMAY - G are eligible for a 3% concession on interest rates on housing loans of up to Rs.2 lakh. This loan can be availed for upgrading your existing home or for constructing a new home in rural areas.

The eligibility Criteria?
Since the scheme focuses to provide housing for all, everyone who falls under the income slab and don’t own a home are eligible for this benefit.

The rule says, "The beneficiary family should not own a pucca house and the beneficiary family should not have availed of central assistance under any housing scheme from Government of India." A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters.

What are the documents required to avail of this benefit?

Aadhar Card of Applicant, co-applicant, adult household members is a must under any category of the PMAY.

However, there are several small exemptions and subsidies under this scheme which are very detailed. So, if you are looking to buy or rebuild your home availing the benefits of the PMAY, you should check all the minute eligibility criteria and benefits which will add further to your relief.

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