123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Internet-Marketing >> View Article

All You Wanted To Know About Pradhan Mantri Awas Yojana

Profile Picture
By Author: Sushanth Singh
Total Articles: 6
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

THE Pradhan Mantri Awas Yojana is an ambitious initiative of the Government to provide shelter to the poor and weaker section of our society. “Pradhan Mantri Awas Yojana is a significant step in making the dreams of the poor come true” are the Prime Minister’s words. While the PMAY aims at achieving shelter for everyone by 2022 through various schemes, one of the key components of the scheme is the Credit linked subsidy which offers subsidy on home loans for different sections of the society.
The benefits of the scheme is available only for those who don’t own a home and fall under certain income category classification.
EWS — Economically Weaker Section: The annual household income should be upto Rs.
3 Lakhs
LIG — Low Income Group: The annual household income under this category should be above Rs. 3 Lakhs and upto Rs. 6 Lakhs.
MIG — Medium Income Group: This groups is further classified into two categories MIG 1 and MIG 2. MIG 1 includes those with the annual household income above Rs. 6 Lakhs and upto Rs. 12 Lakhs.
MIG 2 includes those with an annual household income above Rs.12 Lskhs and upto Rs. 18 lakhs.
All the above benefits can be availed only upon producing necessary proof to ascertain claims. Apart from the above classifications based on annual household income below are certain classifications under which a subsidy claim can be established.
Minority Groups: Those who belong to minority groups like Schedule Caste, Schedule Tribe and Other Backward Classes(OBC) are considered under the Prime Minister Awas Yojana Scheme. Those claiming under this category should provide necessary caste certificate and income proof.
Women: Consideration is provided to women who apply under the PMAY scheme and belong to the EWS/LIG category.
Eligibility Criteria:
EWS
Rs. 3 Lakh (Annual Household Income)
60 sq. mtrs (645.83 sq. ft) (Max. Carpet Area)
LIG
Rs. 6 Lakh (Annual Household Income)
60 sq. mtr.s (645.83 sq ft) (Max. Carpet Area)
MIG 1
Rs.6 lakh to Rs.12 lakh (Annual Household Income)
160 sq. mtrs.(1722.33 sq ft) (Max. Carpet Area)
MIG 2
Rs.12 lakh to Rs.18 lakh (Annual Household Income)
200 sq. mtrs. (2152.78 sq ft) (Max. Carpet Area)
• The Applicant’s Family must not own a house in any part of the country.
• In the case of a Married couple, either a Single or a Joint ownership deal is allowed, and both options will receive just one subsidy.
• The Applicant’s Family must not have availed the benefit of any housing-related schemes set up by the Government of India.
Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI). The Ministry of Housing and Urban Poverty Alleviation has clearly earmarked the road map and has made it clear that the eligibility criteria of a prospective applicant need to be met strictly. Also has enlisted the help of some leading banks in the country to provide loans for construction under PMAY.
For those looking to avail benefits under the PMAY scheme can visit us www.repcohome.com or mail sales@repcohome.com

Total Views: 24Word Count: 484See All articles From Author

Add Comment

Internet Marketing Articles

1. Crm With Microsoft Dynamics 365
Author: Charter Global Inc.

2. Benefits Of Using Remote Offshore Expertise On Your Next Development Project
Author: Charter Global Inc.

3. Aid Poor To Go For Contented Life By Friendly Wordpress Website Design
Author: Navicosoft_Private_Limited

4. Social Media Marketing Agency In Dubai
Author: Mathew Varghese

5. How Can Internet Exchange Help My Business?
Author: DE-CIX India Internet Exchange

6. Three Different Ways To Back-up Your Pc
Author: John Smith

7. 5 Reasons How Digital Marketing Can Make Your Business Agile
Author: Soumya Banerjee

8. Role Of Android App Development Services For A Successful Business
Author: Mobile App Coder

9. Underlying Reasons To Opt For Expert Ios App Development Services
Author: Mobile App Coder

10. 5 Benefits Of Using Android App Development Services On Your Own Product
Author: Mobile App Coder

11. Best Digital Marketing Techniques To Grow Your Business
Author: Amit

12. Top Cbse School In Bhopal - Indian Society: A Melting Pot Or A Salad Bowl
Author: SIS Bhopal

13. Role Of Content Writing Services In Digital Marketing
Author: Navicosoft_Private_Limited

14. Top 15 On-page Seo Techniques For Better Ranking In 2020
Author: Swastik Web Technology

15. 5 Imperative Digital Marketing Agency Services For Success
Author: Navicosoft_Private_Limited

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: