Pradhan Mantri Awas Yojana (PMAY) is a government scheme initiated in compliance with the HFA (Housing for All) mission.
The Pradhan Mantri Awas Yojana, launched in 2015, intends to increase the affordable housing sector in the country. Also, the primary purpose of PM Awas yojana is to present more than two crore concrete houses with toilet facilities, water connections, and round a clock power supply to eligible families and their beneficiaries by March 2022.
Pradhan Mantri Awas Yojana Features and Benefits
- Grant of INR 1 lakh per home by the Indian Government for slum reconstruction and rehabilitation.
- Central aid of INR 1.5 lakh per house unit for affordable accommodations in partnership and beneficiary-led private house development or renovation
- Home loan interest subsidy available of up to 6.5%
- Interest subsidy for Pradhan Mantri Awas Yojana housing loans pertains to a maximum loan duration of 20 years or the loan duration availed by the applicant, whichever is lower.
- Promotes women to be co-applicant or homeowners by granting subsidies for women home loan applicants.
- Mandatory ground floor accommodation for differently-abled and senior citizens
- Compulsory employment of eco-friendly and sustainable supplies for home construction
- Quality of dwelling or residential building will be according to the guidelines of the NBC (National Building Code) and NDMA (National Disaster Management Authority)
- Approval on home designs is obligatory before construction
- No limit on the housing loan sum or value of the property.
Pradhan Mantri Awas Yojana Eligibility
The Pradhan Mantri Awas Yojana (PMAY) Eligibility Criteria are mentioned hereunder:
- Any member of the beneficiary family must not previously hold a concrete home in India.
- The beneficiary family must not have benefitted from any housing scheme from the state or central government.
- The beneficiary family must not have received PMAY subsidy from any of the PLIs (Primary Lending Institutions)
- Home loan applicants who received the Pradhan Mantri Awas Yojana subsidy but throughout the loan duration shifted to another lender under home loan remainder transfer cannot demand the benefit again.
- For married couples, joint purchase or individually will be eligible for a single subsidy under the PMAY.
- Beneficiary families under the middle-income group require furnishing their Aadhaar numbers to receive the benefits of the PMAY scheme.
- Beneficiaries under the Economically Weaker Section category will receive comprehensive assistance under the PMAY scheme. At the same time, people under the low-income and middle-income groups will only be eligible for CLSS (Credit Linked Subsidy Scheme) under PMAY.
Types of Pradhan Mantri Awas Yojana
PMAY caters to both the rural and urban populations of the country. And on this basis, the PMAY scheme is divided into two parts:
PMAY-G (Pradhan Mantri Awas Yojana Gramin) intends to meet the housing demands of the rural poor, and this scheme was earlier known as Indira Awaas Yojana (IAY). It aims to present financial support and concrete houses with all the primary facilities, such as sanitation, power supply, etc., to families without living in dilapidated homes in rural areas of India, except Chandigarh and Delhi.
- PMAY-U (Pradhan Mantri Awas Yojana Urban)
PMAY-U (Pradhan Mantri Awas Yojana Urban) intends to meet the housing demands of the urban poor. There are approximately 4,331 towns and cities included under this scheme.
However, the Ministry of Housing and Urban Poverty Alleviation (MoHUA) will hold the flexibility to incorporate additional cities and towns in different phases if there is a resource strengthened request from states and union territories.