What is PMAY scheme?

What is PMAY scheme?

There was a time when many people in India do not own their own house and so for them, it is the golden opportunity when our honourable Prime Minister introduced PMAY (Pradhanmantri Awas Yojna). It is divided into two parts urban and rural so that people who have less income and unable to purchase their own house can get it under their respective division. There is even option of a subsidiary in such scheme and people can easily get a loan to purchase shelter for their family. Eligibility criteria vary according to income and other details.

Pradhan Mantri Awas Yojana Application Form

Eligibility for PMAY

  • There are three schemes under PMAY which are Economically Weaker Section(EWS)/ Lower Income Groups(LIG), Middle Income Groups(MIG-I) and MIG-II.
  • In all the three scheme it is very important that the applicant nor any family member possess their own house.
  • It is important to have ownership shared with one female member of the family in EWS/LIG. In MIG-I ad MIG-II, it is desirable to have a female member as the ownership of the house.What is PMAY scheme?
  • People who belong to EWS should have income between 3 lakhs to 6 lakhs. The annual income of people belonging to MG-I should be between 6 lakhs to 12 lakhs while for MIG-II it should be between 12-18 lakh.
  • The carpet Area for people belonging to EWS is 30 sqm. While for LIG is 60sqm.People belonging to MIG-1 have the carpet area of 120 sqm while for MIG-II it is 150 sqm.
  • Subsidy under EWS is 6.50% for EWS which means up to 6 lakhs. MIG-I has 4% which is 2.35 lakhs and MIG-II 3% which is equivalent to 2.30 lakhs.
  • People can also get subsidiary in loan amount which is 6 lakhs, 9 lakhs and 12 lakhs for EWS, MIG-I and MIG-II respectively.

Benefits of PMAY

  • It will help every family to own their own house that too at an affordable cost.
  • Interest for the home loan is usually high but under PMAY it is possible to get a subsidy in it which will reduce interest rate according to schemes.
  • It is mainly helping in the development of our nation as everyone will have their own dwelling which can make life easy for all. People living in both rural and urban areas can possess their own home under PMAY.
  • Senior members, widows and even women who fall in EWS will have special benefits to make their life easy.