Pradhan Mantri Awas Yojana Housing Scheme
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About Pradhan Mantri Awas Yojana
House is the most basic need in human life after food and cloth. House is the place where an individual lives with his/her family. House is a sense of ownership and security. Everyone should a place where he can get relax after working the whole day.
One who is earning well can afford home easily but it’s hard to get their own home for people with lower income. But we all need a house to grow towards civilization. Keeping this point in mind government of India has taken important steps towards this so that everyone can have a home of their own.
Government of India launched PMAY in 2015 and it will attained for 7 years more. This yojna has the goal “Housing For India”.This Yojna is visualized by our respected Prime Minister Mr.NarendraModi.The aim is to provie a pucca house to each family in urban cities with all facilities like water and electricity supply.
Objective of PMAY:-
The main objective of launching is schemes are as follows
- Providing a home to every family of India with all the basic facilities like water, electricity supply and toilet facility.
- Approaching the maximum lower income groups in urbanarea.
- 2 million non-slum urban poor people to be covered.
Target Group:-
- All Indian women are eligible despite of their religion or cast.
- Scheduled Casts
- Scheduled Tribe
- People with lower income.
Eligibility:-
- The Family should not have pucca house.
- If a married couple apply for the scheme then both husband and wife are eligible for subsidy.
How It Works?
This PMAY scheme will be completed in 4 phases
- Transforming slum areas:-In this phase slum areas are rehabilitate with the help of private developer.
- Credit Link Subsidy:-
- In this economical weaker people will get subsidy on a loan for home.
- Subsidy is available for new construction and addition of new potion of house.
- Subsidy is available only on load that is up to 12 lakhs. If loan amount is more than 12 lakh then no subsidy will be given.
- Initiating Affordable Housing in Partnership
Primary Features Of PMAY:-
- Priority will be given to females for house allotment.
- Developer should follow proper eco-friendly technology for construction.
- Physically disabled people will be preferred in allotment of ground floor house.
- Grant subsidy range anywhere between INR 1 lakh and INR 2.30 lakh to LIG and EWS section of urban population.
PMAY – Loan, Subsidy & Interest Rates
Check the loan amount and applied interest rate against it. In following table all related details is provided in brief of pradhan mantri awas yojana loan, subsidy and interest rate if one used to apply under this scheme.
| Loan Amount | Interest Rate | Notes |
| Upto 6 Lakh | 6.5 per year | This interest rate is fixed. It would not have any effect from RBI rate |
| Upto 9 Lakh | 4% concession on current interest rate | This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-4) = 5% interest |
| Upto 12 Lakh | 3% concession on current interest rate | This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-3) = 6% interest |
So this is all about pradhan mantri awas yojana scheme and hope if you have any query related to scheme or any thing feel free to comment below.