Pradhan mantri Aawas Yojana is an initiative by the government of India. The main aim of this scheme is affordable housing will be provided to the urban poor people. They provided the target of building 2 crore affordable houses. It was launched under housing for all missions in 2015. A beneficiary family comprises husband, wife ,unmarried sons or daughters. An Adult earning member can be treated as a separate household. The main goal is constructing 20 million houses across the nation. Based on the areas that it categorised into two, they are Urban and gramin. RS 4 Lakhs provided by this scheme. We can take house loans from this scheme. You will get a subsidy up to Rs 220000.It has a 6.5% interest rate. 31 March 2022 is the last date to apply for this scheme.
Pradhan mantri awas yojana – urban
It includes 4331 towns and cities. It also has Urban Development authorities, special area development authority, development area , notification planning , Industrial Development Authority and every other authority is responsible for urban planning and regulations. Itihaas mainly three phases. In Phase 1, this scheme covers 100 cities in selected States between 2015 to 2017. In phase 2, this scheme covers 200 additional cities between 2017 to 2019. In phase 3, this scheme covers remaining cities between 2019 to 2022.
Pradhan mantri awas yojana – rural
It was also called Indira Aawas Yojana. The main aim of this scheme is promoting affordability and accessibility of housing for all rural areas. It provides financial assistance to the homeless and those residing in decrepit houses to assist them in the construction of pakka houses.
Beneficiaries are identified as per data available from social economic and caste status. Scheduled caste and Scheduled Tribes, non SC /ST and minorities under BPL, Widows ,para military forces ,individual kills in action ,ex servicemen ,those under retirement scheme are the beneficiaries of this scheme.
This scheme has mainly four components 2022.
● Credit linked subsidy scheme : it provides subsidies on the home loan interest payable to those eligible. Maximum home loan amount for EWS is up to Rs 3 lakhs, for LIG is Rs 3 to 6 lakhs. Interest subsidy for EWS and LIG 6.50%. Maximum interest Subsidy amount is Rs 267280. Home loans under CLSS cover a maximum tenure of 20 years.
●IN SITU slum redevelopment using land as resource : it rehabilitated slums with the land as a resource in association with private organisations. It provides houses to families living in such areas.
● Affordable houses in partnership : provides a financial assistance of Rs 1.5 lakhs on behalf of Central government to EWS families for purchase of houses.
●Individual house construction: PMAY targets EWS families who cannot get the benefits of the previous three components. They will get financial assistance from the central government up to Rs 1.5 Lakh to fund the construction of a house.
PMAY provides interest subsidies of up to 6.5 percent on home loans through EWS,LIG,MIG I ,MIG II categories.
- Those families with annual income up to RS 3 lakh are eligible for economically bekar section(EWS)
- Those families with an annual income between Rs 3 lakh to 6 lakhs are eligible for low income group( LIG)
- The families within an annual income between Rs 6 lakhs to 12 lakhs are eligible for middle income group 1 (MIG I )
- The families with an annual income between Rs 6 lakh to 12 lakh come under middle income group 2 (MIG 2).
- The applications must not own a house in any part of the country.
ICICI Bank offers credit linked subsidy scheme under Pradhan Mantri Awas Yojana. According to this scheme interest subsidy on purchase ,extension, improvement , construction of house is provided to customers. And also subsidy up to 2.67 lakhs under pmay for home loan from HDFC ,Citibank, Axis bank and SBI banks . The carpet area of a house under the scheme should be up to 160 square metre for (MIG I )beneficiaries and up to 200 square metres for ( MIG II )beneficiaries.