Features and Benefits You Need to Know About the Pradhan Mantri Awas Yojana - Loan Trivia

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Thursday, 14 June 2018

Features and Benefits You Need to Know About the Pradhan Mantri Awas Yojana

The Government of India launched their ‘Housing for All’ scheme and the Pradhan Mantri Awas Yojana (PMAY) is one of the initiatives of this scheme. It aims to:

1) Change slum areas with the collaboration of private developers by constructing homes for the dwellers by using available land as a resource

2) Provide credit linked subsidy on loans availed for new constructions and renovation of existing residential properties

3) Make financial contributions towards affordable housing projects in collaboration with different states and Union Territories of India

4) Provide direct assistance for beneficiary-led construction or renovation projects of up to INR 1.5 lakhs

With these steps, PMAY strives to bridge the gap in the shortage of pucca affordable homes with sanitation facilities, water and electricity supply for the urban poor. This brings us to the economic groups for whom this scheme was introduced. When launched initially, PMAY was targeted towards the Economically Weaker Section (EWS), but its scope was later expanded to include the Lower Income Group (LIG), and the Middle Income Group (MIG).
Individuals belonging to the EWG and LIG categories can avail interest subsidy on housing loans for acquisition, construction of homes, rooms, toilets, or kitchens in an existing property. For the Middle Income Group, interest subsidy is offered on Home Loans for the construction and/or acquisition of houses, which also includes repurchase.

Watch video to find out more about PMAY:




The subsidy on the interest is reflected on the outstanding principal value which is subject to the fulfillment of the income criteria set by the government for each economic group defined under the Pradhan Mantri Awas Yojana.

The reference provided below provides details regarding the PMAY eligibility and its subsidy for EWS, LIG and MIG:

Home Buyers - Know Your Eligibility Criteria for PMAY Scheme

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