If you are one of those who have migrated towards the urban areas in search of work, then you must have a clear knowledge about PMAY. The demand for the low-cost housing has increased a lot in both rural and urban areas and thus Indian Government has come up with a low-cost housing programme is known as Pradhan Mantri Awas Yojana to provide homes to all people within 2022.
Pradhan Mantri Awas Yojana or PMAY is a proposal to build 2 crore houses by March 31, 2022, and provide homes to all citizens. It also offers financial assistance and subsidies under the Credit-Linked Subsidy Scheme (CLSS) to certain sections when buying a home. Under PMAY benefits, you can get affordable housing if you belong to economically weaker sections (EWS), low-income group (LIG),mid-income group (MIG) and many more.
You should first be aware of PMAY eligibility criteria:
- You and your family members should not have a pucca house anywhere in the country
- If you belong to EWS and LIG, your income should be between Rs.3 lakhs to Rs.6 lakhs per annum
- If you belong to MIG 1, your annual household income between Rs.6 lakhs to Rs.12 lakhs per annum
- If you belong to MIG 2, your earnings should be between Rs.12 lakhs to Rs.18 lakhs per annum
- Your age at the end of the repayment tenor must be less than 70 years
- The application date should be between 17th June 2015 to 31st March 2022
To know the other factors related to PMAY, read: https://askopinion.com/how-to-apply-for-a-home-under-the-pradhan-mantri-awas-yojana-pmay
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