PMAY: A Viable Housing Finance Scheme for the Poor - Loan Trivia

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Monday, 24 September 2018

PMAY: A Viable Housing Finance Scheme for the Poor

A home, as most people claim, is a dream commonly shared by masses irrespective of the differences in their caste & creed. But, to be honest, it’s more of a necessity. Maybe this is why buying a home is often regarded as a milestone in life; the biggest financial goal. A house, apart from keeping your family safe and letting you sleep peacefully, also adds to your financial worth. On that note, to ensure each and every person in India is able to realize this dream, the Indian Government came up with the Housing for all campaign. Housing for all campaign aims at helping the poor in realizing their dream of owning a house of their own through Pradhan Mantri Awas Yojana.

What is PMAY and PMAY CLSS?
 

PMAY is a housing finance scheme launched by the Government of India under the Housing for all campaign. The scheme provides the economically weaker section with the required funding to purchase their house.

PMAY CLSS refers to the Credit Linked Subsidy Scheme offered under the PMAY scheme.



Types of PMAY?
 
There are two components of PMAY subsidy scheme.
 
PMAY Urban: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) is for the urban poor: the EWS, LIG and the MIG 1&2 category.

PMAY Rural: Pradhan Mantri Awaas Yojana Gramin (PMAY-G) also referred to as (PMAY-Rural) is for the rural poor.

What is the difference in PMAY-U and PMAY-G?

The two schemes are almost the same except the eligibility criterions and the subsidy amount. The subsidy amount in PMAY-G is lesser compared to PMAY-U.

The scheme was initially focussed on providing financial assistance to the economically weaker sections and lower income groups of the society, but later on covered the middle-income groups as well.

Reference Read:

Housing for All- A Feasible Scheme for Poor Families

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