Objectives of Pradhan Mantri Awas Yojana Scheme (PMAY Scheme)?

 

Everybody dreams of owning their own home. However, it is difficult for some to turn it into a reality due to the skyrocketing prices of real estate. In a bid to turn these dreams into reality, on the 25th of June 2015, the honourable prime minister of India launched the PMAY scheme or the Pradhan Mantri Awas Yojana. The government has stated that their primary objective with this scheme is to build 2 crore houses in 7 years and uplift the living conditions in India.

Also called “Housing for all”, this scheme aims to subsidise property and real estate for families buying their first home. This scheme ensures reasonable interest rates on home loans. It primarily benefits those that belong to the economically challenged section. Beneficiaries are classified under

• LIG or low-income group 

• EWS or economically weaker section

• MIG or middle-income group  

There are several Pradhan Mantri Awas Yojana eligibility, that are elaborated further along.

 Objectives of PMAY subsidy scheme

The PMAY scheme serves the following objectives:

1. To make permanent housing affordable for financially challenged individuals by 2022.

2. To integrate more vulnerable individuals in proper and safe housing units. Low-income group individuals, widows, and transgenders make up this vulnerable section of society.

3. The Government of India plans to monitor this entire endeavour through an e-government system called the AwaasSoft. There is also an Awaas app for similar usage.

4. This scheme strives to make registration of the property a must and has rules for including the wives and mothers to be the beneficiaries.

5. This aims to curtail slum-dwelling significantly.

Besides assessing the objectives, individuals would need to gauge whether they are qualified to avail PMAY benefits. 

Pradhan Mantri Awas Yojana eligibility factors

For a loan applicant to verify that they belong to the EWS or LIG group, they have to submit an affidavit as proof of income. To qualify for the Pradhan Mantri Awas Yojana eligibility criteria, the applicants need to:

• Have an income that does not exceed Rs.3 lakh per annum to qualify for benefits under the economically weaker section.

• Have an income ranging between Rs.3 lakh and Rs.6 lakh per annum to be considered in the low-income group.

• Their age should be between 21 and 55 years.

• Other than that, individuals belonging to the middle-income group or the MIGs with an annual income of less than Rs.18 lakh can also apply for Pradhan Mantri Awas Yojana for a home loan, but their subsidies are not as high as EWS/LIG beneficiaries.

Key benefits of the scheme

The biggest plus sides of PMAY are:

• Individuals in the EWS and LIG categories who are among the first time home buyers eligible for PMAY can get a subsidised interest rate of 6.5% per annum.

• There is no limit on the loan amount, but the subsidy is applicable on only up to a certain principal sum.

Other than these already lucrative home loan deals under PMAY list, prospective borrowers can also receive pre-approved offers from leading HFCs to simplify a loan application process further and save time. Such offers are available on home loans, loans against property, and a variety of other financial products. Provide necessary details to check your pre-approved offer instantly.

The information given above on Pradhan Mantri Awas Yojana eligibility, key benefits, and more will surely help prospective first-time homeowners to be en route to the house of their dreams.