PMAY Scheme- Does It Really Benefit the Homeless? - Loan Trivia

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Tuesday, 27 July 2021

PMAY Scheme- Does It Really Benefit the Homeless?

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The Pradhan Mantri Awas Yojana, one of the housing schemes in India, was launched in 2015 with the goal of providing Rs.2 crore affordable housing units by March 31, 2022. As the deadline for achieving the goal of "Housing for Everyone" approaches, demand for affordable housing has risen to 1.12 in 2020. Low-cost rental accommodation for migratory workers was also introduced in the Union Budget 2021, albeit its implementation is yet to be observed. The PMAY is designed to help the beneficiaries, which are classified into the following 4 categories:


  • Economically Weaker Sections (EWS)

  • Lower Income Group (LIG)

  • Middle Income Group 1 (MIG 1)

  • Middle Income Group 2 (MIG 2)

PMAY beneficiaries have to meet the following eligibility criteria if they want to avail the benefits of the scheme:

  • The potential recipient or any member of his or her family may not own a pucca house anywhere in India.

  • The family in question should not have previously received benefits from any other government-sponsored program.

  • Married couples can apply for joint ownership or a single subsidy, which is applicable for one subsidy only.

  • These advantages are not available for residences that have already been constructed.

For individuals and families who do not have enough housing, the preceding guidelines may appear to be reasonable and beneficial. However, the prime minister's housing initiative is ineffective in other areas. Some of these areas are discussed below:

  • Documentation- For meeting the eligibility criteria, the documents required include identity proof, address proof, income proof and documents related to property purchase. Many potential beneficiaries may not be able to provide the documents needed, due to which they are not able to avail the benefits of the scheme. 

  • Beneficiary selection- The beneficiary selection is made based on the 2011 socio-economic caste survey, a survey conducted nearly 10 years ago and had several discrepancies. Individuals who were classified as BPL got access to sophisticated amenities, while the actual beneficiaries were excluded. In 2015, a re-verification found that more than half of BPL aspirants were ineligible. Therefore, the real beneficiaries are sometimes left out. 

This scheme has benefited many people, and the scheme has been a great success, but the scheme doesn't benefit the homeless alone due to the discrepancies of the scheme mentioned above. 

Therefore, a person who meets the PMAY eligibility criteria and has all the valid documents should go for PMAY if they are looking to buy a home. The subsidy provided on PMAY is 6.5% per annum for 20 years. 

Many Housing Finance Companies have been affiliated with PMAY as recognised financial organisations since 2015.They have successfully provided home loans to more than 3700 people under PMAY. Hence doing a little research and reaching out to good home loan providers will help you get a PMAY loan.

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