All You Want to Know About PMAY List - Loan Trivia


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Friday 10 December 2021

All You Want to Know About PMAY List


The Pradhan Mantri Awas Yojna (PMAY) is an initiative by the central government of India which aims at providing housing to 20 million people by March 2022. Inaugurated in March 2015, the PMAY is divided broadly into two schemes. The Pradhan Mantri Awas Yojna –Gramin/ Rural (PMAY-G) aims to provide housing to the rural poor living in straw and mud houses, by providing them pucca (brick and cement) homes in the urban areas. The Pradhan Mantri Awas Yojna-Shehri/Urban aims to provide housing to the urban poor who do not have a property in their name. The Yojna has a four-pronged approach to ensure that maximum people can benefit from the PMAY scheme. The in-situ slum redevelopment (ISSR) is a public-private partnership to improve the existing slums, a credit-linked subsidy scheme (CLSS) provides affordable home loans to those who wish to take a home loan to build or improve existing housing. The affordable housing partnership (AHP) scheme also aims at building homes in a public-private partnership. Under the beneficiary lead house construction/ enhancement (BLC) scheme, beneficiaries can avail of a loan to improve existing housing and to build a new house up to the cost of Rs.1.5 lakh. To be eligible for a home under the PMAY scheme the applicant should not have availed of any housing scheme of the central or the state government. The annual household income for the PMAY scheme is the income of both the husband and the wife, paid over one year. The economically weaker sections (EWS) household, with an annual household income below Rs.3 lakhs, lower-income group (LIG) household with an annual household income under Rs.6 lakh, mid-income groups 1 and 2 (MIG-1 and MIG-2) with a household income under Rs.12 lakh and Rs.18 lakh, respectively, are eligible to apply to the PMAY scheme. It is worth mentioning that the PMAY scheme is not applicable for homes already constructed or homes under construction at the time of the PMAY application. The annual list of beneficiaries of the Pradhan Mantri Awas Yojna is called the PMAY List. The list is divided into two sub-lists: The PMAY-Gramin List (PMAY-G List) and the PMAY Urban List (PMAY-U List). The beneficiaries for the year 2021 have already been announced and the lists are available online on the PMAY website. As of June 2021, almost 83 lakh units are currently under construction and about 113 lakh units have been completed. Under PMAY U alone, over Rs.7 lakh crore has been invested. The PMAY subsidy is a credit-linked subsidy scheme (CLSS). The PMAY subsidy allows beneficiaries to avail of a loan at a subsidised rate of interest for building their houses. People falling under the economically weaker sections (EWS) category, whose annual household income is below Rs.3 lakh can avail of a home loan of up to Rs.6 lakh at an interest subsidy rate of 6.6 per cent. The beneficiaries in the low-income group (LIG category), with an annual income between Rs.3 lakh and Rs.6 lakh can also take a similar loan on similar terms. The middle-income group 1 (MIG-1) households that have an annual income between Rs.6 lakh and Rs.12 lakh can get a loan of Rs.9 lakh at a subsidy rate of 4 per cent. For middle-income group 2 families (MIG-2), with an annual household income of less than Rs.18 lakh per annum, a loan of Rs.12 lakh can be availed at an interest subsidy of 3 per cent, under the PMAY scheme. We have tried to cover everything there is to know about the PMAY Scheme. If you fall under any of the categories mentioned under PMAY, use the scheme to your best advantage by applying to be a beneficiary.

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