What Essential Things To Know About PMAY?

Getting a dream house is truly a dream for many due to a lack of financial strength. But to help everyone get their own house to live in peace, the Government of India has introduced the home loan facility for the financially weaker section of the society. This new scheme to enhance ‘housing for all’ is known as the Pradhan Mantri Awas Yojana 2019 or PMAY.

Additional Read: Pradhan Mantri Awas Yojana — A Golden Key for Middle Income Group
The PMAY scheme is specifically designed for people who do not own a house and is not financially stable to build a house of their own. So let’s talk about the certain necessary things that one must know about this scheme.
  • This scheme was introduced in the year 2015 and the target was to build about one million houses by 2020.
  • The PMAY scheme will provide a subsidy to the home loan application that needs to get approved as per the eligibility criteria. 
  • Till now about 64 million houses have been approved and 12 million projects have been completed. There are still many projects under-construction. 
  • At first, this scheme was only available to the economically weaker group and the lower-income group. But now the middle-income group people can also apply for a loan under this scheme. 
  • This scheme is offered to families and married couples. Both husband and wife can apply for this scheme for joint ownership. 
  • Applicants should not own a pucca house in nay parts of India. Also, the applicant cannot own any house under state or central government schemes. 

Although the progress may seem slow in this scheme, it is still the best way to get your own house. Talk to your bank or NBFC to help you out to understand the credit-linked subsidy system.

Also Read: Know Everything About Applying For Pradhan Mantri Awas Yojana Online

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