PMAY or Pradhan Mantri Awas Yojana was launched in 2015 under Central Government’s ‘Housing for All’ movement. The main purpose was to provide affordable housing facilities to individuals belonging to the economically weaker section of the society. There are certain eligibility parameters individuals have to meet to be on the PMAY list.
For instance:
- Applicants or anyone from the same family cannot own a pucca house in any part of India.
- Applicants who have already taken Central Government assistance under other housing schemes will not be eligible for PMAY subsidy.
- The household income of individuals applying for home loans under this scheme should not exceed Rs.18 lakh per annum.
Beneficiaries meeting all these PMAY eligibility parameters will get the following benefits of this scheme:
- Individuals belonging to income categories specified by the Government will receive a large subsidy on the home loan. Also, the subsidised interest rates and loan amount vary, depending on the income category you are a part of.
- Pradhan Mantri Awas Yojana is accessible to all strata of the society; therefore, the economically challenged individuals will get to fulfil their dream of owning a home with Government assistance.
- The scheme makes female homeownership mandatory, which means the house must be registered under a woman’s name. It also provides significant advantages to minorities, like ground floor accommodation for senior citizens and differently-abled individuals.
Apart from these, another impressive benefit of PMAY is that all the houses will be constructed with eco-friendly and sustainable materials, ensuring limited damage to the environment.
Read Also: Check Pradhan Mantri Awas Yojana Benefits for Credit Link Subsidy Scheme
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