Pradhan Mantri Awas Yojana is primarily a welfare housing scheme launched by the central government under the leadership of Prime Minister Narendra Modi. With PMAY, the intention is to provide housing to all by year 2022. In order to make the scheme a success and reality, a total of around 2 crore houses would be constructed across the length and breadth of the country by year 2022.
The houses would be distributed to the needy sections of society and a subsidy on loan would be provided by the central government, thereby making housing an affordable thing for the economically weaker people of the country. Special preference would be given to senior citizens, women and SC/ST in allotment of these houses.
What are the primary features of Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana comes with several important features which are summed up in the bullet list provided below:
- A subsidy will be granted to people from LIG and EWS segments of urban population. The subsidy will come from central government treasury and will range anywhere between INR 1 lakh and INR 2.30 lakh. This subsidy will allow people from target segment to afford a house under the scheme.
- Government will also offer subsidy for interest rates on loans availed for the Yojana. 6.5% interest rate subsidy will be offered to the beneficiaries against the loans they avail. This interest subsidy will last for a period of 15 years from the date on which the loan is disbursed to the borrower.
- Female members will get preference when it come allotment of houses under this scheme. Simply put, applications from female beneficiaries will be accepted easily compared to applications from male beneficiaries. This makes the scheme a prowomen scheme.
- For ground floor houses, the government will give first preference to people who are differently abled or those people who are aged.
- The government has strictly instructed that the housing enclaves developed under the scheme strictly follow eco friendly construction technology.
Prime minister Awas Yojana is available for all our projects if the buyer eligibility criteria as mentioned below are met.
- Must be First time Home Buyer
- Should not own any property in his or her wife’s name.
- Buyer’s annual family income shouldn’t exceed 18 Lakhs/annum.