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Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana is the scheme which provides houses for all the people who are in need. For any individual it is a desire and achievement to have a own home. This is not a big deal to those who earn good amount of money. But those who belongs to financially weak section this will be a big deal. Pradhan Mantri Narendra Modi has provided an opportunity and came forward to support such people from Pradhan Mantri Awas Yojana. There are two types of Awas Yojana
- Pradhan Mantri Awas Yojana for Urban or Shehari
- Pradhan Mantri Gramin Awas Yojana for Rural. Lets know the details regarding the Pradhan Mantri Awas Yojana that is how to apply and who can apply for this pmay rural.
History of Pradhan Mantri Awas Yojana
It is the vision of Prime Minister Narendra Modi. He wants to improve and develop the nation, celebrates 75 years of independence which is in 2022, people would have the reason to celebrate. His aim is to provide Pucca houses to those people who are financially weak. To finish this big task pmay scheme which was released. From this scheme all the people will benefit from having pucca houses with water facility, toilet facility, 24/7 electricity supply and access will be built. eligible candidates can apply for pradhan mantri awas yojana form.
This pmay scheme contains 4 main components. This scheme will cover four types of schemes those are:
- Transforming Slum Areas that is Slum Rehabilitation of Slum Dwellers: This components will be continued with the support of private developers based on the land as resource.
- Credit Linked Subsidy
- From this component, People who belongs to weaker economical section will be provided subsidy on home loans from the Urban Poor.
- This subsidy will be only available to have the construction for new and addition of rooms.
- This subsidy will be provided for loan amounts which is up to 12 lakhs. For loan of amount more than 12 lakh, there will be no subsidy. you can register through pmay application form.
- Affordable Housing Partnership :This component is the involves supply side. From this component,pradhan mantri awas yojana rural financial assistance to EWS houses which is built with many partnerships by States/UTs/Cities, would be accessible.
- Beneficiary for Individual house construction or Improvement – This component will offer opportunity for eligible families who belongs to EWS categories. This is available for either who wants to construct new houses or enhance the existing houses on their own. A central assistance will be given of Rs.1.5 lakh from this component.pradhan mantri awas yojana online application is available at its official website.
Eligibility details of pmay housing for all :
Beneficiary that is the desired individual would not get pucca house. That means the candidate should be the first time home buyer.
Only the candidates who belongs to LIG(Lower Income Group) & Economically Weaker Section (EWS)are eligible for this scheme.
- EWS– Annual Income should not cross Rs.3 lakhs per annum
- LIG – Annual income should not cross Rs.6 lakh per annum
If they are married couple, either of the spouse or both together of ownership will be eligible for only single subsidy.
The surrounding area of the house will be constructed
For Economically Weaker Section Applicants the area would be 30 square meters
For Lower Income Group applicants are provided is 60 square meters.
The interest subsidy will be given for a maximum duration of 20 years or the loan which is lower
|Loan Amount||Rate of Interest||Details|
|Upto 6 lakhs||6.5 per annum||This interest rate is fixed and will not get affected from RBI rate.|
|Upto 9 lakhs||4% concession from present interest rate.||This is based on the present interest rate which is provided. If current rate is 9% than the candidate would pay 5% interest.|
|Upto 12 lakhs||3% concession is provided on current interest rate||This is based on present interest rate which is 6%.|
The discount rate would be 9% as interest subsidy which is the present net value.
- The additional loan before the given limits, anyone to be at non-subsidized rate.
- There would be no cap for the loan amount or the cost of property.
- The tenure of the home would be 15 years maximum
- If the applicant is selected a home from Pradhan Mantri Awas Yojana, he will have the choice to choose subsidized loan by any participating bank. And those banks could be Scheduled Cooperative banks or any recognized institutions.
Subsidy from Pradhan Mantri Awas Yojana
By this pmay scheme, the subsidy amount will be provided before to the beneficiary loan account. This will reduce EMI.