PMAY Scheme aids First-time Home Buyers up to 2.67 Lakhs as Subsidy
Pradhan Mantri Awas Yojana Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by the year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. Government has extended PMAY scheme up to March 2021.
As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be up to 30 sq. mt. carpet area, however, States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.
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:
- The LIG and EWS parts of urban population will be subsidised. The subvention comes from the Central Treasury and runs between INR 1 lakh and INR 2.30 lakh. This subsidy would allow individuals in the target segment to afford a home.
- Government would also provide interest rate subsidy on the Yojana's loans. The recipients will be given interest rate subsidy of 6.5 percent against the loans they use. The interest subsidy is valid for 15 years from the date the loan is paid out to the borrower.
- Women will get priority when it comes to allotment houses under this scheme . In other words, women recipient's applications would quickly be approved in contrast to male recipient applications. This makes the scheme a prowomen scheme.
- For houses in the ground floor, the government gives primary priority to individuals with different skills or the elderly.
- The government has specifically directed that the housing enclaves that were built according to the scheme are strictly eco friendly building technologies.
Maniiway City Developers
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.
