By the government of India launched pradhan mantri awas yojana and this can affordable housing scheme to the urban people with a target of building two million affordable houses by 2022. They can separate into two categories urban or rural. With this houses, you can have many facilities such as a toilet, electricity connection, LPG gas connection, drinking water, banking facility and more. Through pradhan mantri awas yojana, the government wants to give basic privileges that’s why they included daily uses services. It was launched in 2015 and the motive to provide affordable housing for urban people.
To get the service should know the eligibility criteria. It’s a base to get any financial work. An individual should match their eligibility with the yojana, when it matches should get instant approval.
PMAY Under EWS or LIG Scheme
- To get the immediate approval shouldn’t have another house with own name, anybody in the family
- An annual income up to Rs 3 lakhs, while applying under the EWS scheme
- Should have an annual income between Rs 3 lakhs to Rs 6 lakhs, whoever applying under the EWS scheme
- 20 years is the maximum term of the loan
- At the end of the repayment period, the maximum age should be 70 years
PMAY Under CLSS Scheme
- Don’t have another house by your name and also buyers and their family shouldn’t have the same
- Under any housing scheme from the government of India, you shouldn’t get any central or state assistance
- According to the planning area location of the property should fall under all statutory towns
- In a case, you want MIG-I the credit linked subsidy at 4% is available for a loan amount up to Rs 9 lakhs
Know The Pradhan Mantri Awas Yojana Scheme Design
When they launched their scheme that time should cover people in the annual income, whose not exceeding Rs 3 lakh and next one not exceeding Rs 6 lakh but now it covers the mid-income group as well.
It can divide into four aspects. First, transform slum areas by buildings so that can develop. Second, as a loan for new construction or renovation of the existing home, they plan to give credit-linked subsidy to the mid-income section. Third with states or union territories for the EWS the government with financial assistance for affordable housing projects done. And fourth, they will extend the direct financial assistance of Rs 1.5 lakh to EWS.
For loans ranging between Rs 6 lakh to Rs 12 lakh an interest subsidy of 3 percent to 6.5 percent announced. There is an interest subsidy of 6.5 percent for the tenure of 15 years if you are in the EWS or LIG category and want to take a loan up to Rs 6 lakh. That’s why under this scheme, around 20,000 people have availed of a loan. To targeting the mid-income category, the government increased the loan amount to Rs 12 lakh. The subsidy will pay 3 percent, for this interest. The interest of 3 percent offered up to Rs 2 lakh for constructing new homes or extension of old homes in rural areas.