Pradhan Mantri Awas Yojana (PMAY) is a scheme that the Government of India has initiated. The scheme was launched on 25th of june in the year of 2015 which is five years ago.
In this, the Government of India will be providing affordable housing to the urban poor people of India. There has been the target set already where the aim is to construct 20 million budget houses by the year 2022.
This scheme has two components
- The first one is the Pradhan Mantri Awas Yojana – Urban (PMAy-U) which is for the urban poor people.
- The second one is the Pradhan Mantri Awas Yojana – Gramin or Rural (PMAY-G or PMAY- R) for the rural people.
This scheme by the Government of India is interconnected with other schemes too. The scheme includes that all the houses should have a toilet, all the houses should have an electricity connection i.e. Saubhagya Yojana.
All the houses should have LPG gas connection i.e. the Ujjwala Yojana, also drinking and banking facilities. This wonderful scheme was launched by our respected Prime Minister Narendra Modi with an aim of providing and fulfilling the needs of the rural and the urban poor people of India.
Features of the Pradhan Mantri Awas Yojana
The scheme of Pradhan Mantri Awas Yojana started by the Prime Minister of India Narendra Modi comes with a lot of features. Read further to know about them.
- The Government will be providing an interest subsidy for EWS and LIG of 6.5 %, for MIG – I of 4%, and for MIG – II for 3 % on housing loans.
- The housing loans that will be availed by the beneficiaries from the start of the loan will be for a time of twenty years and also under the initiative of the credit link subsidy scheme (CLSS)
- The houses that will be constructed under the scheme of PMAY will be all eco-friendly.
- The ground floors of the houses that will be under PMAY will be alloted to the differently abled person and the senior citizens.
- The scheme makes sure that the houses under Pradhan Mantri Awas Yojana are having toilets, electricity and drinking water facilities.
- The scheme also ensures that the people under the PMAY are also having the bank facility.
What is the eligibility criteria for the Pradhan Mantri Awas Yojana?
The criteria for the Pradhan Mantri Awas Yojana are given below
- The recipient max age should be 70 years
- The annual income of the Economic Weaker Section (EWS) family should be Rs. 3 lakhs per annum
- The annual income of the Lower Income Group ( LIG ) family should be 6 lakhs per Annum.
- The annual income of Middle Income Group I ( i.e. MIG – I ) family should be Rs. 6 to 12 lakhs per annum and Middle Income Group II ( i.e. MIG – II ) family should be Rs 12 to 18 lakhs per annum.
- The recipient should not have any dwelling unit in the name of any family member in any part of India.
- The applicant of the loan should not have any central or state government subsidy availed nor should have been linked to any benefit for buying a home under the scheme of Pradhan Mantri Awas Yojana.
- The one who has applied for the loan should not own any property on his name or any family members which includes the dependents.
- Only the Economic Weaker Section ( EWS) and the Lower Income Group ( LIG ) will be allocated for the home renovation or improvement loans and the self-construction loans.
- The houses that will be provided under this scheme will be owned only by the females or jointly with the male members of the family.
Various phases of the Pradhan Mantri Awas Yojana
The Pradhan Mantri Awas Yojana has three phases. The three phases foresee the starting and the completing of the houses construction work under this scheme of PMAY and they are as follows
- The PMAY phase 1 focused on covering 100 cities from April 2015 to March 2017
- The PMAY phase 2 focused on covering additional 200 cities from April 2017 to March 2019
- The PMAY phase 3 focuses on covering up the remaining cities from April 2019 to March 2022.
In conclusion, The focus is to build around two crores houses for the urban poor people which also includes the Economically Weaker Section of the society and Lower Income Groups in the urban areas by the year of 2022 under the Pradhan Mantri Awas Yojana.