PMAY- A detailed guide on this Housing for all Scheme

PMAY is a government-sponsored scheme that focuses on providing housing to every stratum of society. The prime minister took this initiative in the year 2015, which aims to give affordable houses to the beneficiaries in rural or urban India.

Classification of PMAY

PMAY has been classified under two areas

• PMAY – G (Pradhan Mantri Awas Yojana – Gramin or rural)
• PMAY – U (Pradhan Mantri Awas Yojana – Urban)

Pradhan Mantri Awas Yojana – Urban

Under Pradhan Mantri Awas Yojana – Urban, there are over 4000 towns and cities covered. This scheme aims to give affordable housing to the urban poor. The progress structure of this scheme is divided into 3 phases.

1. Phase 1 was projected to be completed between April 2015 to March 2017; this phase targeted 100 cities in chosen states/UTs.
2. Phase 2 was projected to be completed between April 2017 to March 2019 and covered over 200 cities in addition to the ones selected in Phase 1
3. Phase 3 projects to complete the remaining cities between April 2019 to March 2022

Pradhan Mantri Awas Yojana- Rural

This scheme aims to provide affordable pucca houses with standard sanitation facilities, and basic amenities like power supply, water supply, etc. to the rural poor who stay in kutcha houses and do not have houses of their own.

What are the features of PMAY?         

• Government of India grants 1 lakh per household for the rehabilitation of slums
• Interest subsidy of a maximum of 6.5% on the home loans
• Interest subsidy is given on home loans with a maximum tenure of 20 years
• In a few cases keeping women as a co-applicant is compulsory
• Senior citizens and differently-abled person are given ground floor accommodationa
• Only environment-friendly and sustainable material are used for the purpose of construction
• The building architectural design needs to be approved before the construction
• No upper limit on the loan amount or property cost
• The quality of the house will be according to the terms and conditions stated by the National Building Code and National Disaster Management Authority

Who are the beneficiaries of this group?

The beneficiaries of this group are divided under four categories depending upon their income category

• Economically Weaker Section (EWS): Those whose income is less than 3 lakhs fall under this group
• Low Income Group (LIG): Individuals whose income is between 3 lakhs to 6 lakhs are under this group
• Middle Income Group 1 (MIG1): Those with an annual income of above 6 lakhs and below 12 lakhs are in this group
• Middle Income Group 2 (MIG 2):Individuals of annual income above 12 to 18 lakhs are a part of this group

Who all can avail this benefit?

• The family who do not have any pucca house in their name
• The beneficiaries of the family include the spouse, unmarried son or daughters
• This benefit can be availed by only one applicant in case of a joint home loan
• An adult member of a family who owns a pucca house but is of less than 21 Sq. Mts can take an enhancement loan for extension up to 30 Sq.Mts.If the land isn’t available for the extension, then the person can avail benefit under PMAY.