What is Pradhan Mantri Awaas Yojana Gramin (PMAYG)
The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG, the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors.
The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria:
Houseless family
A household with at least one member employed with the government or earning above Rs. 10,000 each month. A household who owns a two/three/four-wheeler, or agricultural equipment or a fishery boat.The one who pays either income or professional tax and owns a refrigerator or landline phone.
The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria:
Houseless family
- A household without any literate adult above 25 years.
- A household without any adult between 16 to 59 years.
- Various minorities plus schedule castes and scheduled tribes.
- Family having a house of zero, one or two rooms with a kutcha wall and roof.
- Landless household deriving income from casual labor.
- Also, none of the following excluding criteria is to be met for the scheme:
- Applicant having a Kisan Credit Card with a limit of Rs. 50,000 or above.
A household with at least one member employed with the government or earning above Rs. 10,000 each month. A household who owns a two/three/four-wheeler, or agricultural equipment or a fishery boat.The one who pays either income or professional tax and owns a refrigerator or landline phone.
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