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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 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...

PMAY is a home loan subsidy scheme by the Government of India that allows underprivileged sections to fulfill their housing dreams. The scheme is designed to fulfill the housing requirements of Economically weaker sections, Lower Income groups, Middle Income Group-1 and Middle Income Group-2. However, all these categories of income groups need to fulfill the PMAY Eligibility criteria . To avail the PM Awas Yojana, the eligibility criteria set is as follows: No member of the applicant's family or the applicant should own a home. Also, no home loan subsidy scheme is previously availed by the family, either from the Central or the State Government. EWS and LIG category applicants mandatorily need to bring a female participant as a co-owner. However, for the MIG applicants bringing female co-owner is not compulsory but desirable. The property for which the PMAY is availed must be approved as per the Government's guidelines. The applicants compulsorily need to meet the carpe...

PMAY scheme was introduced as a ‘Housing for all’ scheme in 2015 to provide affordable housing to all the economically deprived sections and lower strata of society of rural and urban India. Under the project, the government has set a target of providing housing at subsidized rates to over 20 million households by the year 2022. Here are answers to the commonly asked questions about PMAY scheme: The PMAY scheme targets groups such as Economically weaker sections, lower-income groups, Middle-class groups, Scheduled class, and Scheduled tribes. The income of EWS should not exceed Rs. 3 lakhs, for LIG, the income should not exceed 6 lakhs, for MIG-1, income should not exceed 12 Lakh and for MIG-2 income should not exceed the limit of Rs. 18 Lakh. It provides subsidized interest rates between 3.00 and 6.50, depending on the income group you fall. You can get a loan amount of 6 Lakh to 18 Lakh for a tenure of 20 years. The lock-in period for a loan under the PMAY scheme is 5 years. The...

Pradhan Matri Awas yojana or PM Awas Yojana housing scheme is an initiative by the Indian Government that aims to provide housing facilities to lower-income groups and marginalized sections of the society. The PMAY scheme provides home loans that are subsidized interest rates based on the income group of the applicant. Features of PMAY: The scheme provides subsidized interest rates home loans based on the income of the applicant. For EWS and LIG, who earn up to Rs 6 lakh, the subsidy on interest is 6.5%. For the MIG-1 and MIG-2 category, a subsidy of 4% and 3% respectively is provided under the scheme. The scheme emphasizes fulfilling the housing needs of underprivileged people like STs, SCs, physically disabled, or senior citizens. As per the scheme, loans can be taken for a long tenure of 20 years. PMAY eligibility: No prior government housing scheme is availed by the applicant or any of his family members.  The members of the applicant's family or the applicant should n...

The Pradhan Mantri Awas Yojana has made the home buying much more convenient and affordable. The scheme aims to provide houses to about 20 million people, from urban and rural areas, latest by March 30, 2022. As per the policy, the low-income groups get housing loans at 6.5%, for a period of up to 20 years. The scheme covers people under three categories- EWS and LIG Group- People with an annual income of up to Rs 6 lakhs are covered in this group, The group avails a subsidized interest rate of 6.5%, on a loan amount of 6 lakhs. MIG-1 group- The group covers people with an annual income of up to Rs 12 lakhs. The subsidized interest offered is 4% on an amount of up to Rs 9 lakhs. MIG-2 group- People earning up to Rs 18 lakhs annually are covered in this group. The group enjoys a subsidy of 3% on the loan amount of up to Rs 12 lakhs. To avail the subsidies linked with the scheme, the applicants, however, need to fulfill certain eligibility criteria, as listed below: No member of...