Some Commonly Asked Questions About the Pradhan Mantri Awas Scheme
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...