Pradhan Mantri Awas Yojana is inaugurated by the Indian government which was accomplished by the MoHUA on 25th June 2015 and aims to provide for everyone in urban areas by the year 2022. It offers central assistance to authorized agencies all over the States, Union Territories (UTS), and Central Nodal Agencies (CNAs) for giving homes to all the families that are eligible and beneficiaries as opposed to the validated demand for the houses for around 1.12 crores. According to the guidelines of Pradhan Mantri Awas Yojana, the intensity of the house for EWS (Economically Weaker Section) can be up to 30 square meters of carpet area. Although, Union Territories and States have the fluidity to increase the size of houses in discussion and approval of the Ministry. The benefits of PMAY can be availed if the individual wants to obtain a new house from the builder and purchase the house on resale
Given below are the crucial features of the Pradhan Mantri Awas Yojana:
Economically Weaker Section (EWS) - Maximum family annual income of Rs. 3,00,000.
Low Income Group (LIG) - Maximum family annual income of Rs. 6,00,000.
Middle Income Groups - (MIG – I and ll a maximum family annual income of Rs. 18,00,000).
|Particulars||MIG I||MIG II|
|Household Income (per annum)||6,00,000 – 12,00,000||12,00,000 – 18,00,000|
|Max. The unit carpet area of Dwelling||160 Sq. m.||200 Sq. m.|
|Eligible amount for housing loan for subsidy interest||Up to 9,00,000||Up to 12,00,000|
|Flexible loan tenure (in years)||20 years||20 years|
|Max. Amount of interest subsidy||2,35,068||2,30,156|
|Discount rate for NPV calculation of interest subsidy in%||9.00%||9.00%|
|Lum sump amount that is paid per sanction in place of processing fee||2,000||2,000|
|Suitability of No Pucca house||Yes||Yes|
|Flat construction or quality of the house||As per NDMA guidelines, BIS Codes and National Building Code|
|Application scheme for the sanction of existing home loan||01-01-2017|
|Co-ownership or women’s ownership||Not mandatory|
|Basic Civic Infrastructure||Compulsory|
|Approval for the design of the building||Compulsory|
Note: - The validity of the scheme is: MIG I & II was valid up to 31st March 2021, and EWS & LIG was valid up to 31st March 2022.
Proof of identity:
Proof of address:
Proof of Income:
Proof of purchased property
Therefore, financeseva allows you to compare and choose the best deals for home loans by the government.
Also read: - Apply for Instant Personal Loan Online