What is Pradhan Mantri Awas Yojana (PMAY) in simple words

Pradhan Mantri Awas Yojana

What is Pradhan Mantri Awas Yojana (PMAY) in simple words

Pradhan Mantri Awas Yojana (PMAY)

Housing for all! Doesn’t it sound great! Still wondering if it is really possible to succeed in this plan? Well, yes! It is possible as the Government of India has launch a tremendous scheme that supports and benefits the needs and dreams of many people who wish to own a home. A recent survey proves that most congregation of people live with low financial standards and are forced to live with lack of proper housing facility, larger part of them live in slums. This needto be changed and a choice of better living with proper housing facility needs to be given to every individual and so our honourable prime minister Mr Narendra Modi has launched the “Pradhan Mantri Awas Yojana” scheme on 25th of June 2015.

Pradhan Mantri Awas Yojana scheme is purely planned with the aim “Housing for all” by 2022. This programme offers subsidy scheme on home loans for property, based on the eligibility criteria as per the policy. Let’s discuss further on the important key factors of this scheme.

The main objectives of Pradhan Mantri Awas Yojana scheme

  • The main purpose of the scheme is to develop and to uplift the economically weaker section of the society and support them with subsidy to avail loan for housing.
  • To improve the standard of living of the nations' urban population by offering them houses at subsidized rates.
  • To enable the poorer sections live under their own roof called home which gives them the confidence for a better living.
  • To provide financial support to all who wishto own a home but unable to bear the entire cost.
  • To ensure housing for all by the year 2022. Since majority of our population live without houses, this plan will enable them to avail loans at a discounted price.

Eligibility  for Pradhan Mantri Awas Yojana Scheme

  • Any family with a net income is between 6 lakhs to 18 lakhs is eligible for this scheme. The income can be a combination or the total between the earning members of the family.
  • This plan also supportthe economically weaker sections whose income is less than 3 lakhs. However, relevant documents needs to be submitted.
  • People who fall under the minority groups like SC/ST/OBC will be eligible to apply for the loan with relevant caste and income certificates.
  • Women from economically weaker sections (income less than 3 lakhs) or from the light income group (income between 3lakhs to 6lakhs) will be considered eligible for the scheme.
  • Anyone who wants to buy their first home and does not own any home either in their name or their spouse namesanywhere in the country and meets the above criteria will be eligible for the subsidy.

Besides all these criteria’s, the applicant should produce relevant legal documents and proofs at the time of applying for the loan along with this plan.

Benefits and subsidy offered in the scheme

The scheme offers different benefits and subsidy to different groups of people based on their income and loan amount.

Income lesser than 6 Lakhs

Subsidy  of 2.67 lakhs

Income between 6 lakhs to 12 lakhs

Subsidy of 2.35 lakhs

Income between 12 lakhs to 18 lakhs

Subsidy of 2 lakhs

Documents Required

  • An income proof certificate is mandatory to apply for the Pradhan Mantri Awas Yojana scheme as the entire plan is based on the income of the people.
  • Valid Government ID proofs such as Voter ID, Aadhar card, Valid Passport, Ration card.
  • Letter signed by any public authority to confirm the identity of the person.
  • Bank statements.
  • Property related documents.

Apart from the above documents the bank officials might ask for any further relevant documents that might be required at the time of applying the loan.

This is one of the progressive schemes that helps many people under the economically weaker section to own a place for themselves which they can call it as their home. This programme has helped many people and has shown proven results amongst the urban population across the country. The scheme not only helps the individuals but collectively helps the progress of the nation in becoming a better and developed India.


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