Pradhan Mantri Awas Yojana (PMAY)

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Housing is one of the three basic necessities of life. With mass rural to urban migration and increased cost of real estate owning a house or even renting a house is a big challenge for many in India. Raising/saving money is just one of the challenge the bigger causes of worry are; there is no grantee of completion of the projects and fraudulent practices in the property markets. Modi government appears to be truly concerned about these issues and is working with the definite plan and a goal. PM Modi launched Pradhan Mantri Awas Yojna with a goal to construct 2 crore budget houses by 2022. The scheme for afordable housing was there but hardly had a focus and wasn’t really a priority of the previous governments. The name of the scheme earlier was Housing for All Scheme. The Pradhan Mantri Awas Yojna is launched on June 25th 2015 and aim build these 2 crore houses in 7 years. This will provide affordable housing to the people of India and since this is a government initiative they dont need to worry about the fraudulent practices & land/house grab cases. The scheme is applicable for people belonging to LIG (Low Income Group) & EWS (Economically Weaker Sections)  across India.

There are three phases of the Pradhan Mantri Awas Yojna.

Phase 1:
Start date: April 2015
End date: March 2017
No. of cities targeted: 100 cities in India

Phase 2:
Start date: April 2017
End date: March 2019
No. of cities targeted: 200 cities in India

Phase 3:
Start date: April 2019
End date: March 2022
No. of cities targeted: All remaining cities in India

Benefits of Pradhan Mantri Awas Yojna:

  1. Subsidy of Rs. 1 lakh to 2.30 lakhs for buying houses under the Pradhan Mantri Awas Yojna
  2. 6.5% (credit linked) subsidy on the interests on the loans availed by the people who bought/planning to buy houses under the scheme. The interest subsidy will be offered for 15 years from the date on which the loan amount was given to the customer
  3. Pradhan Mantri Awas Yojna is a pro-women scheme and a preference will be given to female applicants
  4. In case of ground floor houses the preferences will be given to people with disabilities or senior citizens
  5. The houses to be constructed under the scheme will be eco-friendly

Who can apply for Pradhan Mantri Awas Yojna houses:

  1. Women who are residents of India
  2. People belonging to scheduled casts/scheduled tribes communities
  3. People from economically weaker sections (yearly income is less than Rs. 3 lakhs for economically weaker sections & less than 6 lakhs for low income groups)
  4. Age of the applicant should be between 21 year to 55 years
  5. The applicant should not own a “PUCCA” house

How to apply for Pradhan Mantri Awas Yojna:

All the state governments and union territories will/have launch(ed) affordable housing schemes under PMAY & application details and procedure will be provided. For more details visit: http://mhupa.gov.in/User_Panel/UserView.aspx?TypeID=1434

Important/Related Links:

National Research Professorship (NRP)

Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY)