We have all heard about the impressive (PMAY) Pradhan Mantri Awas Yojana government scheme that has brought thousands of people and families closer to purchasing and owning an affordable home.
In a nutshell, PMAY is a flagship scheme of the Government of India looking to provide budgeted housing to the urban poor. The scheme was launched in 2015 by Shri Prime Minister Narendra Modi and has since been a significant step towards the government's goal of 'Housing for All' by 2022.
So, how do you stand to benefit from it? Let us take a closer look.
Pradhan Mantri Awas Yojana (PMAY) was established to build more than two crore houses in urban regions by 2022.
PMAY is divided into Pradhan Mantri Awas Yojana Urban (PMAY-U) and Pradhan Mantri Awas Yojana Gramin (PMAY-G). While PMAY-U is concerned with providing affordable housing to the urban poor, PMAY-G envisions delivering affordable housing to the rural poor. The deadline for the former has now been extended to December 2024.
Additionally, PMAY has four components: Credit Linked Subsidy Scheme (CLSS), In-situ Slum Redevelopment (ISSR), Affordable Housing in Partnership (AHP) and Beneficiary Led Construction (BLC).
The PMAY scheme has several benefits for the eligible beneficiaries who belong to the Economically Weaker Sections (EWS), Low-Income Groups (LIG) and Middle-Income Groups (MIG) categories.
To be eligible for PMAY, the applicant must meet the following criteria:
The specific eligibility criteria for each component can be found on the official website of PMAY: https://pmaymis.gov.in/
To apply for PMAY, the applicant must follow the instructions mentioned below:
Alternatively, one can also apply offline:
You can also track your application status offline by visiting the same CSC.
The Pradhan Mantri Awas Yojana is a significant step towards providing budgeted housing to the urban poor in India. The initiative ensures eligible beneficiaries receive appropriate financial incentives to build or buy a house.
The interest subsidies provided under PMAY reduce the burden on beneficiaries to repay the loans. PMAY empowers women and ensures inclusive development by providing affordable housing to all sections of society.
The government has continuously increased the budget allocated to the PMAY scheme over the years, with the latest Budget for 2023-24 representing a 280% increase from the budget of FY17 to Rs. 79,590 crores. This emphasises the government’s renewed focus on ensuring that every Indian owns a dignified home. If you meet the eligibility criteria, you should apply for PMAY and take a step towards owning your dream home.
So, you’ve found your dream home, arranged for the finances to purchase it, and are now ready to live your desired life carefree. But amidst all that, as a new or prospective home buyer, you must not let one critical part of the property purchase process go unnoticed: the sales agreement!
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