Pradhan Mantri Awas Yojna (PMAY) scheme was launched with target to provide 2 crore affordable Housing for All by 2022.
PMAY is a good scheme and one should try if he/she falls under the eligibility criteria. We would advice clients to consult with their Real Estate Consultant before applying for it and take advantage of this Yojna.
Target Group : Economically Weaker Sections (EWS) and Low Income Group (LIG). Group having income under three lacs are EWS while above but under six lacs are LIG. This can be changed as per respective govt.
Phases : Will be completed in three phases (April 2015 to March 2017 for 100 Cities, April 2017 to March 2019 for 200 cities and finally from 2019 to 2022 which covers all the remaining cities of the country
Pucca House : One should not own a pucca house in his own name or in the name of his family members in any part of the country to avail this scheme
- Subsidized rate of interest : Avail subsidy upto 6.5% for 20 years.
- A pro-women scheme : Female members will be given the preference.
- Renovation or extension : A person from EWS or LIG category can also avail this loan if he /she already possesses a house but that needs renovation or extension or he/she actually wants to build a new house on his own instead of purchasing a house from the government-made homes. If the loan is taken for extension or renovation of an old house, the carpet area has to be 30 sq meters for EWS category people and 60 sq. meters for LIG category people. If this condition is not fulfilled, the loan would not be granted
- Development of slum areas : Under PPP Model
For more PMAY Guidelines, Do Call Us Now