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Pradhan Mantri Awas Yojana (PMAY): Benefits & Eligibility

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Pradhan Mantri Awas Yojana

All you need to know about Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of the Government of India, launched on 25 June 2015, with the aim of providing affordable housing to all by 2022. This scheme has two components – PMAY (Urban) and PMAY (Rural). PMAY (Urban) aims to provide affordable housing to the urban poor, while PMAY (Rural) focuses on providing affordable housing to people in rural areas.

Understanding the Pradhan Mantri Awas Yojana (PMAY) scheme

PMAY scheme provides financial assistance to eligible beneficiaries in the form of a subsidy on home loans or credit-linked subsidies. The subsidy is given to first-time homebuyers, economically weaker sections, lower-income groups, and middle-income groups. The scheme also provides assistance to people in constructing or renovating their homes. PMAY scheme has four main components – In-Situ Slum Redevelopment, Credit-Linked Subsidy Scheme, Affordable Housing in Partnership, and Beneficiary-Led Construction.

Eligibility criteria for the PMAY scheme

To be eligible for the PMAY scheme, applicants must belong to one of the four categories – economically weaker sections (EWS), a low-income group (LIG), a middle-income group I (MIG I), and a middle-income group II (MIG II). The annual household income of the applicant should be within the prescribed limit for each category. Additionally, the applicant must not own a pucca house anywhere in India.

How to apply for the PMAY scheme?

Interested applicants can apply for the PMAY scheme online or offline. The online application process involves visiting the PMAY website and submitting the application form. The offline application process involves visiting the nearest Common Service Centre (CSC) or bank and submitting the application form.

Benefits and subsidies offered under the PMAY scheme

PMAY scheme offers various benefits and subsidies to eligible beneficiaries. The benefits include financial assistance for constructing or renovating a house, interest subsidy on home loans, and support for constructing houses for the differently-abled

and senior citizens. The subsidy amount and the eligibility criteria vary based on the category of the applicant.

FAQ
1. What is the PMAY scheme?
The Pradhan Mantri Awas Yojana (PMAY) is a scheme launched by the Government of India with the aim of providing affordable housing to all by 2022. The scheme has two components – PMAY (Urban) and PMAY (Rural).

2. Who is eligible for the PMAY scheme?
To be eligible for the PMAY scheme, the applicant must belong to one of the four categories – economically weaker sections (EWS), a low-income group (LIG), a middle-income group I (MIG I), and a middle-income group II (MIG II). The annual household income of the applicant should be within the prescribed limit for each category. Additionally, the applicant must not own a pucca house anywhere in India.

3. How can I apply for the PMAY scheme?
Interested applicants can apply for the PMAY scheme online or offline. The online application process involves visiting the PMAY website and submitting the application form. The offline application process involves visiting the nearest Common Service Centre (CSC) or bank and submitting the application form.

4. What are the benefits of the PMAY scheme?
PMAY scheme offers various benefits and subsidies to eligible beneficiaries. The benefits include financial assistance for constructing or renovating a house, interest subsidy on home loans, and support for constructing houses for differently-abled and senior citizens. The subsidy amount and the eligibility criteria vary based on the category of the applicant.

5. What is the difference between PMAY (Urban) and PMAY (Rural)?
PMAY (Urban) targets the urban poor, whereas PMAY (Rural) targets people living in rural areas. PMAY (Urban) scheme has four components, whereas PMAY (Rural) scheme has three components. The subsidy amount and the eligibility criteria are also different for both schemes.

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