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How is PM Awas Yojana Improving the Indian Economy?

· PMAY

The PM Awas Yojana or the Pradhan Mantri Awas Yojana is a lucrative housing scheme launched by the Government of India. The scheme was launched in 2015, the PMAY is a subsidy scheme that has been linked by credit and aims at catering to the EWS (Economical Weaker Section) of the society along with the LIG (Lower Income Group) and the MIG (Middle Income Group) society of people in India. In the given scheme, the Government of India aims at offering affordable housing schemes that are eco-friendly to such groups of the society towards ensuring a higher standard of living for all.

Some of the exclusive features of the PMAY include:

  • Eco-friendly and sustainable technologies being used for the construction of affordable houses

  • Subsidy of around 6.5 percent on the interest rate of the home loans for the beneficiaries

  • All the urban areas get covered under the scheme

  • Implementation of the scheme to occur under three phases

The eligibility criteria for availing the benefits of the Pradhan Mantri Awas Yojana (PMAY) include:

  • The households having an annual income of 18 Lakh INR can apply for the housing scheme

  • Women applicants are not required to meet any specific demographic criteria in order to apply for the scheme

  • The beneficiary of the scheme should not have any “solid or pucca” home in the nation

  • Beneficiaries are allowed to buy or construct new houses only.

Avail the benefits of the PMAY now!

Also Read: The Loan Scheme under Pradhan Mantri Awas Yojana

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