The number of people living below the poverty line in India is huge. To make their life better, the Indian government is offering easy housing scheme for such category of people. With its Pradhan Mantri Awas Yojana (PMAY) which was introduced on 7th June 2015. The main aim of this scheme was to offer affordable housing available to people living below the poverty line. For economical weaker sections, PMAY is the best to go for. Some of the basic features of PMAY scheme are-
In-site Redevelopment- Redevelopment of slum land with the help of the private sector. Slum developers can have proper living conditions.
Credit-Linked Subsidy- The PMAY will provide home loan interest rate subsidy of6.5% for the period of 15 years.
Affordable Housing in Partnership- Partnership here is between the public and private sectors. PMAY has brought two together to build affordable housing.
To get this scheme, you need to know the PMAY eligibility criteria-
EWS- If you fall under this criterion, then your total household income must at least Ra 3 lac per annum
Low Income Group- If you fall under this category, and then your income per annum must be Rs 3 lakh to Rs 6 lakh
Medium Income Group- Under this category the total household income must be Rs 12 lakh to Rs 18 lakh per annum
Minority- If you fall under the minority group, then you can apply for PMAY Scheme.
