Pradhan Mantri Awas Yojana
- Launched Date : 25th June 2015
- End date of scheme : March 2022
- Objective: House for all at Affordable Prices and at subsidized interest rate
- Estimated time for completion : 7 Years (by 2022)
- Number houses to be built : 2 crores
Pradhan Mantri Awas Yojana is meant for the financial weaker section who are not in condition to buy home. Our prime minister come forward to help such people under Pradhan Mantri Awas Yojana. This Awas Yojana is launched with 2 schemes 1. Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Gramin Awas Yojana (Rural)
This scheme was launched in 2015, initially this scheme was launched for lower income and economic weaker section with annual income less than 6 lacs, but now anyone with income less than 18 lacs can avail benefit under this scheme.
Pradhan Mantri Awas Yojana funtions over the below components
Transforming Slum Area (Slum Rehabilitation of slum dewellers) – this complete process will be completed by private builders and developers using land as resource.
Credit Linked Subsidy – this subsidy will be available for loans availed for new construction and addition of rooms (Kitchen, Toilet etc.) in your existing home. Subsidy will only be available for loan amount upto 12 lacs. For loan amount above12 lacs any subsidy will not be applicable.
Eligibility
- Interested Home Buyer (Beneficiary) should not own a pucca house either in their name or in the name of any member of their family or you can say applicant should be the first time home buyer.
- Meeting Income(upto 18 lacs) criteria defined under the scheme
The person availing subsidy under this yojana has to be one among the following income groups:
- Economic Weaker Section (EWS): Households with annual income less than 3 lacs come under this category.
- Lower Income Group (LIG): Households with annual income between 3 to 6 lacs.
- Medium Income Group (MIG-1): Households with annual income between 6 to 12 lacs.
- Medium Income Group (MIG-2): Households with annual income between 12 to 18 lacs.
Subsidy Detail
Annual Salary less than Rs. 3 Lac
- Loan Amount Rs.6 Lac
- Interest Rate: 6.5% per annum (Interest rate is fixed. It would not have any effect from RBI rate)
- Maximum Loan Duration: 20 Years
- NPV of Interest Subsidy: Rs.2,67,000
- Net reduction in EMI: Rs.2,402
- Maximum carpet area allowed: 30 Sq.Mt.
Annual Salary between Rs. 3 to 6 Lac
- Loan Amount Rs.6 Lac
- Interest Rate: 6.5% per annum (Interest rate is fixed. It would not have any effect from RBI rate)
- Maximum Loan Duration: 20 Years
- NPV of Interest Subsidy: Rs.2,67,000
- Net reduction in EMI: Rs.2,402
- Maximum carpet area allowed: 60 Sq.Mt.
Annual Salary between Rs. 6 to 12 Lac
- Loan Amount Rs.9 Lac
- Interest Subsidy: 4%
- Maximum Loan Duration: 20 Years
- NPV of Interest Subsidy: Rs.2,35,000
- Net reduction in EMI: Rs.2,114
- Maximum carpet area allowed: 90 Sq.Mt.
Annual Salary between Rs. 12 to 18 Lac
- Loan Amount Rs.12 Lac
- Interest Subsidy: 3%
- Maximum Loan Duration: 20 Years
- NPV of Interest Subsidy: Rs.2,30,000
- Net reduction in EMI: Rs.2,069
- Maximum carpet area allowed: 110 Sq.Mt.
Once the individual is get allotted a home under Pradhan Mantri Awas Yojana, he will have the option to choose subsidized loan through any participating bank
