Pradhan Mantri Awas Yojana: BJP government Build 17 Lakh Homes

Pradhan Mantri Awas Yojana, Objectives of PMAY, Features of PMAY, Eligible Criteria for PM Awas Yojana, Pradhan Mantri Awas Yojana Home Loan Scheme, Subsidy of PMAY, Pradhan Mantri Awas Yojana (PMAY), Inter-ministerial Central Sanctioning and Monitoring Committee (CSMC), PMAY Urban, Pradhan Mantri Awas Yojana Loan Scheme for MIG-1, Pradhan Mantri Awas Yojana Loan Scheme for MIG-2, PMAY For loan amount of Rs.3 lakh, PMAY For loan amount of Rs.6 lakh, PMAY For loan amount of Rs.10 lakh

Pradhan Mantri Awas Yojana, Objectives of PMAY, Features of PMAY, Eligible Criteria for PM Awas Yojana, Pradhan Mantri Awas Yojana Home Loan Scheme, Subsidy of PMAY

Pradhan Mantri Awas Yojana, Objectives of PMAY, Features of PMAY, Eligible Criteria for PM Awas Yojana, Pradhan Mantri Awas Yojana Home Loan Scheme, Subsidy of PMAY, Pradhan Mantri Awas Yojana (PMAY), Inter-ministerial Central Sanctioning and Monitoring Committee (CSMC), PMAY Urban, Pradhan Mantri Awas Yojana Loan Scheme for MIG-1, Pradhan Mantri Awas Yojana Loan Scheme for MIG-2, PMAY For loan amount of Rs.3 lakh, PMAY For loan amount of Rs.6 lakh, PMAY For loan amount of Rs.10 lakh

17 Lakh Homes to be constructed in Rajasthan under PM Awas Yojana:

The Vasundhara Raje Government in Rajasthan is wanting to build 17 lakh houses in the state under Pradhan Mantri Awas Yojana (PMAY), Panchayati Raj and Rural Development Minister Rajendra Rathore said during a press conference in Rajasthan today, PTI report said. speaking to journalists, the minister said that about 8.7 lakh houses have been fabricated. Development of 1.6 lakh houses is probably going to be finished by in next three to four months. The minister additionally included that Rs 1,561 crore will be spent on development of these houses. While the share of Center is Rs 937 crore and the state government will give the rest amount, he said.

Under the Deendayal Upadhayay Land Allotment the state government has provided 7.17 lakh land allocation letters, “said by the minister”.  Canvass. State government is planning to hand out about 10 lakh letters. 1.5 lakh letters will be given in next one year, the agency added.

Meanwhile, the Centre has today approved construction of nearly 30,000 houses for the urban poor on private land in Sholapur district of Maharashtra. This is the first such project to be taken up on private land under PMAY(U). Green signal is given by the Center Government has also given to central subsidy of Rs 450 crore for the project under the Pradhan Mantri Awas Yojana (Urban), an official release said.

The launching further said that an Inter-ministerial Central Sanctioning and Monitoring Committee (CSMC), controlled by HUA Secretary Durga Shanker Mishra, provide its permission for the first of its kind budgetary housing project on private land after discussions with the officials of the Maharashtra state government, it said.

The Raynagar Cooperative Housing Federation, Sholapur has also acknowledge a project to build 30,000 houses for its members subsists of textile and beedi employees and other urban poor belonging from the Economically Weaker Sections (EWS) at a cost of Rs 1,811 crore under PMAY(U), PTI report said.


Objectives of PMAY:

  • To provide financial support to people who can’t bear the entire cost of building a residential property.
  • To offer houses to the Economically Weaker Sections (EWS) of the society.
  • To bring both public and private sector together in a bid to improve the fate of the nation’s urban poor populace.
  • To ensure that the poorer sections of urban India can live under a roof of their own.

Features of PMAY:

  • Ground floors in any housing society will be allotted to the senior citizens.
  • The subsidy to these sections of the society would be granted for a period of 15 years and subsidy amount will be only 6.5% of the housing loan
  • The main focus of this scheme is to encourage the women empowerment and became women the owner of the house. So that`s why in this scheme applicant put the name of her mother or wife in the document as nominee.
  • Eco friendly and sustainable technology is use in the development of PMAY Society.

Eligible Criteria for PM Awas Yojana:

SectionEligibility Details
WomenWomen belonging to EWS/LIG categories will be considered if they apply under the PMAY scheme.
Light Income Group (LIG)People that fall under LIG category usually have an annual household income ranging between Rs.3 lakh to 6 lakh. Again, to be eligible for consideration, they need to provide sufficient proof of their economic standing.
MinoritiesPeople hailing from minority groups like SC/ST/OBC will fall under minorities. To be considered under the PMAY scheme, these people need to meet to provide relevant caste and income certificates.
Economically Weaker Section (EWS)People who earn an annual household income less than Rs.3 lakh come under the EWS category. However, an applicant claiming to be from EWS needs to provide relevant proof to the government to ascertain their claims.
Medium Income Group (MIG1)Those who earn an annual household income below Rs.12 lakh fall under the MIG1 category. These people can avail loans of up to Rs.9 lakh for the construction of a residence.
Medium Income Group (MIG2)Individuals earning an annual household income between Rs.12 to Rs.18 lakh will fall under MIG2 of the PMAY scheme. These people can avail loans of up to Rs.12 lakh.

Pradhan Mantri Awas Yojana Home Loan Scheme for LIG/EWS Category:

Pradhan Mantri Awas Yojana Loan Scheme for MIG-1

Income of the household per yearRs.12 lakh
Maximum tenure of the loan20 years
Interest subsidy per year4%
Eligible amount of loan for interest subsidy under CLSS (Credit Linked Subsidy Scheme) for MIGRs.9 lakh
Maximum interest subsidyRs.2.35 lakh
Rate of discount for NPV (Net Present Value) calculation of the interest subsidy9%
Dwelling unit max carpet area90 sq.mt
Monthly EMI (8.65%) with interest subsidyRs.5,834
Monthly EMI (8.65%) without interest subsidyRs.7,894

Pradhan Mantri Awas Yojana Loan Scheme for MIG-2

Income of the household per yearRs.18 lakh
Maximum tenure of the loan20 years
Interest subsidy per year3%
Eligible amount of loan for interest subsidy under CLSS (Credit Linked Subsidy Scheme) for MIGRs.12 lakh
Maximum interest subsidyRs.2.3 lakh
Rate of discount for NPV (Net Present Value) calculation of the interest subsidy9%
Dwelling unit max carpet area110 sq.mt
Monthly EMI (8.65%) with interest subsidyRs.8,059
Monthly EMI (8.65%) without interest subsidy

For loan amount of Rs.3 lakh:

Amount of loanRs.3 lakh
Loan amount eligible for the subsidyRs.3 lakh
Balance loanRs.1,66,360.00
Interest subsidyRs.1,33,640.00
Initial EMIRs.2,895
Reduced EMI after subsidy creditRs.1,605
Savings on a monthly basisRs.1,290
Savings on an annual basisRs.15,480

For loan amount of Rs.6 lakh:

Amount of loanRs.6 lakh
Loan amount eligible for the subsidyRs.6 lakh
Balance loanRs.3,32,720.00
Interest subsidyRs.2,67,280.00
Initial EMIRs.5,790
Reduced EMI after subsidy creditRs.3,211
Savings on a monthly basisRs.2,579
Savings on an annual basisRs.30,948

For loan amount of Rs.10 lakh:

Amount of loanRs.10 lakh
Loan amount eligible for the subsidyRs.6 lakh
Balance loanRs.7,32,720.00
Interest subsidyRs.2,67,280.00
Initial EMIRs.9,650
Reduced EMI after subsidy creditRs.7,071
Savings on a monthly basisRs.2,579
Savings on an annual basisRs.30,948

Subsidy of PMAY:

  • The candidate’s family must not have availed the benefit of any housing-related schemes set up by the Government of India.
  • The candidates’s family must not own a house in any part of the country.
  • In the case of a married couple, either a single or a joint ownership deal is allowed, and both options will receive just one subsidy.

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