Pradhan Mantri Awas Yojana is an ambitious initiative aimed at providing housing for every citizen of India. The vision of Prime Minister, Narendra Modi was to ensure affordable housing for all. It gave hope to people who refrained from investing in the real estate sector because of the high costs and stirred positive reinforcements amongst builders and developers.<\/p>\n
On June 1, 2015, launched the Pradhan Mantri Awas Yojana (PMAY) scheme aimed to offer permanently affordable housing options to urban and rural poor to boost home ownership by 2022. To aid the efficient development of low-cost homes, the scheme embraced a plethora of incentivizing offers for developers, which targeted at helping them to tide over their financial instabilities.<\/p>\n
Key highlights of the scheme<\/strong><\/p>\n The scheme was initially rolled out for only the Lower Income Groups (LIG) and Economically Weaker Sections (EWS); however, it has now been extended to the Middle-Income Group (MIG) consumers as well. Due to the vast expanse of the vision for this scheme, it has been divided into two parts, namely, PMAY-Urban that focuses on congested slums where the temporary housing will be replaced with permanent housing for the residents hailing from the LIG, EWS, and MIG segments. PMAY-Gramin is targeted at promoting accessibility and homeownership in rural areas. To sum it up, the two key features of the PMAY scheme are:<\/p>\n The beneficiaries can apply for PMAY online<\/p>\n\n
Eligibility criteria for PMAY home loan<\/strong><\/h4>\n
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How to Apply<\/strong><\/h4>\n