In order to ensure that the benefits of the affordable housing scheme reach the poorer and weaker walks of the urban population, the Indian government has launched the Pradhan Mantri Awas Yojana-Urban (PMAY-Urban). Under this scheme, four income groups are covered. They are:
The PMAY-Urban covers four major verticals in the urban spaces:
If you want to be a part of the Pradhan Mantri Awas Yojana – Urban and enjoy its benefits, here's how you can do so:
Here are the eligibility criteria that you need to meet in order to avail the benefits of the PMAY-Urban:
To successfully avail the benefits of the PMAY-Urban scheme, the house you want to purchase has to be listed under the affordable housing projects by the Indian Government. The guidelines of the Housing for All (PMAY-Urban) Scheme says that affordable housing projects include projects where 35% or more of the houses are constructed for the Economically Weaker Sections (EWS), and have a minimum of 250 units.
Other than this, you will have to meet the area prerequisites based on your income eligibility slab. To avail this scheme, the carpet area requirement if you are a part of the Medium income group-I (MIG-I) is up to 120 sq.m. and for Medium income group-II (MIG-II) is up to 150 sq.m. When it comes to Economically Weaker Section (EWS) and Lower Income Group (LIG), the carpet areas have to be 30 sq.m. and 60 sq.m. respectively.
You can always claim interest subsidy under the Credit Linked Subsidy Scheme (CLSS) when you take a home loan for funding the purchase or construction of your future home.
Note that if your home loan amount exceeds Rs.6 lakh, you will get the remaining loan amount at a non-subsidised rate.
Although you can always get a loan from a Primary Lending Institution (PLI) like a bank or a Non-Banking Financial Company (NBFC), you have to make sure that your lender is PMAY-Urban approved.
If you choose a lender listed under the scheme, you can easily enjoy the benefits of PMAY-Urban. These include online account management, flexible repayment terms, and a top-up loan.
Now, you can easily avail the benefits of the Pradhan Mantri Awas Yojana-Urban (PMAY-Urban) scheme and buy your future home.
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