Learn More about the Pradhan Mantri Awas Yojana Scheme
The scheme, which was launched in 2015, is a scheme by the Indian government for the urban and rural poor. This scheme is a housing scheme for the people of the country. The scheme is divided into two parts and is identified with two different types of names. The urban scheme of this Indira AwasYojana is known as Pradhan MantriAwasYojana- Urban or PMA-U. The scheme for the rural poor is known as Pradhan MantriAwasYojana-G or PMAY-G. Under this Indira AwasYojana scheme, the government aims to provide or help construct the pucca house for the homeless Indian people. This is mainly a rural program for those who have kutcha houses or slum dwellers.
Details about the Indira Awas Yojana Scheme
As the scheme stated when it was first launched, it had promised to construct nearly or more than two core houses by the year 2022. The money which was to be generated for this purpose under the scheme of Indira AwasYojana is from the interest subsidy under the policies for Economically Weaker Sections (EWS) and the Low-Income Groups (LIG). The government thought that building houses are not just enough; hence they brought some other schemes to ensure that the unprivileged of the society get their primary facilities. These schemes that the government introduced are SaubhagyaYojana, Jan DhanYojana, and the UjjwalaYojana. Under these three schemes, the Economically Weaker Sections and the Low-Income Groups will get LPG connections, toilets that will be attached to each home, electricity connections, etc. These schemes are brought under the Indira AwasYojana or the Pradhan MantriAwasYojana to have easy access to the necessities of these people. The scheme that we are talking about is:-
As the scheme is divided into two sectors of rural and urban, the government has allocated funds and houses to be constructed accordingly. The Pradhan MantriAwasYojana- Urban or PMA-U has to cover a sum of four thousand three hundred and thirty (4,331) towns and cities. As per the recordings and data that the Ministry of Housing and Urban Affairs India provided, the total number of house projects that have been sanctioned by the government to be constructed are eighty-three points sixty-three lakhs (83.63) in total under the Pradhan MantriAwasYojana or Indira AwasYojana scheme. The total number of houses that have been already completed by the date 1st July 2019 is twenty-six point zero eight lakh (28.08). Among all these houses, twenty-three point ninety-seven lakh(23.97) houses have already been occupied, as the data states. The Pradhan Mantri Awas Yojana or Indira AwasYojana scheme’s total investment was rupees four lakh ninety-five thousand eight hundred and thirty correct crores (4,95,838), of which a sum of rupees fifty one thousand and four hundred and fourteen points five crores (51,414.5) have already been released.
The second part of this scheme is the Pradhan MantriAwasYojana- Gramin (PMAY-G), which aims to promote and help the housing of rural India. In this scheme of Pradhan MantriAwasYojana or Indira AwasYojana in the rural part states like Delhi and Chandigarh has been eliminated by the government. This scheme here offers money to support or financial support to the homeless of the country to build a pucca house. Under this plan of Pradhan MantriAwasYojana or Indira AwasYojana, people who are in a more civilized area or to say in the plain lands will receive several rupees one point two lakhs (1.2) and people who are in the upper terrains or to say in the hilly area will receive one point eight lakhs (1.8). This area also includes war zones or areas that have a problematic lifestyles.
Eligibility Criteria in Pradhan Mantri Awas Yojana
Unlike any other government plans and schemes, the Pradhan MantriAwasYojana or Indira AwasYojana scheme also has some eligibility criteria or few aspects that people need to clear to get the facility of this scheme. Let us see what these criteria are:-
• A person who is belonging to the Economically Weaker Sections of the society must have an annual income which is less than rupees three lakhs (3), and a person who is from Low-Income Groups must have an income in between rupees three lakhs to rupees six lakhs (3-6). The interest that one has to pay for an amount of less than rupees six lakhs (6) is six point five percent (6.5%). Above rupees, six lakhs (6) the interest of an average home loan will take place. The area occupying the house cannot be more than thirty (30) square meters. The loan tenure provided under the scheme Pradhan MantriAwasYojana or Indira AwasYojana is twenty years (20).
• The person who is availing this Pradhan MantriAwasYojana or Indira AwasYojana scheme must not have any pucca house registered under the concerns name in any part of the country.
• A person with an annual income between rupees twelve to eighteen lakhs (12-18) has to pay the average home loan interest. But someone whose income is less than rupees twelve lakh (12) has to pay three percent (3%). The area for this variation cannot be more than 150 square meters under the scheme of Pradhan MantriAwasYojana or Indira AwasYojana. The loan tenure is as usual of 20 years.
Benefits of applying for the Pradhan MantriAwasYojana or Indira AwasYojana
• Home improvement or renovation.
• Tax Benefits.
• Credit Linked Subsidy.
• Provision for Women Applicants.
• Inclusive of all stratums.
How to apply for Pradhan MantriAwasYojana or Indira AwasYojana
• Check if you are eligible for Pradhan MantriAwasYojana or Indira AwasYojana.
• Fill the form and apply for the loan.
• Apply for the Pradhan MantriAwasYojana or Indira AwasYojana scheme.
• Submit all the necessary documents.
Once the application for Pradhan MantriAwasYojana or Indira AwasYojana is completed with all the requirements fulfilled and the government side’s approval is done, it will take nearly three to four (3-4) months to reach the bank.
So groups who can apply for the Pradhan MantriAwasYojana or Indira AwasYojana scheme are Economically Weaker Sections, Low-Income Groups, Schedule Castes, Scheduled Tribes, women who are staying in metros, tier I, tier II and tier III can also apply for the Pradhan MantriAwasYojana or Indira AwasYojana provided they fit the criteria’s mentioned above.