Pradhan Mantri Awas Yojana (PMAY)
What is Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana (PMAY) was launched by Hon. PM Narendra Modi with a vision of home for all the people in the country. The PMAY scheme offered various benefits to the home buyers making it possible to own a house of their own. PMAY scheme is one of its kind in the world which not only is for lower income group (LIG) but also for the middle income group (MIG).
Points to consider-
- For urban centers and focused at ‘Housing for All’ by 2022.
- In 2017 PMAY was extended to ‘Credit Link Subsidy Scheme’
- CLSS widens beneficiaries for interest subsidy.
- PMAY even takes into consideration the MIG (Middle Income Group) in the scheme benefits.
Eligibility criteria-
- Income range:
- Rs. 6 Lac – 18 Lac p.a
- Home buyer should be “First time home buyer”.
- The home carpet area should be as per PMAY norms.
- PMAY and CLSS benefits on interest:
- On loans up to –
MIG 1- 9 lacs (Interests Subsidy – 4 %)
MIG 2- 12 lacs (Interests Subsidy – 3 %)
GST chargeable:
The GST for affordable homes under PMAY was reduced to 1%.