Ever since the dawn of civilisation, men and women have been toiling hard to save money, just so that they could build or buy a house which can act as a shelter, and give them a safe and sound place to live and prosper. Of course, most of these people took years to achieve this goal, and then there were some who simply couldn’t afford this ‘luxury’ at all. Fortunately, times have changed, and today you can fulfil your dream of moving into your own house, even when you don’t have four figure income. Wondering how? Well, the Pradhan Mantri Awas Yojana (Urban) or PMAY (Urban) is your answer.
Introduced in the year 2015, the PMAY was Prime Minister Narendra Modi’s initiative towards offering financial assistance to the urban poor of India in a bid to help them build their own homes. As per the objectives of this scheme, the urban population will receive assistance for building as many as 200 Lakhs affordable houses, by March of 2022.
We know that you would want to know all about Pradhan Mantri Awas Yojana Delhi, so as to see your lifelong dream turning into a sweet reality. It is for this reason, we are laying down the details of this incredible government scheme for housing.
In order to receive assistance under the PMAY-Urban, you must belong to one of the following categories:
Individuals with an annual household income of Rs. 3 Lakhs or less are considered to be a part of this section. In this case, the proposed house must be 30 square metre (323 square feet) or less.
Individuals with an annual household income of Rs. 3 Lakhs to Rs. 6 Lakhs are considered to be a part of this section. In this case, the proposed house must be 30 square metre (323 square feet) to 60 square metre (645 square feet).
This class is usually classified as MIG I and MIG II
Individuals with an annual household income of Rs. 6 Lakhs to Rs. 12 Lakhs qualify under MIG I. In this case, the proposed house must be 160 square metre (1700 square feet) or less.
Individuals with an annual household income of Rs. 12 Lakhs to Rs. 18 Lakhs qualify under MIG II. In this case, the proposed house must be 200 square metre (2150 square feet) or less.
Here are some points that you must remember, when checking out your eligibility to qualify for the benefits of the PMAY (Urban):
You should have been a resident in an Urban Area, as per the 2001 census.
One family is only entitled to avail one loan under the Pradhan Mantri Awas Yojana.
The scheme dictates, that a ‘Family’ comprises of a Husband and his Wife, along with their Unmarried Sons and Unmarried Daughters.
To qualify for the Pradhan Mantri Awas Yojana Delhi, it is mandatory that no member of the family should be the owner of a pucca house, in Delhi or any other part of the nation.
1. PMAY is a specialised Credit-Linked Subsidy Scheme (CLSS), which implies that this scheme ensures that the eligible individuals enjoy a subsidy in the interest rate. Let us take a quick look at how this works for each of the stipulated categories:
Individuals qualifying under the Economically Weaker Sections (EWS) and the Lower Income Group (LIG) are entitled to an interest subsidy of 6.5%, albeit only for a loan amount of up to Rs. 6 Lakhs.
Individuals qualifying under the Middle Income Group, i.e., MIGI and MIG II are entitled to an interest subsidy of 4% and 3% respectively, wherein the loan amount must not exceed Rs. 9 Lakhs for MIG I and Rs. 12 Lakhs for MIG II.
2. A Housing Loan under PMAY can be taken for the tenure of up to 20 years.
3. The borrower is entitled to receive the subsidy payment upfront, which makes this scheme exceptionally attractive to those in urgent need of a pucca house, but do not have the means to qualify for a regular Home Loan.
4. If an individual eligible under the PMAY has already constructed or purchased or extended a house or a flat with their own money, they are entitled to seek reimbursement for the same.
5. If an individual eligible under the PMAY has already procured a Home Loan for the construction or purchase of a new house or flat, or for the extension of their place of residence, they are entitled to reap the benefits of this housing scheme.
Thankfully for all the borrowers, the PMAY is more than just flexible when it comes to the end use of the disbursed loan amount. The borrower can use it to fulfil any one of the following purposes:
Owing to the immense benefits that this scheme provides to a wide array of people for whom a house of their home was nothing more than a distant dream, the Pradhan Mantri Awas Yojana has been received with open arms!
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