The Pradhan Mantri Awas Yojana (PMAY) was launched back in 2015 with the objective to provide affordable housing to the rural and urban sectors by 2022.
First-time borrowers or individuals who don’t have a concrete house can avail subsidised interest under the CLSS.
Objectives of PMAY
The primary objective of the Pradhan Mantri Awas Yojana 2019 scheme is to provide financial assistance to individuals who cannot afford to purchase or construct their house.
Offer assistance to marginalised demographics like the scheduled tribes (ST), scheduled castes (SC), and also to women.
The economically weaker sections (EWS), lower income group (LIG), middle income group (MIG) are entitled to avail this scheme.
Features of the scheme
PMAY is set to benefit 500 Class 1 cities and 4041 towns across the country.
Houses constructed under this scheme will be made with eco-friendly construction materials.
Senior citizens and differently-abled individuals can specially avail the ground floor of the housing properties.
Under CLSS, an individual can get up to 6.5% interest subsidy upon meeting necessary eligibility criteria.
Individuals belonging to LIG or EWS are entitled to avail a 6.5% interest subsidy upon meeting these criteria:
1. Maximum family annual income limit for EWS - Below Rs. 3 Lakh
2. Family annual income for LIG – Rs. 3-6 Lakh
3. Maximum loan amount – Rs. 6 Lakh
Borrowers who belong from the MIG 1 are set to receive a 4% interest subsidy. Criteria to meet:
1. Annual family income – Rs. 6-12 Lakh
2. Maximum loan amount – Rs. 9 lakh
Individuals from MIG 2 can avail an interest subsidy of 3% by fulfilling the following criteria:
1. Annual family income – Rs. 12-18 Lakh
2. Maximum loan amount – Rs. 12 Lakh
If you have already applied for the Pradhan Mantri Awas Yojana scheme, you can check the approval status in PMAY List online from the official website.