The increased demand and pricing in the real estate sector led to the launch of housing flagship programmes like Pradhan Mantri Awas Yojana. Launched in 2015, this initiative has the vision of offering housing facilities to all, irrespective of their economic strata, by 2022.
Under Pradhan Mantri Awas Yojana 2020, against the target of 1.12 crore houses by 2022, approximately 90 lakh units have already been sanctioned.

Taking into account the convenience of applicants, its various features – eligibility, benefits, and FAQs have been made accessible to all -

While this scheme’s benefits are diverse, its eligibility criteria are kept to a bare minimum -

- Applicant should not possess a pucca house or any ancestral property.
- The age limit is capped at 70.
- The beneficiary family should not be registered under any home-related scheme of the central government.

The key benefits of Pradhan Mantri Awas Yojana 2019 are related to ensuring the ease of accessibility and increased affordability of residential properties.
One such benefit is that of the subsidised interest rate in home loans. This rate of the subsidy varies as per one’s economic strata -

- MIG I - 4% subsidy on loans up to Rs.9 lakhs.
- MIG II – Subsidy of 3% up to loans of Rs.12 lakhs.
- EWS and LIG – Subsidy on loan interest rates of 6.5%.

While home loans from reputed NBFCs and HFCs come with a competitive interest rate, some financers offer a PMAY compliant interest rate. With a lowered rate, the total cost of credit is considerably reduced, thereby bringing in the ease of affordability.

FAQ 1: What is the maximum tenor of applicable subsidy in PMAY?
Answer: 20 years is the highest tenor for the application in PMAY.

FAQ 2: Is it mandatory to provide Aadhaar details for PMAY?
Answer: It is mandatory to furnish all details of Aadhaar card to become a beneficiary of PMAY.

Taking into account the various features of the Pradhan Mantri Awas Yojana 2019, potential applicants can decide upon a lender that offers PMAY home loans.