First things first!
In November 2018, the Central Government approved the construction of more than 2 lakh homes. It was sanctioned in six Indian states under a flagship housing scheme.
Yes, it is nothing but the Pradhan Mantri Awas Yojana (PMAY).
As per the Government reports, it is still short of the target after 4 years of its announcement. Hence, the approved numbers will surely push it to accomplish it soon.
If you wish to know more about the Pradhan Mantri Awas Yojana (PMAY), then you should continue to read this post to explore some basics.
What is Pradhan Mantri Awas Yojana (PMAY)?
The Pradhan Mantri Awas Yojana or PMAY is the credit linked subsidy scheme (CLSS) launched by the Central Government of India in 2015. It has the provision to offer the Pradhan Mantri Home Loan at affordable rates.
By opting for the Pradhan Mantri Home Loan scheme, people can avail housing finance with interest subsidies. This way, even people belonging to the economically weaker section of the society can have a roof on their heads.
What is the Purpose of the Pradhan Mantri Awas Yojana (PMAY)?
The major intention of the PM Awas Yojana (PMAY) is to provide even the economically weaker section of the society the housing solutions. The Pradhan Mantri Yojana also intends to see everyone having a home by 2022.
The Pradhan Mantri Home Loan scheme is targeted towards Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group 1 and 2 (MIG).
Who is Eligible for the Pradhan Mantri Awas Yojana (PMAY)?
The determining factor for the awarding of the Pradhan Mantri Home Loan is your income group. Here is a quick look at various PMAY eligibility criteria according to the income groups in India that are offered the financial assistance under the PMAY scheme:
- EWS – an annual income of up to Rs.3 lakh
- LIG - yearly income from Rs.3.01 lakh to Rs.6 lakh
- MIG 1 – yearly income from Rs.6.01 lakh to Rs.12 lakh
- MIG 2 – annual income from Rs.12.01 lakh to Rs.18 lakh
- A female member of the family need to be a homeowner if you come under the EWS and LIG sections
- Any applicant and dependents must not own any property in India at the time of applying for the Pradhan Mantri Awas Yojana (PMAY).
- KYC papers including photographs
- Salary Slips and bank account statements
- ITRs of last two years for self-employed applicants
- Self-certificate or affidavit as the income’s proof
- Customer declaration and undertaking
The subsidy that one would get after applying for the Pradhan Mantri Home Loan will enable weaker sections of the society to pay lower home loan EMIs. In turn, it will also let them run their households without facing financial blues.
NBFCs provide the pre-approved offers on many financial services like home loans. You can opt for these offers and go through all loan procedures fast and hassle-free.
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