What is affordable housing in PMAY?
Table of Contents
What is affordable housing in PMAY?
The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 1 June 2015. The interest rate for the PMAY scheme starts at 6.50\% p.a. and can be availed for a tenure of up to 20 years.
Who is eligible for Pradhan Mantri housing Scheme?
Individuals who are eligible for PMAY scheme are: Any household with an annual income between ₹ 3 lakh to 18 lakh can apply for this scheme. The applicant or any other family member must not now own a pucca house in any part of the country. The beneficiary cannot avail PMAY benefits on the already built house.
What is Affordable Housing scheme?
What is an Affordable Housing Scheme? In line with its objective of ‘housing for all by 2022’, the Government of India has launched affordable housing or low-cost housing scheme under Pradhan Mantri Awas Yojana (PMAY) to help people with low income, buy a home.
How can I get an Affordable Housing loan?
You or your family annual income should be anywhere between 3 lakh to 18 lakh to fall under Affordable Home Loan. You can apply for Affordable Home Loan if you are a part of an economically weaker section of the society (EWS), Scheduled Caste (SC), Scheduled Tribe (ST).
Which income is considered for PMAY?
Pradhan Mantri Awas Yojana Eligibility Criteria
| Section | Annual Family Income |
|---|---|
| EWS | Rs.3 lakh |
| LIG | Rs.6 lakh |
| MIG1 | Rs.6 lakh to Rs.12 lakh |
| MIG2 | Rs.12 lakh to Rs.18 lakh |
Who is eligible for affordable housing in India?
Affordable Housing Project: Projects using at least 60 percent of the FAR/ FSI for dwelling units of Carpet Area not more than 60 sqm. will be considered as Affordable housing projects. In addition, 35 percent of the total number of dwelling units constructed should be of carpet area 21-27 sqm for EWS category.