Pradhan Mantri Awas Yojana

Almost every citizen of India would be familiar with ‘Pradhan Mantri Awas Yojana’ as it is one of the talked about and dream yojana of the Prime Minister of India, Shri Narendra Modi.

With an aim to provide ‘Housing for All’, ‘Pradhan Mantri Awas Yojana’ was introduced as a credit-linked subsidy scheme. Notably, ‘Pradhan Mantri Awas Yojana’ has two parts –

1. Pradhan Mantri Awas Yojana – Urban; and

2. Pradhan Mantri Awas Yojana – Gramin.

Especially, interest subsidy is given to the beneficiary under the ‘Pradhan Mantri Awas Yojana’. The present article highlights eligibility criteria; benefits; list of required documents; and a summary thereof of the ‘Pradhan Mantri Awas Yojana’.

Eligibility criteria for availing benefit under Pradhan Mantri Awas Yojana-

Following are the eligibility criteria that one needs to satisfy in order to avail of the benefit under the Pradhan Mantri Awas Yojana-

1. The age of the beneficiary should not be more than 70 years;

2. The annual income limit for being eligible under the Scheme is tabulated hereunder –

3. The beneficiary should not be having his own house in any part of India either in his name or in the name of any of the family members;

4. The beneficiary should not have availed of any central or state government subsidy/ benefit under any other housing scheme.

Benefits available under Pradhan Mantri Awas Yojana –

Various benefits offered under the Pradhan Mantri Awas Yojana are highlighted hereunder –

1. Credit-linked Subsidy Scheme –

Credit-linked Subsidy Scheme offers interest subsidy to the beneficiary in following manner –

Notably, the scheme provides home loans for a maximum tenure of 20 years.

2. In-situ slum redevelopment –

The purpose of the scheme, here, is to rehabilitate slum areas with land as a resource. The rehabilitation will be done along with the association with the private organization so as to provide houses to the families living in such slum areas.

3. Affordable Housing in Partnership –

Financial assistance up to INR 1.50 Lakhs is provided under the Affordable Housing in Partnership. Such assistance is provided to EWS families so that they can purchase houses.

4. Individual house construction/ enhancement –

EWS families which are unable to avail of any of the above benefits are given financial assistance up to INR 1.50 Lakhs by the Central Government. Such funds should be used by the EWS families in the construction of the house or enhancing the current house.

Documents required under Pradhan Mantri Awas Yojana-

Following table summarizes the list of documents required under the Pradhan Mantri Awas Yojana-

Summary –

The Pradhan Mantri Awas Yojana credit-linked subsidy scheme benefits can be summed up in the table below –