Pradhan Mantri Awas Yojana Makes your House Dream Come True

To improve purchasing power of the lower section of the society, the Government of India launched Pradhan Mantri Awas Yojana (PMAY), a “Housing for All” social welfare scheme.

This government scheme aims at providing affordable home loans for LIG (Low Income Group), MIG (Middle Income Group), and EWS (Economically Weaker Section) to empower them to purchase their dream home.  The purpose is to provide shelter to every section of the society all across the nation by 2022 on the completion of its 75 years of Independence.

Why apply for the Pradhan Mantri Awas Yojana?

The Pradhan Mantri Awas Yojana is one of the most convenient ways to turn a dream into reality. Applicants can now avail their dream home at an affordable housing loan interest rate under the scheme. The beneficiaries under the PMAY scheme can now avail several benefits.

       Provides housing for all

The PMAY scheme aims at providing permanent shelter to all. Under this PMAY offering, the government is pursuing to construct as many as 2 crore affordable homes in some of the country’s prominent parts. Houses are already getting built in West Bengal, Maharashtra, Tamil Nadu etc.

       Aims at Slum rehabilitation

One of the primary objectives of the PMAY scheme is to eradicate the slums and replace them with concrete or ‘pucca’ homes, especially in urban cities.

       Promotes affordable housing for all section of the society

The Pradhan Mantri Awas Yojana is on a mission to provide affordable housing to every section of society. It aims at providing affordable home loans for LIG (Low Income Group), MIG (Middle Income Group), and EWS (Economically Weaker Section), to empower them to purchase their dream home.

       Home loans are provided at a subsidised interest rate

This enables the beneficiaries (EWS, LIG, MIG 1 and MIG 2) to avail home loan at subsidised rates.

       Securing women’s financial future

This is a pro-women initiative, encouraging women to become home-owners. Under this, a married man has to mandatorily include his wife as the co-applicant irrespective of her financial contribution.

To simplify the loan availing process for women and men borrowers alike, some HFCs introduce pre-approved offers. You can check your pre-approved offer by submitting your full name and contact information. Such offers are also extended on financial products like home loans, loan against property and more to expedite the home loan process.

What are the objectives of Pradhan Mantri Awas Yojana (Urban) scheme?

       In-situ rehabilitation for slum dwellers.

       Undertaking affordable housing projects in partnership with the state and union territories.

       Providing financial assistance of up to Rs.1.5 lakh to the EWS

       PMAY eases your way to become a homeowner by providing subsidy on home loan interest rates under the CLSS scheme for the economically weaker and medium-income groups.

Pradhan Mantri Awas Yojana last date of application

The last day to register for PMAY is March 31, 2022. Home loan applicants fulfilling Pradhan Mantri Awas Yojana eligibility must apply for the PMAY subsidy to avail of a rebate for their housing loan.

The PMAY scheme is divided into the Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Rural). Also, only residents of cities or statutory towns recognised in the Census 2011 are eligible to receive PMAY benefits.

To simplify the loan availing process for women and men borrowers alike, some HFCs introduce pre-approved offers. You can check your pre-approved offer by submitting your full name and contact information. Such offers are also extended on financial products like home loans, loan against property and more to expedite the home loan process.