What is the Pradhan Mantri Awas Yojana (PMAY)?

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Housing is a basic human right to which all citizens are entitled. While the wealthy and higher classes may comfortably afford to buy a property, the overwhelming majority of lower-middle-class and impoverished people cannot. In order to guarantee that every person has access to this essential requirement, the Government of India launched the Pradhan Mantri Awas Yojana (PMAY) in 2015.

What exactly is the Pradhan Mantri Awas Yojana (PMAY)?

To alleviate India’s serious lack of housing, the Union Government started the ambitious Pradhan Mantri Awas Yojana (PMAY) on June 1, 2005, with the goal of constructing around 20 million affordable houses by 2022. Nevertheless, because only 1.65 crore units were created till November owing to the COVID epidemic, the government declared that the PMAY plan will be extended until March 2024. The extension of the plan till 2024 will assure the completion of the remaining 1.56 crore dwellings.

The PMAY system is divided into two sections: PMAY Gramin and PMAY Urban. These are classified according to the topic on which they concentrate.

  • Pradhan Mantri Awas Yojana Rural

The Pradhan Mantri Awas Yojana-Gramin (PMAY-G), formerly called as the Indira Awas Yojana, aims to provide qualified beneficiaries in rural India with inexpensive and accessible housing units (excluding Chandigarh and Delhi).

  • Pradhan Mantri Awas Yojana Urban 

The Pradhan Mantri Awas Yojana-Urban (PMAYU) is an Indian government initiative aimed at urban regions.

Who is eligible to apply for PMAY?

Those who want to enroll for the massive housing project proposed by the government can do so through any of the four components of PMAY.

  • The in-place rehabilitation helping us achieve slum inhabitants who do not possess a pucca home. This set of candidates is eligible to apply for a house.
  • Beneficiary-led construction (BLC) is for persons who own their own land and are looking for financing to build or remodel a residential unit. This category of candidates is eligible to apply for funding.
  • The credit-linked subsidy scheme (CLSS) is a house loan plan that is available to a particular segment of the population based on their annual income. This category of candidates is eligible to apply for a subsidy.
  • Housing affordability in partnership (AHP) is for those who do not own land and cannot afford a house loan. This set of candidates is eligible to apply for a house.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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