Prime Minister Awas Yojana is a Central Government of India initiative. The main intention provide an affordable housing to all poor peoples who cant afford much to build houses. The government intends to achieve this goal by 2022. This scheme is introduced by viewing both urban and rural people. So, this scheme has mainly two components. Pradhan Manthri Awas Yojana (Urban) (PMAY-U) and Pradhan Manthri Awas Yojana (Rural) (PMAY-R).
The PMAY scheme is providing a subsidy of 6.5% per annum on housing loan for a term of 20 years maximum. Currently the market rate of interest on housing loan is about 10% per annum. But, if the loan is applied under this scheme, it is only need to pay at the rate of 3.5% to 4% per annum. This scheme doesn’t eliminate the urban poor. So, individual residing in urban area also can apply for this loan.
Any family whose annual income varies from rupees three lakh to rupees eighteen lakh is eligible under these scheme. Addition to this income category, SC/ST and OBC categories and women belonging to economically weaker section is also eligible for PMAY Scheme.
The application for this scheme is available in the official website of the PMAY. The application process is simple and user friendly. All we need is an Aadhar card. After login to the website all the details should have to entered and continue to the screen direction. We can also edit the application after the final submit.
For more details log in http://pmaymis.gov.in/