{"id":8431,"date":"2023-08-28T18:10:50","date_gmt":"2023-08-28T18:10:50","guid":{"rendered":"\/blog\/?p=8431"},"modified":"2024-07-03T17:24:43","modified_gmt":"2024-07-03T11:54:43","slug":"what-are-the-benefits-of-pradhan-mantri-awas-yojana-scheme","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/what-are-the-benefits-of-pradhan-mantri-awas-yojana-scheme\/","title":{"rendered":"What are the Benefits of Pradhan Mantri Awas Yojana Scheme?"},"content":{"rendered":"\n<p>Home, a spot supremely blest; dearer and sweeter than all the rest. Yet, thousands upon thousands in our country lay destitute, with no place to call their own. That is when the Central Government came to the rescue with the ambitious Pradhan Mantri Awas Yojana or PMAY scheme. <\/p>\n\n\n\n<p>Introduced in 2015, this Credit Linked Subsidy Scheme (CLSS) targets on\nproviding \u201caffordable housing for all\u201d by the year of the 75<sup>th<\/sup>\nIndependence of India \u2013 2022. <\/p>\n\n\n\n<p>Let us get to know its features and benefits in details &#8211;<\/p>\n\n\n\n<p><strong>Housing for All Strata and in All Areas <\/strong><\/p>\n\n\n\n<p>The Pradhan Mantri Awas Yojana aims to construct 2 crore affordable houses in both urban (PMAY-U) and rural areas (PMAY-G) for raising the standard of living of all societal classes, mainly classified into income groups, as follows \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EWS or Economically Weaker Section \u2013 Annual household\nincome must be below Rs. 3 lakhs<\/li>\n\n\n\n<li>LIG or Low Income Group \u2013 Annual household income must\nbe above Rs. 3 lakhs but below Rs. 6 lakhs <\/li>\n\n\n\n<li>MIG I or Middle Income Group I \u2013 Annual household\nincome cap is Rs. 6 lakhs to Rs. 12 lakhs <\/li>\n\n\n\n<li>MIG II or Middle Income Group II \u2013 Annual household\nincome cap is Rs. 12 lakhs to Rs. 18 lakhs <\/li>\n<\/ul>\n\n\n\n<p><strong>Subsidised Interest Rates <\/strong><\/p>\n\n\n\n<p>Those who meet the Pradhan Mantri Awas Yojana eligibility will receive <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan <\/a>at subsidised rates of interest, as follows \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For those belonging to the EWS or LIG category, PMAY subsidy will be extended at 6.5% for a tenure of 20 years<\/li>\n\n\n\n<li>For those who fall under the MIG I category, home loan interest rates will be subsidised by 4% for a maximum loan amount of Rs. 9 lakhs for a tenure of 20 years <\/li>\n\n\n\n<li>For those belonging to the MIG II category, PMAY subsidy will be provided at 3% for a loan amount up to Rs. 12 lakhs for a tenure of 20 years <\/li>\n<\/ul>\n\n\n\n<p><strong>Additional Read:<\/strong> <a rel=\"noreferrer noopener\" href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/what-is-pradhan-mantri-awas-yojana-scheme\/\" target=\"_blank\">What is Pradhan Mantri Awas Yojana Scheme? All You Need To Know About The PMAY Scheme<\/a><\/p>\n\n\n\n<p><strong>Access to All Essentials <\/strong><\/p>\n\n\n\n<p>With toilet facility being a mandate, the Pradhan Mantri Yojana instructs urban local bodies to ensure that houses have provision for basic services such as water, electricity, sanitation, sewerage, etc. Moreover, the PMAY scheme also makes it mandatory to construct houses that meet the basic requirements of structural safety against natural calamities such as floods, cyclones, earthquakes, landslides, etc. in line with the National Building Code or other relevant BIS (Bureau of Indian Standards) codes. <\/p>\n\n\n\n<p><strong>Female Preference <\/strong><\/p>\n\n\n\n<p>The PMAY scheme has some gender-specific interventions made by the Government. The scheme makes female ownership a mandatory clause in both urban and rural areas, regardless of whether or not the woman is the one buying the property. Even among women, overriding preference is given to widows. In case of no female member, the property can be registered under the name of the male applicant only. <\/p>\n\n\n\n<p><strong>Note \u2013 <\/strong>Female ownership, though preferred, is not mandatory in case of MIG I\nand MIG II categories. <\/p>\n\n\n\n<p><strong>Provisions for the Elderly, the Disabled, and\nthe Minorities<\/strong><\/p>\n\n\n\n<p>Under the Pradhan Mantri Yojana, families with senior citizens and physically challenged individuals will be allotted ground floor homes or at least the lower floors for purposes of safety and convenience. Moreover, the PMAY scheme also gives preferences to those belonging to the minority communities \u2013 Scheduled castes and tribes\/other backward classes and transgender. <\/p>\n\n\n\n<p><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/how-to-complete-your-dream-of-owning-a-house-using-pmay\/\">How to   Apply for Pradhan Mantri Awas Yojana to Get Your Own House?<\/a><\/p>\n\n\n\n<p><strong>Ecologically Sound Homes <\/strong><\/p>\n\n\n\n<p>Under the Pradhan Mantri Awas Yojana, developers have been instructed to strictly adhere to the usage of environment-friendly and sustainable building technology and construction materials. As a result, not only damage to the environment and in and around the site of construction will be reduced but people can experience significantly lower pollution levels. <\/p>\n\n\n\n<p>Eligible for PMAY subsidy? Avail a <a title=\"PMAY Loan\" href=\"https:\/\/tata-blog.osian.dev\/home-loan\/pmay.html\">PMAY loan<\/a> with Tata Capital! Not sure? Use our easy <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/pmay-calculator.html\">PMAY calculator <\/a>to find out today. Get in touch. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Home, a spot supremely blest; dearer and sweeter than all the rest. Yet, thousands upon thousands in our country lay destitute, with no place to call their own. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/what-are-the-benefits-of-pradhan-mantri-awas-yojana-scheme\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":8432,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-8431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PMAY: Benefits of Pradhan Mantri Awas Yojana Scheme - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Why should you opt for PMAY subsidy Scheme? 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