All you should know about PMAY scheme 2021

The Pradhan Mantri Awas Yojana (PMAY) is a much-hyped housing scheme launched by PM Narendra Modi in 2015.

Its intention was to build and provide affordable housing solutions using eco-friendly and sustainable technologies to the poor. It comes with the tagline – ‘Housing for all by 2022.’

If you want to know about the basics of the PMAY scheme in 2021, here is a quick post. Read on!

Basics of the Pradhan Mantri Awas Yojana scheme at a glance

Anyone or a household without having any pucca home anywhere in India is eligible to apply for PMAY scheme.
A beneficiary family or a household means a husband, wife, unmarried sons and unmarried daughters.
Women ownerships, senior citizens and differently abled citizens are prioritized under the PMAY scheme. They are also given the preference to get ground floors on properties constructed under the PMAY.
Anyone whose yearly income is between Rs.3 lakh and Rs.18 lakh is eligible to pocket PMAY subsidy benefits.
The credit linked subsidy scheme (CLSS) of PMAY lets eligible applicants save an interest subsidy of 6.5%, amounting up to Rs.2.67 lakh.
Applicants are divided into 4 income categories. They are Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group 1 (MIG 1), and Middle Income Group 2 (MIG 2).
EWS earning up to Rs.3 lakh/year can pocket a 6.5% home loan interest subsidy of Rs.2.67 lakh on up to Rs.6 lakh loan with 20 years tenor. The home carpet area is 30 sq mt.
MIG earning between Rs.3 lakh-6 lakh/year can get the same benefit as EWS. The home carpet area increases to 60 sq mt.
MIG 1 earning between Rs.6 lakh-12 lakh/year can get a 4% home loan interest subsidy of Rs.2.35 lakh on up to Rs.9 lakh loan with 20 years tenor. The home carpet area stands at 160 sq mt.
MIG 2 taking home between Rs.12 lakh-18 lakh/year can enjoy a 3% home loan interest subsidy of Rs.2.3 lakh on up to Rs.12 lakh loan with 20 years tenor. The home carpet area is 200 sq mt.
PMAY Urban scheme is being implanted in urban areas, while PMAY Gramin (Rural) is being incorporated in rural pickets.
Applicants who had applied under the PMAY can check their name in the PMAY list on the official website of the PM Awas Yojana.

If you fall under any of the discussed income groups and do not have a pucca home yet, the PMAY scheme is for you.