Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme launched by the Indian government with the aim of providing ‘Housing for All by 2022.’ Under the Credit Linked Subsidy Scheme (CLSS) component of PMAY, individuals belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) can avail interest subsidies on home loans for the construction, purchase, or enhancement of their dwelling units.
Pradhan Mantri Awas Yojana (PMAY) was launched by Prime Minister Narendra Modi to address the housing needs of the urban poor. The scheme offers substantial benefits to eligible beneficiaries, helping them fulfill their dream of owning a home. One of the key features of PMAY is the interest subsidy, which significantly reduces the financial burden on beneficiaries.
Eligibility criteria for PMAY Delhi:
- Applicants must belong to EWS, LIG, or MIG I & II categories.
- The applicant’s age should be less than 70 years.
- The annual income of EWS applicants should not exceed Rs. 3 lakh, while LIG applicants’ income should range between Rs. 3 lakh and Rs. 6 lakh.
- Women who are Indian citizens are eligible for the scheme.
To be a beneficiary under Pradhan Mantri Awas Yojana (PMAY) Delhi, applicants must meet the income requirements and must not own a pucca house in their name anywhere in India. Additionally, they should not have availed of central assistance under any other housing scheme.
The scheme covers all statutory towns as per the Census 2011, ensuring its wide reach across urban areas. Beneficiaries can apply for Pradhan Mantri Awas Yojana in Delhi through Prime Lending Institutions (PLIs). The lender verifies the applicant’s eligibility and submits the claim to the Central Nodal Agency (CAN) for processing. Once approved, the subsidy amount is credited to the borrower’s loan account, reducing the outstanding amount and lowering the Equated Monthly Instalments (EMIs).
Grid for the Pradhan Mantri Awas Yojana (PMAY) Delhi Scheme:
| Annual Income of the Household | Category | Interest Subsidy | Maximum Loan Amount on Which Subsidy is Calculated | Maximum Interest Subsidy | Maximum Carpet Area that can be Availed |
|---|---|---|---|---|---|
| Rs.12 lakh to Rs.18 lakh | MIG – II (Middle Income Group – II) | 3.00% | Rs.12 lakh | Rs.2.30 lakh | 1614 sq.ft. |
| Rs.6 lakh to Rs.12 lakh | MIG – I (Middle Income Group – I) | 4.00% | Rs.9 lakh | Rs.2.35 lakh | 1291 sq.ft. |
| Rs.3 lakh to Rs.6 lakh | LIG (Lower Income Group) | 6.50% | Rs.6 lakh | Rs.2.67 lakh | No limit |
| Up to Rs.3 lakh | EWS (Economically Lower Section) | 6.50% | Rs.6 lakh | Rs.2.67 lakh | No limit |
Key features of PMAY Delhi include:
- Interest subsidy of up to 6.50% for a loan of Rs. 6 lakh over a tenure of 20 years.
- Approval of subsidy amount by the National Housing Bank (NHB).
- Inclusion of unmarried children, wife, and husband in the beneficiary family.
- Availability of subsidy for first-time home buyers who do not own any other property.
- Requirement of a woman co-owner for the house.
- Completion of construction or extension within 36 months.
The scheme also specifies maximum carpet areas for different income groups, ensuring equitable distribution of benefits. The subsidy amount varies based on the annual income of the household and the category they belong to.
Authorities responsible for implementing Pradhan Mantri Awas Yojana (PMAY) in Delhi include the Delhi Urban Shelter Improvement Board (DUSIB), Delhi Development Authority (DDA), and Ministry of Housing and Urban Poverty Alleviation (MHUPA). The Government of India has allocated a substantial budget for the implementation of PMAY in Delhi, with a significant portion being provided as assistance to the State Government.
In conclusion, Pradhan Mantri Awas Yojana is a progressive scheme that aims to provide affordable housing to all sections of society. By offering interest subsidies and other benefits, PMAY is playing a crucial role in fulfilling the housing needs of millions of Indians, particularly those belonging to EWS, LIG, and MIG categories.
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