A large part of India’s population began appreciating the importance of home ownership in 2020, when faced with immense economic turmoil and lockdown. Others found it a good investment with realty price stability and competitive loan rates. 

Even so, not every individual can afford a home still. Hence, keeping their welfare in mind, India's government has launched a Pradhan Mantri Awas Yojana or PMAY, in June 2015. This particular scheme looks to address housing requirements of urban and rural individuals belonging to economically challenged section of the society.

PMAY benefits can be availed if one wishes to buy or construct a home. He/she would also need to fulfil all associated eligibility criteria before claiming these said benefits. One can even take a loan for an under-construction property with PMAY. 

Eligibility criteria:

To avail of benefits of PMAY, one needs to be eligible for the scheme, and therefore the Pradhan Mantri Awas Yojana eligibility criteria are mentioned below: 

• Only individuals who do not own a pucca house in his name or any other family member’s name is eligible to avail such benefits.
• Individuals who have availed assistance under any other central government housing scheme are disqualified from PMAY benefits.
• Any households having an annual income of up to Rs.18 lakh can apply for this scheme.
• For EWS and LIG applicants, an adult female member of the family must own or co-own the property. If no such member exists, only then can a male member be sole owner of PMAY houses.

Here, all individuals can follow the objectives and features of the Pradhan Mantri Awas Yojana scheme:

Benefits and objectives of PMAY:

The vision of this scheme focuses on four essential categories that include:

• Providing affordable housing for the financially challenged section of the society.
• Re-development of slums with the assistance of private sectors
• A building or re-constructing the houses led by the legatees.
• All the houses under this Pradhan Mantri Yojana project would be constructed through environment-friendly technology and building materials.
• The scheme ensures women's financial security and encourages them to apply for a loan and become homeowners.
• While allocating houses under this scheme, providing the ground floor rooms will be issued for the senior citizens and differently-abled individuals.
• One important aspect of this scheme is that the government provides interest subsidy on home loan availed by individuals.

The application process of both PMAY Gramin and Urban is the same. If any individual wants to check their name in the PMAY list, they would need to visit the official website, input their registration number, Aadhar number and check their name.

The existing home loan borrowers are only suitable for the scheme if they have fulfilled the eligibility criteria of PMAY for a home loan.

Along with the features and benefits mentioned above, some top NBFC provides pre-approved offers to make the loan credit more convenient. Such offers are available on several financial products such as home loans, loan against property etc. one can check their pre-approved offer by submitting his/her name and contact details.

The PMAY scheme takes a huge step to fulfil the dream of owning a house by every section of society. It assures borrowers to approach the financial institutions or HFCs for loan applications that will make the EMIs more affordable.

Reference Link:

https://medium.com/@wavecity/objectives-and-features-of-pradhan-mantri-awas-yojana-scheme-75499797866e

https://www.bajajfinservmarkets.in/loan

https://www.bajajfinserv.in/home-loan