The Key Factors regarding PMAY scheme

What’s the need?

One of the most important accomplishments of one’s life is to own a house at a good locality and at an affordable price. The most common obstacle to own a house is the crisis of money in one’s life. This is where some complementary support is required. The government now is ready to provide for this support. It has been the vision of the Hon’ble Prime Minister, Shri Narendra Modi, to complete the task of ‘Housing for All’ in India as the country steps into its 75th year of independence in 2022. To achieve this, the Pradhan Mantri Awas Yojana (PMAY), has been introduced in June 2015. It is an initiative to provide affordable homes with all the required features and amenities that are essential for the residents.

Who are the beneficiaries?

The initiative, ‘Housing for All’, is all set to make it possible for the economically weaker section and the low-income group to own houses with easy home loans. These loans are accessible through a Credit-Linked Subsidy Scheme which can take away the traditional financial burden on the customers. It will also promote the other connected industries such as cement, construction, and electricity. The beneficiaries include the whole family of husband, wife and unmarried children. But, to avail these benefits, the beneficiaries should not have the ownership of any pucca house in any part of the nation.

Key aspects

The key aspects of the Pradhan Mantri Awas Yojana which has been majorly described for the economically weaker section and the low-income group are:

Income Criteria

Economically Weaker Section – The economically weaker section families are those which have been a yearly income of at most INR 300000.

Low-Income Group – The low-income group is categorized as the families who have an annual income in the range INR 300001 to INR 600000.

Respective state governments, depending on the local conditions, can make certain changes in the annual income criteria for both EWS and LIG in consultation with the Central Government.

Carpet Area

As far as the carpet area is concerned, under this scheme, the economically weaker section can build their own pucca house or an infrastructure with all the basic amenities required. The maximum carpet area limit for the economically weaker section is set to be 30 square meters. Whereas, for the low-income group, the interest and loan for the similar pucca house can be availed up to a carpet area of 60 square meters. The tenure of the loan has also been extended up to 20 years.

Any Potential Residential Projects?

When you are so determined to own a house for your family, the first thing that the homebuyers search for is a reputed builder with a potential residential project. One such builder, Shriram Properties has come up with one of the best upcoming projects, Shriram Code Superstar located on the GST Road at Perungalathur in the city of Chennai. The floor plan of the Shriram Code Superstar offers a unique blend of spacious and well-ventilated rooms. It offers 1 BHK, 2 BHK, and 3 BHK luxurious apartments in the city of Chennai. It is quite clear from its master plan that it comprises of a unique design that affirms a prestigious accommodation in apartments which makes it so much desired among the home buyers.