{"id":42532,"date":"2019-08-23T11:47:39","date_gmt":"2019-08-23T06:17:39","guid":{"rendered":"https:\/\/www.newsilike.in\/?p=42532"},"modified":"2019-08-23T11:47:41","modified_gmt":"2019-08-23T06:17:41","slug":"pradhan-mantri-awas-yojana","status":"publish","type":"post","link":"https:\/\/www.newsilike.in\/pradhan-mantri-awas-yojana\/","title":{"rendered":"Pradhan Mantri Awas Yojana &#8211; Urban may get a Thrust"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"370\" src=\"https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY.jpg\" alt=\"Pradhan Mantri Awas Yojana\" class=\"wp-image-42534\" title=\"\" srcset=\"https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY.jpg 1024w, https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY-500x181.jpg 500w, https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY-768x278.jpg 768w, https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY-700x253.jpg 700w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The Pradhan Mantri Awas Yojana or PMAY is\none of government\u2019s most ambitious projects to provide affordable housing to\neconomically backward sections of both rural and urban India. The project has\ncompleted four years with over 26 Lakh houses built as a part of of affordable\nhousing. However, it still falls short of the total target of houses\nconstructed by quite a lot. That is why the PMAY scheme was deemed to get a\nthrust in Budget 2019. <\/p>\n\n\n\n<p>Along with construction of new houses, the\nscheme also offers PMAY subsidy under which eligible candidates can <a href=\"https:\/\/www.bajajfinserv.in\/home-loan\" target=\"_blank\" rel=\"noopener\">avail housing loan<\/a> at a\nsubsidised rate of interest. Thus, with these components, the government aims\nto provide housing for all by March 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Announcements at 2019 budget for PMAY<\/strong><\/h2>\n\n\n\n<p>In the 2019 budget, PMAY received a boost\nto ensure that the projects undertaken are completed by 2022. Following are a\nfew announcements made during the presentation of budget-<\/p>\n\n\n\n<ul><li>In the coming years, there is a\ntarget to provide housing for 1.95 Crore individuals. Each house will be\nequipped with amenities like a toilet, LPG connections and electricity. <\/li><li>Previously, time taken to\nconstruct homes was 314 days, which subsequently reduced to 114 days. That is\nwhy more emphasis will be put on increasing the infrastructure.<\/li><li>There will be reforms to\nimprove rental housing conditions. Since current rental housing laws do not\naddress relationships between the lessor and lessee reasonably, the rental\nsituation in the country needs improvement.<\/li><li>Individuals can avail a subsidy\nof up to 6.5% on interest rates under PMAY subsidy scheme.<\/li><\/ul>\n\n\n\n<p>These are a few highlights from the 2019\nbudget, which can give the PMAY scheme a thrust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who can avail the Pradhan Mantri Awas\nYojana 2019 scheme?<\/strong><\/h2>\n\n\n\n<p>Before applying you should know the PMAY\neligibility criteria. They are-<\/p>\n\n\n\n<ul><li>Economically Weaker Section or\nEWS with an annual household income of less than Rs. 3 Lakh.<\/li><li>Low Income Group or LIG with a\nyearly household income of Rs. 3 Lakh to Rs. 6 Lakh<\/li><li>Mid Income Group I or MIG I\nwith an annual household income of Rs. 6 Lakh to Rs. 12 Lakh.<\/li><li>MIG II with an annual household\nincome of Rs. 12 Lakh to Rs. 18 Lakh.<\/li><\/ul>\n\n\n\n<p>Apart from these, they should also comply\nwith the following factors to satisfy the PMAY eligibility criteria-<\/p>\n\n\n\n<ul><li>Individuals applying for the\nscheme should not have a brick and mortar house in their name or in the name of\ntheir family members anywhere in India.<\/li><li>Individuals should not have\navailed the benefits of any other previous government housing schemes.<\/li><li>Any property you purchase\nshould be co-owned by a female member of the household.<\/li><li>The property availed under the\nscheme should belong to any of the statutory towns under 2011 census.<\/li><\/ul>\n\n\n\n<p>Individuals complying with all the criteria above can avail the benefits of the <a href=\"https:\/\/www.bajajfinserv.in\/home-loan-pradhan-mantri-awas-yojana\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Pradhan Mantri Awas Yojana<\/a> loan.<\/p>\n\n\n\n<p><strong>What are the benefits under CLSS that\nindividuals can avail in 2019?<\/strong><\/p>\n\n\n\n<p>One of the key benefits of the Pradhan\nMantri Awas Yojana is the Credit Linked Subsidy Scheme or CLSS. It is a part of\nPMAY under which individuals can avail a subsidised home loan interest rate\nfrom various financial institutions in India. Under CLSS, individuals can avail\nthe following subsidy rates on home loan:<\/p>\n\n\n\n<ul><li>6.5% for a loan amount of up to\nRs. 6 Lakhs for individuals belonging to EWS and LIG.<\/li><li>4% on loan amount of up to Rs.\n9 Lakhs for beneficiaries under MIG I.<\/li><li>3% on loan amount of up to Rs.\n12 Lakhs for individuals belonging to MIG II.<\/li><\/ul>\n\n\n\n<p>Under PMAY, you can avail above mentioned\nsubsidy from many listed financial institutions like Bajaj Finserv. Additionally,\nyou can also avail pre-approved offers that can make availing loans faster and\neasier. These offers are available on several financial products, including\nsecured loans like home loans and unsecured loans like personal loans, business\nloans, etc. You can check your pre-approved offer quickly by providing your\nname and phone number.<\/p>\n\n\n\n<p>The benefits of PMAY subsidy remain unchanged after budget 2019. The government aims to increase the quantum of beneficiaries availing the subsidy in the upcoming years.<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-rich is-provider-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Pradhan Mantri Awas Yojana for Home Loan | Know everything about PMAY scheme\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/9tpypTc9CkI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Pradhan Mantri Awas Yojana or PMAY is one of government\u2019s most ambitious projects to provide affordable housing to economically backward sections of both rural and urban India. The project has completed four years with over 26 Lakh houses built as a part of of affordable housing. However, it still falls short of the total&hellip;<\/p>\n <a href=\"https:\/\/www.newsilike.in\/pradhan-mantri-awas-yojana\/\" title=\"Pradhan Mantri Awas Yojana &#8211; Urban may get a Thrust\" class=\"entry-more-link\"><span>Read More<\/span> <span class=\"screen-reader-text\">Pradhan Mantri Awas Yojana &#8211; Urban may get a Thrust<\/span><\/a>","protected":false},"author":2,"featured_media":42534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Pradhan Mantri Awas Yojana - Urban may get a Thrust. #PMAY","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4634],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.newsilike.in\/wp-content\/uploads\/Pradhan-Mantri-Awas-Yojana-PMAY.jpg","_links":{"self":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42532"}],"collection":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/comments?post=42532"}],"version-history":[{"count":0,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media\/42534"}],"wp:attachment":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media?parent=42532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/categories?post=42532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/tags?post=42532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}