The PMAY scheme, initiated by the Central Government in 2015, aims to provide affordable housing to all the citizens in this country. The plan has already provided more than 26 Lakh houses.

However, with Pradhan Mantri Awas Yojana 2019, the Government aims to increase the number of beneficiaries under this scheme.

Along with the construction of new houses, this scheme also provides subsidy on interest rates for eligible home loan borrowers. With the additions to this scheme made in the Union Budget 2019, the Government is aiming to provide housing for all by 2022.

Key Points of Budget 2019 for PMAY

There are a few announcements made in the budget 2019 to ensure that the projects taken under the PMAY scheme are completed by 2022. It is likely to provide a massive boost to the implementation of this scheme.

The key points are here as follows:

• The Government targets to provide affordable housing to over 1.95 Crore individuals within the upcoming few years and ease their way to become a homeowner. Also, each of the houses is aimed to be equipped with essential amenities like electricity, LPG connection and a toilet.
• The time required to construct the houses was previously 314 days. The changes aim to reduce the period to 114 days while emphasising more on infrastructure.
• The newly inserted Section 80EEA will enable beneficiaries under the affordable housing scheme to avail an additional income tax benefit of up to Rs. 1.5 Lakh on the loan interest paid. The exemptions will be available till 31^st March 2020.
• There are also a few reforms regarding rental housing conditions. These conditions in this country require improvement, and the Government is aiming for that with this scheme.

Benefits of the PMAY Scheme

Credit Linked Subsidy Scheme (CLSS) is one of the key benefits of the Pradhan Mantri Awas Yojana. Under this scheme, first-time home-buyers can avail interest subsidy on their housing credits.

The interest subsidy that individuals belonging to different income groups can avail is mentioned below.

• Individuals belonging to EWS with an annual household income of less than Rs. 3 Lakh can avail an interest subsidy of 6.5% on their housing loans up to Rs. 6 Lakh.
• Individuals belonging to the LIG with an annual household income between Rs. 3 Lakh and Rs. 6 Lakh can avail the same benefits as LIG.
• Applicants belonging to the MIG I category with an annual household income of between Rs. 6 Lakh to Rs. 12 Lakh can avail a subsidy of 4% on their home loan interest rate for a credit amount of up to Rs. 9 Lakh.
• This scheme provides an interest subsidy of 3% for individuals belonging to the MIG II category with an annual household income of between Rs. 12 Lakh to Rs. 18 Lakh for loans up to Rs. 12 Lakh.

PM Awas Yojana Eligibility Criteria

The PMAY Eligibility required eligibility criteria to apply for the PMAY scheme are mentioned below.

• Applicants cannot own any brick or mortar house in their name or any of the family members to avail benefits under this scheme.
• Applicants who availed benefits from any government housing scheme earlier are not eligible to enrol for Pradhan Mantri Awas Yojana 2019.
• Any property purchased by an applicant must be co-owned by a female family member.
• Individuals are not eligible to avail benefits for a property not belonging to statutory towns according to 2011 census list.

Note: After applying for this scheme, you can check PMAY List to know your status.

Keep the points mentioned above in mind while opting for Pradhan Mantri Awas Yojana apply procedure. Also, make sure to provide all the necessary documents when applying.