Pradhan Mantri Awas Yojana

Housing is one of the most basic needs, and quite often, it becomes difficult to get a house for themselves who make meagre amounts of money to barely get by. Those living in the rural areas often find themselves to be stuck in a vicious cycle of homelessness.

In order to make housing easy for all classes of the financial spectrum, the government of India announced the Pradhan Mantri Awas Yojana. The main mission of the Yojana is to provide housing for all in urban areas.

What does Pradhan Mantri Awas Yojana provide?

For those falling under the Economically Weaker Section (EWS) and for those from the Lower Income Group (LIG), the interest subsidy shall be provided on housing loans. This subsidy would be offered on acquisition or even construction of house. The subsidy would also be provided for new constructions and/or addition of rooms to pre-existing structures.

For those falling in the Middle Income Group (MIG), there would be an interest on subsidy. This interest would be provided on housing loans for the acquisition/construction of houses, which includes repurchasing also.

Who can benefit from the scheme?

  • The beneficiaries include the family of the applicant, which comprises of the husband, the wife, unmarried sons and/or unmarried daughters
  • An adult earning member (irrespective of his/her marital status) can be treated as a separate household

To Sum it up

Finding a house really could be a difficult thing to do but with assistance from the government, things do get easier in the long-run. This scheme takes of providing one of the most essential requirements of a human, and that is a great step towards progress.