Pradhan Mantri Awas Yojna (PMAY)
Pradhan Mantri Awas Yojna(PMAY) is an programm initiated in June ,2015 by Prime Minister of India under which affordable houses will be provided to the Urban Poor. The Government of India has identified 305 cities and towns have identified in 9 States for beginning construction of houses for urban poor people.
Features of PMAY:
- Under PMAY , it is proposed to build 2 crore houses for EWS( Economically Weaker Section) and Low Income Group (LIG) in Urban areas by the year 2022.
- The Govt will provide provide interest subsidy of 6.5% an Housing Loan availed by the people for 20 years under Credit Linked Subsidy Scheme( CLSS) from start of Housing Loan.
Conditions for PMAY:
- Age of beneficiary should be maximum 70 years.
- Annual Income should be less than Rs.3 lacs for EWS( Economically Weaker Section) and Rs 3,00,001 to 6.00.000 for LIG (Low Income Group).