The Indira Gandhi Awas Yojana (IAY) was repackaged as a new government scheme named Pradhan Mantri Awas Yojana in 2016. It aims to construct affordable housing for economically challenged sections the society. This socially beneficial scheme of IAY, now working along with PMAY, has taken the initiative to provide shelter for all by 2022. Along with the construction of pucca houses for people living in kutcha houses, this housing scheme provides subsidised interest rates to people who are availing home loans. (housing benefits)
The features and operational function were changed when this scheme was re-introduced IAY as PMAY G. Hence, the scheme functions with the same objectives but differently.
What is IAY/PMAY?
The government scheme was planned to launch for individuals who fall below the poverty line category. The Central government targets to construct 4 crore houses all over India by 2022.
This IAY, also known as PMAY, is divided into PMAY Urban and Gramin. Hence, individuals can check out the overall features of this beneficial government scheme for both rural and urban areas before proceeding with the application.
Features and benefits of PMAY:
- The size of the houses will be around 25sq.m, including all the necessary facilities for electricity, water supply etc.
- High-quality materials and trained working staff will be used for proper house construction.
- The scheme targets to rehabilitate the slums through In-Situ slum redevelopment
- The eligible beneficiaries will get technical assistance during the time of construction.
- Under Indira Awas Yojana, individuals will get home loan assistance of up to Rs.70,000 at a subsidised rate.
- According to the rural housing interest subsidy scheme and PMAY G, individuals can avail of an interest rate subsidy of up to 3% on the loan amount of up to Rs.2 lakh.
Hence, to avail IAY scheme benefits, beneficiaries need to meet specific eligibility standards to secure shelter for themselves and their families. An applicant who fulfils all eligibility criteria can even use an online home loan calculator to calculate his/her EMI amount one can afford to pay.
Know how to apply for PMAY:
The online application for PMAY can be made for free from its official website. Applicants can check the steps involved for the online application:
- Individuals need to visit the official website of PMAY and navigate to “Citizen Assessment” option to select an appropriate category.
- Once an income category is selected, individuals would be asked to provide their Aadhaar card details, which are mandatory for application.
- After the details are filled in, applicants would be redirected to the online application form to enter their personal details.
Hence, by following this process, rural and urban residents can get housing benefits via PMAY without any hassle.
Some top HFCs extend pre-approved offers for prospective applicants and existing home loan borrowers to accelerate and quicken the loan application process. Such offers are available on home loans, loan against property and more. Therefore, individuals can check their pre-approved offer by providing their necessary information like name and contact information.
Hence, the relaunching of IAY with a new name played a pivotal role in providing affordable housing benefits to society’s financially challenged sections. The scheme not only provided housing for all but also created multiple job opportunities in the real-estate sector.