What are the three basic essential items required for a decent existence in India? The answer lies in the old Hindi film classic, “Roti Kapda aur Makaan’. Literally translated into English, it means Food, Clothing, and Shelter. It is with fulfilling one of these objectives that our Prime Minister Shri Narendra Modi announced the launch of the Pradhan Mantri Awaas Yojana with great fanfare in 2015.
The logic behind Pradhan Mantri Awaas Yojana:
The motive behind the launching of the Pradhan Mantri Awaas Yojana is to provide homes for every Indian citizen. It envisages that no Indian should be homeless by the year 2022. The noble aim is to provide a roof over the heads of 20 million urban poor people. The Government has a very clear roadmap for the Pradhan Mantri Awaas Yojana Scheme.
Pradhan Mantri Awaas Yojana – The Eligibility Criteria
In order to ensure that no section of the society is left out of the scheme, the Pradhan Mantri Awaas Yojana divides the applicants into six categories.
- Economically Weaker Section (EWS): Persons whose household income is less than Rs 3 lakhs. Natural, they have to submit the relevant proof of their income to the government
- Light Income Group (LIG): People with an annual income ranging between Rs 3 lakhs and Rs 6 lakhs come in this category.
- Medium Income Group-1 (MIG1): People with annual household income less than Rs 12 lakhs fall in this MIG1 category. Such persons can avail loan up to Rs 9 lakhs.
- Medium Income Group-2 (MIG2): Here, the upper ceiling for income is Rs 18 lakhs. Hence, persons with annual income in the range of Rs 12 lakhs to Rs 18 lakhs can avail loan up to Rs 12 lakhs.
- Minorities: People belonging to the SC/ST/OBC come under minorities as far as Pradhan Mantri Awaas Yojana is concerned.
- Women: In this case, the women should belong to either the EWS or the LIG category alone.
The principal eligibility criteria are that the applicant in any of the categories mentioned above should not have a house in his/her own name anywhere in the country. It also entails that no family member (spouse and unmarried children) should have a house in their own names.
If the applicant satisfies the criteria listed above, he/she is eligible to apply for the Pradhan Mantri Awaas Yojana loan.
Who offers these loans to the beneficiaries?
Most of the leading nationalized and private banks finance beneficiaries under the Pradhan Mantri Awaas Yojana. Once the applicant fills up the Pradhan Mantri Awaas Yojana form, the concerned bank will do the requisite KYC checks before proceeding with the processing of the loan.
Pradhan Mantri Awaas Yojana – Claim of subsidy
The major attraction of the Pradhan Mantri Awaas Yojana is the subsidy amount. The following table will make things clear about matters regarding Pradhan Mantri Awaas Yojana subsidy.
To read about more such government schemes click here.
The Pradhan Mantri Awaas Yojana is a wonderful scheme for helping out the average citizen and ensuring that each Indian has a roof over his/her head. Other developing countries can draw inspiration from this scheme and formulate one for their citizens as well.