In 2015, the honourable Prime Minister of India, Shri Narendra Modi announced a scheme aimed at providing affordable homes to all by the end of the year 2022, especially benefiting the middle and lower income groups and people from the weaker sections of the society. Since, its launch, this scheme has grabbed a lot of attention nationwide. This scheme was named the Pradhan Mantri Awas Yojana housing for all scheme. However, there are a lot of people who are unaware of this scheme. Even those who know about it are not aware of its nitty-gritties. That’s why we decided to answer some frequently asked questions about the scheme.
FAQ1: What is the duration of the PMAY project?
Answer: The PMAY project is scheduled to last until the year 2022. However, this date is finalized so that the government has enough time to ensure that all regions within the country have beneficiaries. After the beneficiaries are identified, the construction of the projects will begin. As such, it may take longer until beneficiaries can ultimately move into their homes.
FAQ2: Who are the target audiences for this scheme?
Answer: The scheme is especially meant for people who belong to the economically weaker sections of the society. It also accounts for low and middle income groups of people who do not own a ‘pucca’ or cemented house.
FAQ3: Can women and transgender members apply for this scheme?
Answer: As long as you are a resident Indian woman or member of the transgender community, you can apply for the PMAY scheme. The scheme prioritises women, especially those serving as bread-winners of the family within the lower-income groups. However, if any other member of the woman’s family, e.g. her husband has applied for the scheme, the woman’s application will be rejected. Those transgender members belonging to low and economically challenged income groups may apply so long as they fit the eligibility requirements.
FAQ4: What should my maximum annual income be for me to be eligible for the scheme?
Answer: Your maximum annual income should not exceed more than ₹6 lakhs. That said, there is no lower limit for PMAY income requirement.
FAQ5: What does FAR mean with regards to the scheme?
Answer: FAR basically refers to the Floor Area Ratio. This accounts for the total covered area on all floors multiplied by 100 and divided by the plot area. However the definition of FAR may vary from town to town and city to city.
FAQ 6: What is the tenure of the loan?
Answer: Beneficiaries get 20 years to avail subsidy. If they choose to extend the loan duration, they will have to forego the subsidized rates.
FAQ 7: Are there any registration charges?
Answer: If you choose to apply for the scheme at one of the numerous Common Service Centres in the country, you have to bear an application fee of ₹25. If you choose to apply for Pradhan Mantri Awas Yojana online, no charges will be levied.
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