The ‘Housing for All by 2022’ mission is halfway through its deadline. Since its announcement in 2014, several schemes have seen the light of the day. A major step in this direction was the Pradhan Mantri Awas Yojna (PMAY) launched in June 2015.
Recently, to give a further boost to affordable housing, the Reserve Bank of India raised the housing loan limits under priority sector lending (PSL) for economically weaker sections and lower income groups. With this, buyers in metros can now avail home loan of up to Rs 35 Lakh as against up to Rs 28 Lakh earlier. Similarly, in other cities, buyers can avail loans up to Rs 25 Lakh as against Rs 20 Lakh earlier.
See also: budget homes in Panvel
The push to affordable housing is evident from the three-fold growth in the number of houses constructed since April 2017.
So, if you want to apply under PMAY, here’s a ready reckoner. There are four components under which a person can claim benefits by proving his eligibility:
In-situ rehabilitation: Applicable for individuals who stay in slums and do not have a pucca house.
Beneficiary-led construction: Applicable for individuals who have their own land and want funds to construct/enhance the existing home.
Credit-linked subsidy scheme (CLSS): This particularly for mid-income groups (MIG).
Affordable housing in partnership: Applicable for individuals who neither have any land nor can afford a home loan.
Source: property portal
