Quick Highlights of PM Awas Yojana (PMAY)

  • Scheme Name - Pradhan Mantri Awas Yojana
  • Launch Date - 25th June, 2015
  • Estimated Time for Completion - 7 years (2022)
  • Primary Objective - Providing affordable houses to Indian citizens
  • Number of Houses to be Built - 2 crores +
  • Primary Target Group - Poor people of India belonging to LIG and EWS groups. LIG stands for low income group and EWS stands for Economically Weaker Sections
  • Primary Target Area - LIG and EWS people of urban areas
  • Scope of Scheme - Across India
  • Previous Name - Housing for All scheme

PM Awas Yojana 2018

Planning to own a home of your dream? Buy your home under the PM Awas Yojana 2018 scheme. All you have to do is determine the location where you want to buy your home, choose the builder and the bank or institute that will provide you with the home loan. PMAY 2018 aims to provide housing for all. Therefore, those who already own a home or any of their family members owns a home cannot avail of the benefits of Pradhan Mantri Awas Yojana 2018.

In accordance with its PM Awas Yojana 2018rule, the beneficiary family must not own a pucca house elsewhere and the beneficiary family should not have taken help under any housing scheme from Government of India. A beneficiary family consists of husband, wife, unmarried sons and or unmarried daughters.

How the PMAY 2018 Scheme benefits you

Particulars MIG I MIG II
Household annual Income Rs. 6-12 Iakh Rs. 12-18 Iakh
Eligible Loan Amount for Interest Subsidy Rs. 9 Iakh Rs. 12 Iakh
Interest Subsidy 4% 3%
Dwelling Unit Carpet Area 90 Sq. mtr 110 Sq. mtr
Max loan tenure (in yrs) 20 20
NPV subsidy Rs 2.35 lakh Rs 2.30 Iakh
1 sq mtr = 10.7639 sq ft

Pradhan Mantri Awas Yojana

Multiplying money is all about taking the right decision at the right time. Investing in property is loaded with huge risks as the capital involved is large. Investing in affordable housing is a great option for buying a house or for investment purposes.

Prime Minister of India launched Pradhan Mantri Awas Yojana (PMAY) on 25th June 2015. It aims to deliver quality yet budget homes to citizens of India. PM Awas Yojana (PMAY) is planned to help people who don’t have enough money to buy a house. Pradhan Mantri Awas Yojana is a big chance for such people to buy their house at affordable prices with subsidy given by the Government of India.

We list down some cities that offer a wide range of investable options at affordable price points while providing a great opportunity for capital appreciation and health returns in future.

  • Hyderabad- With its thriving IT/ITeS industry, booming economy real estate is picking up in Hyderabad, the city is one of the most affordable in the country, witnessed stable land prices due to political upheavals. However, with stability in politics and governance Hyderabad is sure to see an upswing.

  • Pune- The relatively lesser known neighbor of Mumbai, Pune is a powerhouse of economic development with its manufacturing and services industry. The city has seen a continuous appreciation in real estate prices. Additionally, with well developed infrastructure and safe environment it is considered one of the best cities to live in.

  • Kochi- Kochi is on the way to becoming a metropolis, with focus on infrastructural development and impetus on growth of IT/ITeS industry the real estate sector in Kochi is seeing significant growth. Many affordable housing projects have been started in Kochi and are seeing rising demand from the mid-income groups.

  • Ahmedabad- Ahmedabad is a leading example of fast-paced and planned development. Rapid infrastructural development in the shape of bullet trains, smart cities, a stable government and huge investments have ensure that Ahmedabad is a hub for real estate investment and development.

  • Ghaziabad- Once the black sheep of the NCR suburbs, Ghaziabad has come a long way on the development ladder. Well connected to Delhi via the metro and highways, Ghaziabad has become the ‘go to’ destination for property developers. With the widening of the MH-24 and extension of the metro line, Ghaziabad is sure to see further growth.