who is el­i­gi­ble for the pmay?

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE -

PMAY scheme 2015: The Prad­han Mantri Awas Yo­jana was launched in June 2015 with the aim of build­ing 2 crore houses by 2022. Phase 1 be­gan in April 2015 and will end in March 2017. The num­ber of tar­get cities are 100. Phase 2 be­gins in April 2017 and will end in May 2019. It tar­gets 200 cities. The third phase be­gins in 2019 and ends in 2022

The main ben­e­fi­cia­ries: The main ben­e­fi­cia­ries of the 2015 PMAY scheme were women, peo­ple be­long­ing to sched­uled castes, sched­uled tribes and eco­nom­i­cally weaker sec­tion. Ap­pli­cants had to sub­mit an af­fi­davit as proof of in­come. The in­come could not ex­ceed ` 3 lakh per an­num for EWS ap­pli­cants and ` 6 lakh per an­num for LIG ap­pli­cants. The in­ter­est sub­sidy was 6.5%

Changes likely: The scope of the pre­vi­ous scheme has now been ex­panded to in­clude all first time home­buy­ers who in­tend avail­ing loans. Buy­ers can avail of 4% re­bate in in­ter­est for a home loan of up to ` 9 lakh while 3% re­bate can be availed on a ` 12 lakh loan. The el­i­gi­bil­ity cri­te­ria has not been de­fined. Un­der the scheme, ap­pli­cants can get in­ter­est sub­sidy only if they own no house any­where in the coun­try

Who will get relief? Un­der the PMAY scheme, only those who do not own a house will get a sub­sidy. Mid­dle class home­buy­ers want­ing to pur­chase a house worth ` 18 lakh might be al­lowed to avail the in­ter­est re­bate for a ` 12 lakh loan and pay the mar­ket rate of in­ter­est for the re­main­ing amount

Suc­cess rate of the scheme: Some real es­tate ex­perts say that once the scheme kicks off, it will boost ac­tiv­ity in the res­i­den­tial real es­tate sphere. Others are of the opin­ion that it is likely to ben­e­fit Tier 2 cities more than Tier 1 cities where the cost of land is very high

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