Pradhan Mantri Awas Yojana is a citizen-friendly initiative set up by the Indian government to provide affordable housing to the urban poor under this flagship programme by March 31st, 2022. As of 1st February 2019 during FY-budget, the Finance Minister has announced that 1.53 crore homes have already been built under this initiative, showcasing its effective implementation and success. However, another 2 crores affordable housing is still required.

This initiative is a Credit Linked Subsidy Scheme (CLSS) that aims to assist the following categories in a transparent manner:

• Lower Income Section (LIS) – Annual income between Rs 3-6 lakhs
• Economically Weaker Section (EWS) – Annual income up to Rs 3 lakhs
• Medium Economic Group (MIC 1) – Annual income between Rs 6 to 12 lakhs
• Medium Economic Group (MIC 2) – Annual income between Rs 6 to 18 lakhs
• Scheduled Caste, Schedule Tribe (SC/ST) and Other Backward Castes (OBC)
• Women, Transgender (LIS/EWS category – irrespective of caste and religion)
• Rural population

Furthermore, beneficiaries of this scheme shouldn’t own a ‘pucca’ house nor should they have availed of any other state or central government housing schemes. Interest subsidies of 6.5% will be awarded to those in the LIS and EWS categories. A female member of the family must be a co-owner of the property to be bought. For those falling in the MIC 1 category, an interest subsidy of 4% will be implemented while those in MIC 2 category will avail an interest subsidy of 3%. Even in this case, a female co-owner is desirable, though not mandatory. In this way, the Pradhan Mantri Awas Yojana also aims to empower the female population in the LIS/EWS categories.

Citizens can apply online or offline for this subsidy which can be up to a maximum of 2.67 lakh rupees as interest subsidy on housing loans. The interest subsidy is channeled through the National Housing Bank (NHB) and the Housing & Urban Development Corporation (HUDCO). These apex government bodies then collaborate with the loaner banks thereby assisting eligible applicants to avail of the subsidy. A major requirement is the Aadhar card which is mandatory to avail of this scheme. Another important feature is that the interest subsidy is only applicable to loans of up to 6 lakhs. Any amounts above that will be non-exempted.

For those homebuyers who are still undecided about investing, this scheme should be incentive enough to buy a home now. Prestigious builders like Favourite Homes have a number of classy apartments and villas for sale in Trivandrum.