Prime Minister Housing scheme is a vision to provide an affordable house to poor, lower and middle-income groups. This scheme enables an individual to get a subsidy of 3 to 6.5% on the home loan as a part of credit linked subsidy scheme. With the help of credit linked, subsidy scheme government of India aims at increasing the cash flow into the banks and other financial institutes to help people. Prime Minister Awas Yojana is an initiative that aims at providing affordable houses to:
- An economically weaker section whose annual income is below Rs. 3 lakhs
- Low-income groups whose income is between Rs. 3 – 6 lakhs annually
- Middle-income group I whose income is between Rs. 6-12 lakhs
- Middle-income group II whose annual income is between Rs. 12-18 lakhs
Under this scheme, the government of India aims at providing pucca house along with basic facilities like water, sanitation and electricity supply. The main objective of the Prime Minister Awas Yojana is to ensure that poor section of urban India can live under the roof of own house. It is an effort to ensure that everyone enjoys a good living standard and get all the basic facilities that are necessary for healthy living. The effort is to economically support the weaker section in owning a house and raise the necessary funds as a home loan for buying an affordable home. An individual who does not have own house and has not availed central assistance under any housing scheme with specific income is eligible for the scheme.
Reference Read: Facts You Need to Know about Prime Minister Housing Scheme