PM Awas Yojana: Every Indian dreams of owning a home of his own. Whether in the countryside or the city, a family struggles throughout its life to have a safe roof over its head. Recognizing this basic need, the Central Government launched the Pradhan Mantri Awas Yojana (PMAY).

PMAY-Rural for rural areas and PMAY-Urban for urban areas are being implemented effectively. This scheme is proving to be a big relief especially for the economically weaker, low and middle income group citizens living in cities.

Interest Subsidy Scheme (ISS) has been implemented under Pradhan Mantri Awas Yojana (Urban). Eligible beneficiaries of this scheme can get up to Rs 1.80 lakh interest concession on home loan.

This discount is deposited directly into the loan account, thereby reducing the principal amount of the loan and reducing the monthly installments significantly. This plan is very beneficial financially while deciding to buy a house.

The scheme PMAY-Urban is divided into four major components. The first component is beneficiary-led construction (BLC). In this, direct financial assistance is provided to the beneficiaries from economically weaker sections who own land for building houses.

Another component is the Affordable Housing in Partnership (AHP), where slum redevelopment and construction of affordable housing is done in collaboration with private builders.

The third component is Affordable Rental Housing (ARH) which aims to provide affordable rental housing to migrant workers and tenants. The fourth and most popular component is the Interest Subsidy Scheme, which is applicable to EWS, LIG ​​and MIG category citizens taking home loans.

Under this scheme, interest concession is given on home loan up to a certain amount to the eligible beneficiaries as per the annual income limit. The application can be done online on the official portal of PMAY-Shahri or the process can also be completed through the lending bank. Aadhaar verification, income proof, bank details and home loan documents are required.

Overall, the Pradhan Mantri Awas Yojana (Urban) is proving to be an important financial assistance from the government, making the dream of buying a home a reality for the common citizens of the city.