PM Garib Kalyan Yojana and Pradhan Mantri Awas Yojana in India

The Pradhan Mantri Awas Yojana (PMAY) is one of the most ambitious and far-reaching schemes currently in progress in India. The project, which was initially announced by Prime Minister Narendra Modi during his 2015 election campaign, aims to construct over 100 million homes by 2022. But what is PMAY and how does it work? In this blog post, we will explore these questions and more. We will also provide you with information on the different benefits that the scheme offers and how to apply for it.

What is the PM Garib Kalyan Yojana?

The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of the Indian government which aims to provide housing and infrastructure facilities to all rural households in the country. The scheme was first announced in the 2014 budget speech of then Finance Minister Arun Jaitley, and was formally introduced in January 2015.

 The PMAY provides financial assistance of up to 50% of the total cost of constructing or upgrading a dwelling unit for a household belonging to any category of rural households, including Below Poverty Line (BPL) families. The Scheme also includes provision for interest-free loans up to Rs 2 lakh for the construction or upgrading of dwellings, and covers both new houses as well as renovation/repairs of existing ones.

In order to avail benefits under the PMAY, households need to submit an application online or through an nearest Regional Office of the Rural Development Administration (RDA). Applications are processed in batches and beneficiaries are notified shortly after applications are received. Beneficiaries have 180 days from receipt of notification to complete necessary formalities such as identification proof, proof of ownership/occupancy etc. Once all formalities are completed, beneficiaries receive construction/upgrading material like bricks, tiles etc., at no cost.

As of March 2018, around 7 crore people were residing in rural areas and around 4 crore families were eligible for benefits under PMAY. Around 1.5 crore homes have been funded so far under the scheme and work

What is the Pradhan Mantri Awas Yojana?

The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of the Government of India to provide for quality affordable housing for all. The scheme was announced in the Budget Speech of Finance Minister Arun Jaitley on 2 February 2016. The scheme envisages construction of crore of houses nationwide over a period of five years, at an estimated cost of .

Under PMAY, developers will be incentivized to build houses within 500 metres from public transport nodes, as well as near rural health and education hubs. The government has also proposed setting upUrban Development Authorities (UDAs) at the district level to co-ordinate and monitor the schemes activity.

The objectives of the PMAY are:

The eligibility criteria for the PMAY are:
- Individuals residing in urban or semi-urban areas;
- Lower income group households – those earning below Rs 8 lakh per annum;
- Unrehabilitated homeless families;
- Families with children below 6 years old;
- Women headed households;
- EWS (ESTATE WELFARE SCHEME) beneficiaries.

How will these schemes benefit the people of India?

The Pradhan Mantri Awas Yojana (PMAY) and the Prime Minister's Garib Kalyan Yojana (PMGKY) are two of the most popular rural development schemes in India. The PMAY aims to provide affordable housing and basic amenities such as toilets, water supply, and electricity to the poor and vulnerable sections of society living in rural areas.

The PMGKY is a scheme that promises 100% debt-free home loans to individuals who are eligible for them. This will help reduce poverty rates and increase access to quality housing for low-income families. Additionally, the scheme will also create jobs in the construction sector, which is important because it will provide income insecurity and potential exposure to hazardous work conditions for many rural Indians.

These schemes will benefit both the people living in rural areas and those who work in the construction industry. They will provide valuable infrastructure such as toilets and water supplies, which can improve hygiene conditions and reduce disease rates. They will also create jobs, which can improve incomes and improve people's access to essential goods and services.

When will these schemes be launched in India?

The Pradhan Mantri Awas Yojana and the Prime Minister's Mahatma Gandhi National Rural Employment Guarantee Scheme (PMGNAGES) will be launched in Phase-I on October 1, 2015. The PMGNAGES will cover about 100 million workers in rural areas who do not currently have any form of employment guarantee. The PMGNAGES will also provide coverage to the self-employed and the informal sector workers. The Pradhan Mantri Awas Yojana (Urban) will cover an estimated 36 million households living in urban areas who do not have access to affordable housing.

The Pradhan Mantri Gram Sadak Yojana (Urban) will also be launched on October 1, 2015. This scheme will provide financial assistance of up to Rs 2 lakh per household for the construction of affordable housing in urban areas.

How to apply for the PM Garib Kalyan Yojana and Pradhan Mantri Awas Yojana?

In India, the Pradhan Mantri Awas Yojana (PMAY) and the Pradhan Mantri Garib Kalyan Yojana (PMGKY) are two of the biggest housing schemes in the country. Both schemes aim to provide affordable housing for the citizens of India.

To be eligible for either scheme, you first need to apply online. Once you have completed your online application, you will need to submit a paper application to your local sandeshgarh or block development officer.

The PMGKY is open to all citizens of India who are not already owning a house. The PMAY is available only to citizens who are living in an existing house that is not their own.

Both schemes offer different benefits depending on how much money you want to spend on your home. The PMGKY offers more benefits at lower costs, while the PMAY offers more benefits at higher costs.

Both schemes have a number of eligibility requirements, including an annual income limit and a property ownership requirement. You also need to have a valid identification card and proof of residence.

The deadline for both schemes is December 31st each year. After that date, applications will no longer be accepted.

Conclusion

In a nutshell, the Pradhan Mantri Awas Yojana (PMAY) is an ambitious housing scheme launched by the Indian government in 2015. The goal of PMAY is to provide affordable housing for all Indians, and it does this by providing loans up to Rs 50 lakh ($723,000) to individuals and corporates. In addition, the scheme also provides interest subsidies and free lifetime maintenance assistance. As of early 2019, over 1 crore houses have been sanctioned under PMAY — making it one of the largest housing schemes in India’s history. 

However, there are some caveats that you should be aware of before applying for a loan or submitting an application: first and foremost, eligibility criteria vary from state to state; secondly, there are certain restrictions on who can apply (for example, only those who own land can apply for a loan through PMAY), and lastly, the deadline for applications is frequently extended due to high demand. If you're interested in learning more about PMAY or getting started with your home buying process in India, please reach out to our team at Prime Property Advisors!