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Pradhanmantri Awas Yojna Benefits You Need To Know

Pradhanmantri Awas Yojna Benefits You Need To Know

Housing is undoubtedly one of the necessities of one and all; however, with the ever-rising costs of homes and land, it almost looks like a dream. In order to pave the way for increased affordable solutions, the government has introduced Pradhan Mantri Awas Yojana (PMAY), a popular scheme for helping everybody become a homeowner on the easiest terms. The Yojana aims to offer 20 million individuals with proper housing by the year 2020.

The government seeks to initiate this and offer interest subsidy for purchasing home and also for introducing affordable solutions. In addition to this, the government has also declared a reduced GST rate on home loans from about 12% to 18% for those applying for loans under this scheme. This will pave the way for a boost among a large number of investors across countries. Let us now explore the benefits that individuals are likely going to receive under the PMAY scheme:

Benefits of Pradhan Mantri Awas Yojana Housing Scheme:

{C}1.    1. Large subsidy for each citizen

The biggest benefit of the scheme can be referred to as the subsidy that has been introduced by the government on a varied array of new house purchases. In order to avail of this benefit, you need to make sure that nobody in your home is a homeowner. A credit link is offered by the government depending on the range of income that includes the range from EWS/LIG to MIG 1 & MIG 2. 

                        ·         Individuals under the subcategory of EWS/LIG can enjoy a reduced interest rate of 6.5% and for a duration of 20 years.

·                                             ·          For individuals under the MIG category, the rate has been subsidized by about 4% on a loan amount of Rs.9 lakh and for a duration of 20 years. 

·                                             ·          Lastly, individuals who are under the MIG 2 category can enjoy a reduced interest rate of 3% on a maximum principal amount of Rs.12 lakh and for the tenure of 20 years. 

1.   

{C}       2. Uplifts women and minorities

The scheme states a mandatory female homeownership clause while mentioning that the house needs to be registered under the name of a woman. This provision, however, exists only for salaried women, transgender, widows, disabled, seniors, and minorities. This further ensures a large interest in drawing preferences to women in the allotment of houses. Thus, in other words, female applicants are to be given an increased priority over male applicants. 

{C}1.      3.    {C}Eco-friendly homes

The scheme has further instructed the developers to build houses with the help of eco-friendly construction technology and similar materials. This helps in ensuring the least damage caused to the environment and around the construction site. Moreover, this also keeps a check on the pollution scale and ensures an eco-friendly solution.

{C}1.      4. {C}Housing solutions available for all strata

One among other benefits of the scheme also introduce the initiative of the government to construct two crore cost-effective housing solutions in a few major urban areas. This is only applicable for women who are eligible to avail of the scheme. The homes have already started to being constructed and have begun in a number of states including West Bengal, Tamil Nadu, Maharashtra, and other areas. This initiative has majorly been introduced to uplift the standard of living for a number of individuals in society. 

{C}1.        5. {C}Housing development scheme in every corner

The PMAY housing the scheme has been introduced with an effort to promote housing development in each and every corner of the country and is not just limited to the urban areas. The scheme is likely going to offer equal importance to the low and middle-income groups in rural areas. With the help of introducing the scheme in the rural and underdeveloped areas, the government seeks to foster the development in these areas and industries.

 6.  Equal housing opportunities for everyone

The PMAY housing scheme further seeks to introduce the scheme by abiding by no discrimination policy. The key beneficiaries under this scheme include scheduled tribes and scheduled castes. With an effort to initiate this scheme, the government seeks to foster development to the minorities in society and initiate a no-discrimination policy. 

7.   Benefits senior citizens

In addition to the above-mentioned benefits, the PMAY scheme also seeks to be beneficial for senior citizens. The scheme offers the benefit to the senior citizens and disabled to avail houses on the ground floor.  This is a mandatory scheme under the policies introduced.

Conclusion

With a motto of introducing equal housing opportunities for all, the PMAY housing scheme takes a giant leap in helping everybody fulfill the dreams of owning a house. The scheme draws an effort to energize the enthusiasm to approach a bank and a private housing finance company for acquiring a home loan. The PMAY scheme is now a dream come true for millions who have always dreamt of owning a home but however financial restraints have never let them. 

For details and procedure visit here: https://pmay-urban.gov.in/ & https://pmaymis.gov.in/ 

Author: Sohini Majumdar

Also Read: 

What Is NPR? Everything You Need To Know

What Is NRC? Here Is Everything You Should Know About It.

Global Protest That Rocked The World In 2019

 

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