Home is a necessity. However, skyrocketing real-estate prices have made it a luxury that not many can afford. To help the citizens of India from all sections of the society afford a home, the government launched the PMAY scheme. Under Pradhan Mantri Awas Yojana (PMAY), citizens are being provided subsidized interest rates on their home loans.
In this article, we will discuss how the PMAY scheme can benefit you.
Homes Have Now Become Affordable
When you construct your new home, the expenses are huge. Construction material, fitting materials, and furnishing items cost a lot. If you take a loan, chances are that you’ll be spending a decade or more in filling up EMIs. So, what if there is a way to reduce the interest rate? Wouldn’t that be great?
You’re surprised but it’s true. With the PMAY scheme, you can save a lot on a housing loan as you don’t have to pay high interest rates on your loan. This can be taken as the primary PMAY benefit: as the interest rate is subsidised by the government, you’ve to pay less interest as compared to commercial loan schemes under PMAY.
Depending on your income range, you will fall into any one of these four categories: EWS, LIG, MIG1 and MIG2. Each group has to pay a different interest rate. It does not matter which category you belong to, know that with PMAY, your overall burden will decrease if you fulfil PMAY eligibility.
If your annual family income is less than INR 18 Lakh, and you do not own a house anywhere in India, then you can avail yourself of the benefits of the PMAY scheme. The PMAY scheme provides benefits to all sections of society. It aims to provide “pucca” houses to everyone in India (rural or urban) by the end of 2022.
The government aims to build 2 crore houses across cities, towns and villages of India. It does not matter from which state or section you are, as soon as you fulfil the PMAY eligibility, you can avail of housing benefits.
The Scheme Aims to Help Both Urban as Well as Rural Residents
The PMAY scheme is meant for both urban and rural dwellers. You just need to fulfil PMAY eligibility to enjoy the benefits of this scheme. Since both urban and rural residents have their challenges and many citizens from both areas fall under the low-income segments, the government aims to provide benefits to both groups.
PMAY is a great initiative to raise the standards of living and tackle housing challenges.
Special Consideration for Women
The PMAY scheme aims to empower women and make it easier for them to become homeowners. It encourages them to apply independently or jointly with their spouses.
One of the distinct features of the PMAY scheme in this regard is that a married man who applies for this scheme should provide the details of his spouse, and it is a must that he registers the house with his wife’s name. It does not matter whether she’s buying the home or not, her name must be registered.
The Scheme Also Aims to Tackle Environmental Issues
Climate Change and sustainable development is a key issue in 2021. Keeping this pressing issue in mind, the government has decided that the homes constructed under the PMAY scheme will follow sustainable building methods and comply with the RERA guidelines.
The real Estate Regulatory Authority (RERA) asks the builders to use sustainable and eco-friendly materials in the construction of the houses. The materials used must be the least risky for the environment. The technology should also be eco-friendly. However, if these guidelines are not followed, the builder has to rectify their mistake and recreate with eco-friendly material and also bear the expenses of re-building.
One of the primary aims of the PMAY scheme is that it envisions a slum-free India. If you are a slum dweller and wishes to own a “pucca” house, then you are a rightful beneficiary of the PMAY scheme.
This scheme is designed to facilitate a decent and standard house for slum dwellers. The government aspires to uproot slums from India by the end of 2022 through this scheme and replace them with “pucca” houses.
Not only will this provide decent housing for people living in slums, but it will also improve the urban infrastructure. This scheme shall also enable the utility of the unused and left out spaces surrounding the urban areas.
Beneficial for Senior Citizens and Minorities
The PMAY scheme takes special care of the senior citizens, minorities, and the differently-abled. The former and the latter are given special preference in housing allotment. They are given the ground floor in government-built complexes to ease their mobility.
Minorities and SC/ST are also included in this scheme. Thus, everyone benefits adequately.
Owning a home should not be a luxury. Thus, if you take the help of the PMAY scheme, your home loan burden can get significantly reduced. Fulfil basic eligibility and you will see your name in the coveted PMAY list.