Before PMAY there have been quite a few schemes initiated, but the benefit that PMAY offers have beat the other housing schemes. This is because PMAY offers vast subsidy on interest rates, housing loans and some other features.
Pradhan Mantri housing scheme is intended to offer over 2 crore houses to the people who have low income, belong to backward class, or come under the poverty line and also to those who are from middle income group. The Pradhan Mantri Awas Yojana aims to offers affordable housing within 2022 to all those who are financially unstable.
Listed below are some of the benefits that Pradhan Mantri Awas Yojana housing scheme claims to offer:
- The best part of this scheme is the subsidy rate that it offers. With the help of Pradhan Mantri Awas Yojana scheme, one can get approximately 6.5% subsidy. This in turn will decrease the monthly installments vastly. This can certainly help the financially unstable people to a great extent.
- Transgender, differently-abled persons, widows, women and senior citizens who fall under scheduled caste, lower earning groups, tribal groups will get special benefit under this scheme. In addition, the senior citizens can get flats in ground floor area under PMAY scheme.
- As per the PMAY scheme more than 2 crores affordable houses will be constructed in urban areas of the country. A number of states in the country have already started working on this. This will help a large proportion of the population to enjoy all the facilities that the modern houses offer in cities.
- The PMAY housing development scheme will not only bring benefit for the Indians but for the country as well. With the construction of such big projects, the real estate market of the country will certainly boost up.
- Together with PMAY scheme, the government has also initiated a number of other urban housing schemes. These schemes also claim to provide a huge benefit to the persons living under the poverty line and backward people. As per these schemes, applicants can get funding of up to INR 1 lakh.
- The housing projects that are developed newly need to adhere to the eco-friendly construction technology so people can enjoy staying in eco-friendly homes.
- All adults under the income levels of INR 18 Lakhs income per annum can avail the benefits of PMAY scheme and the benefit can be extended to the families and the unmarried children as well.
Everyone wants to dream of having an own house but financial constraints actually stop them but with Pradhan Mantri Awas Yojana scheme, every Indian’s dream will come true. By making homes affordable the demand for housing and mortgages have drastically increased and to capture such demands, housing finance companies are focusing on loans that are under INR 20 lakhs. The PMAY linked loans can be availed from any loaning institute such as housing finance companies, commercial banks, State Cooperative Banks, regional rural banks, Non-Banking Financial Companies and Urban Cooperative Banks. Also the processing charge as per income criteria for eligible housing loan amount has been waived off as per the Scheme.
It is important to keep in mind that as the scheme is aimed at providing housing for all, so, all those individuals who already own a home or if any of their family members own a home they cannot avail the benefits of Pradhan Mantri Awas Yojana scheme.
So what are you waiting for? Apart from the property prices coming down in the real estate sector, the government of India is doing its best to keep the interest rates low for you. Certainly, this is the best time for buying property.