One of necessities of every human being is a home; a place where they can live and relax. However, the majority of population in India still does not have a home. The Pradhan Mantri Awas Yojna aims to provide homes to those who do not have a home, especially urban poors. This post talks about how PMAY benefits homebuyers.
Home is a necessity that every human being needs. It is a place where a person lives and relaxes, and does not have to roam around like a nomad. However, having a home is still a dream for majority of population in India. Pradhan Mantri Awas Yojana is a scheme that is aimed to providing home to the individuals who do not have one. It is a nationwide scheme with affordable houses for Economically Weaker Sections (EWS) and Lower Income Groups (LIG). Let us look get into its detail:
- Subsidized Rate of Interest
One of the promises of Pradhan Mantri Awas Yojana is that is it will offer substantial decrease in the rate of interest of home loans. It not only has made the houses affordable, but the rate of interest of home loans for these has also been decreased for the benefit of homebuyers.
- Preference to Females
Pradhan Mantri Awas Yojana (PMAY) is a pro-women scheme. In case of house allotments, preference will be given to females over males. However, only one person from the family can apply for the home.
- Allotment of Ground Floor Houses
In case of allotment of ground-floor houses, preference will be given to disabled people and senior citizens. This is to ensure that they live conveniently.
- Provision for Renovation or Extension
One of the pre-requisites of PMAY is that a person who belongs to EWS or LIG section, applying for homes PMAY must not already own a home. However, if the individual already owns a home, but it needs renovation or extension, then they can apply for subsidized home loans. The requirement of this is that the carpet area has to be 30 sq. meters for a person belonging to EWS, and 60 sq. meters for a person belonging to LIG.
The objective of Pradhan Mantri Awas Yojna scheme, as the tagline goes, is Housing for All. For this, the Government of India has made several provisions to make owning a home easy and affordable.