One of the fundamental requirements of a human being is a house. But due to financial constraints many people could not own a house. Thus the Government of India has taken a major step in this direction by declaring a scheme known as “Pradhan Mantri Awas Yojana” (PMAY). It is a strategy that runs throughout the nation to make sure that people get low-cost house that is within their means.
For this scheme, people whose income is
less than 3 lacs per annum come under the purview of economically weaker
section (EWS) and those whose income is between Rs. 3 lacs to Rs. 6 lacs per
annum are Low income Group (LIG).
The advantages of the PMAY scheme
Based on the scheme a subsidy will be provided
to people from LIG or EWS sections. The subsidy will be given by the central
government treasury and will be between Rs. 1,00,000 to 2,30,000. The grant can
be utilized merely for owning a house under this scheme.
Lower rate of interest
The PMAY is being introduced with an assurance
that there will be a substantial lower interest rates. If someone avail loan
under this scheme to the tune of Rs. 600,000, the relevant interest rate would
be 6.5% p.a. as against the present market rate of 10.5% p.a. This rate of
interest is granted, will be for a period of 15 years from the date on which
the loan was disbursed. If the loan amount is more than Rs. 6,00,000, the borrower
need to pay an usual interest rate on that raised amount.
Preference to women
Women applicants will be rendered
priority over male applicants thereby, making the strategy a pro-women scheme.
Ground floor houses
Aged people or those who are physically
challenged or disabled preference for ground-floor houses will be given to them.
It has been sternly apprised that the newly
constructed housing enclaves should purely follow the eco-friendly building
Renovation or extension
When a person from EWS or LIG category
already owns a house but needs to either renovate or extend, then they can also
avail loan under PMAY Scheme. Such people may not wish to buy government built
houses and hence they may avail this loan. To be eligible for this loan the
plinth area has to be 30 sq meters for EWS category and 60 sq. meters for LIG
category. In case one is not able to fulfil this condition then without doubt
the loan will not be granted.
Slum area development
The scheme in its purview also has plans
to develop slum areas by utilizing land as a resource with the assistance of
In fact millions of people are covered by this scheme. Everyone dreams to have a house of their own, but financial constraints stop them. Hence by introducing PMAY (Pradhan Mantri Awas Yojna) scheme the dreams of many will become true. Therefore do not waste time but try to get hold of this scheme and a chance to own a house of your own.