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Jun 24
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advantages-of-pradhan-mantri-awas-yojana

Advantages of Pradhan Mantri Awas Yojana

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 are:

Subsidy

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.

Eco-friendly

It has been sternly apprised that the newly constructed housing enclaves should purely follow the eco-friendly building technology.    

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 private involvement.

Conclusion

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.

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