{"id":11588,"date":"2019-06-24T16:18:09","date_gmt":"2019-06-24T10:48:09","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?p=11588"},"modified":"2019-07-05T14:21:23","modified_gmt":"2019-07-05T08:51:23","slug":"advantages-of-pradhan-mantri-awas-yojana","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/advantages-of-pradhan-mantri-awas-yojana\/","title":{"rendered":"Advantages of Pradhan Mantri Awas Yojana"},"content":{"rendered":"\n<p>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 \u201c<a href=\"https:\/\/www.antworksmoney.com\/pradhan-mantri-awas-yojna\">Pradhan Mantri Awas Yojana\u201d (PMAY)<\/a>.&nbsp; It is a strategy that runs throughout the nation to make sure that people get low-cost house that is within their means. <\/p>\n\n\n\n<p>For this scheme, people whose income is\nless than 3 lacs per annum come under the purview of economically weaker\nsection (EWS) and those whose income is between Rs. 3 lacs to Rs. 6 lacs per\nannum are Low income Group (LIG). <\/p>\n\n\n\n<p>The advantages of the PMAY scheme\nare: <\/p>\n\n\n\n<p><strong>Subsidy<\/strong><\/p>\n\n\n\n<p>Based on the scheme a subsidy will be provided\nto people from LIG or EWS sections. The subsidy will be given by the central\ngovernment treasury and will be between Rs. 1,00,000 to 2,30,000. The grant can\nbe utilized merely for owning a house under this scheme.<\/p>\n\n\n\n<p><strong>Lower rate of interest<\/strong><\/p>\n\n\n\n<p>The PMAY is being introduced with an assurance\nthat there will be a substantial lower interest rates. If someone avail loan\nunder this scheme to the tune of Rs. 600,000, the relevant interest rate would\nbe 6.5% p.a. as against the present market rate of 10.5% p.a.&nbsp;This rate of\ninterest is granted, will be for a period of 15 years from the date on which\nthe loan was disbursed. If the loan amount is more than Rs. 6,00,000, the borrower\nneed to pay an usual interest rate on that raised amount. <\/p>\n\n\n\n<p><strong>Preference to women<\/strong><\/p>\n\n\n\n<p>Women applicants will be rendered\npriority over male applicants thereby, making the strategy a pro-women scheme.<\/p>\n\n\n\n<p><strong>Ground floor houses<\/strong><\/p>\n\n\n\n<p>Aged people or those who are physically\nchallenged or disabled preference for ground-floor houses will be given to them.<\/p>\n\n\n\n<p><strong>Eco-friendly<\/strong><\/p>\n\n\n\n<p>It has been sternly apprised that the newly\nconstructed housing enclaves should purely follow the eco-friendly building\ntechnology.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Renovation or extension<\/strong><\/p>\n\n\n\n<p>When a person from EWS or LIG category\nalready owns a house but needs to either renovate or extend, then they can also\navail loan under PMAY Scheme. Such people may not wish to buy government built\nhouses and hence they may avail this loan. To be eligible for this loan the\nplinth area has to be 30 sq meters for EWS category and 60 sq. meters for LIG\ncategory. In case one is not able to fulfil this condition then without doubt\nthe loan will not be granted.<\/p>\n\n\n\n<p><strong>Slum area development<\/strong><\/p>\n\n\n\n<p>The scheme in its purview also has plans\nto develop slum areas by utilizing land as a resource with the assistance of\nprivate involvement.<\/p>\n\n\n\n<p><strong>Conclusion<\/strong><\/p>\n\n\n\n<amp-fit-text layout=\"fixed-height\" min-font-size=\"14\" max-font-size=\"48\" height=\"50\"><p>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 <a href=\"https:\/\/www.antworksmoney.com\/home-loan\">chance to own a house of your own.<\/a><\/p><\/amp-fit-text>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cPradhan Mantri Awas Yojana\u201d (PMAY).&nbsp; It is a strategy that runs throughout &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/advantages-of-pradhan-mantri-awas-yojana\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Advantages of Pradhan Mantri Awas Yojana&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":11589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55,15,80],"tags":[],"class_list":["post-11588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government-loans-schemes","category-home-loan","category-pradhan-mantri-awas-yojana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Advantages of Pradhan Mantri Awas Yojana (PMAY)<\/title>\r\n<meta name=\"description\" content=\"Housing for all by the year 2022 is the mission of this &#039;Pradhan Mantri Awas Yojana&#039; (PMAY) scheme with the initiative of the Government.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/advantages-of-pradhan-mantri-awas-yojana\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Advantages of Pradhan Mantri Awas Yojana (PMAY)\" \/>\r\n<meta property=\"og:description\" content=\"Housing for all by the year 2022 is the mission of this &#039;Pradhan Mantri Awas Yojana&#039; (PMAY) scheme with the initiative of the Government.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.antworksmoney.com\/blog\/advantages-of-pradhan-mantri-awas-yojana\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Antworks Money - 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