In June of 2015, Prime Minister of India launched a scheme called Pradhan Mantri Awas Yojana with the objective of providing “Housing for all” by the year 2022. If you are eligible to avail this scheme, not only can you buy a new home for your family, you can also renovate or extend your house and make it better than before. However, to be eligible and fully able to utilize the benefits of PMAY yojana, there are certain things that you must know about this scheme. Following are the points:
1. No Processing Fee
The objective of PMAY yojana is to provide housing for all, especially to people who are not financially strong enough to buy a house. There is no registration fee or any kind of fee involved anywhere in the process. The whole modus operandi of PMAY is transparent and no individual working in the scheme is allowed or has the authority to charge any kind of fees. The whole process is free, and for all applicants. No exceptions.
2. Tenure of the Loan
Under the PMAY, the stipulated tenure of the loan is 20 years. Yet, it is not a rigid number, only the maximum period in which one has to repay subsidized loan. If an individual can repay the loan in shorter amount of time and so as to reduce their interest, they are allowed to do that as they are comfortable.
3. Not all Banks are Part of PMAY
One of the common myths about PMAY Yojana people have is that all banks are part of it and they can get subsidized home loan from any bank. That is not true. Only some banks are associated with PMAY. Similarly, not all real estate developers are associated with PMAY either. To know the list of banks and real estate developers associated with the project, visit the official PMAY website.
Since its launch PMAY has been gradually reaching towards its goal to provide housing for all. And the rate at which it is currently working, it will. So, if you want to avail the benefits under PMAY, you have must know the aforementioned things about it.
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