Some Noteworthy Benefits of PMAY

What is Pradhan Mantri Awas Yojana?

As we all know that having a house is a basic necessity for everyone, but it involves a significant amount of money, making it difficult for the people who fall in the category of Low Income Group (LIG), Medium Income Group (MIG), and Economically Weaker Section (EWS). Launched in June 2015, PMAY Yojana is an attempt by Indian Government to build affordable ‘pucca’ house with round-the-clock water and electricity supply along with sanitation facility for everyone.

Here are a few benefits of PMAY Yojana.

1. Housing for Everyone: According to PMAY Yojana, government will build around 2 crores houses across the entire country. Many states like Tamil Nadu, Maharashtra, Bengal, Jharkhand, and others have been covered under this scheme. The prime objective of this scheme is to provide affordable housing for urban poor and rural poor.

2. Special Advantages for Women: Women who fall under low income group can avail special benefits from PMAY Yojana. Few banks also provide special housing loan rates to women homebuyers. These rates vary according to the profession of the women homebuyer as well as the amount of finance borrowed by them. Women will also get special concession on the interest rates by banks. This concession is around 0.05 per cent as compared to the male counterparts.

3. Benefits for Senior Citizens and Transgender: Under PMAY, benefits will be given to transgender and senior citizens. The houses for elderly people will be provided on the ground floor for physical comfort.

4. Subsidized Loans: Another major benefit of PMAY Yojana is the subsidized home loans. In today’s time, the interest rate of housing loan is around 10 per cent. But, in PMAY Yojana, 6.5 per cent of subsidy will be given to every individual. This implies the huge reduction in EMIs.

With all the benefits provided by PMAY Yojana, it is clear that it is not just helpful for the general public of the country, but will also play a key role in the development of the nation. Further, it will empower Indian citizens to buy a home of their own, and at the same time provide an extreme level of comfort, especially for the people residing in rural areas of the country.