Shelter is one of the basic necessities in the lives of human beings. Unfortunately, there are a large number of people who don’t have their own homes and these types of people can be found in rural as well as urban areas.
Although several past governments in India initiated different types of schemes for the homeless and economically weaker sections, they couldn’t address this issue of housing to a great extent. In order to rectify all the deficiencies of the past programs and to provide affordable housing to all people, the Central Government launched Pradhan Mantri Awas Yojana in 2015. What are the major benefits of this innovative project?
Housing for all by 2022
PMAY has been implemented for providing 2 crore houses to backward classes, people living under the poverty line, mid-income people and other types of economically backward section. This project offers special benefits for slum dwellers and their housing needs are being met by associating with private builders. The main aim of PMAY rural and urban schemes is to provide housing for all by 2022.
Excellent benefits for women, low income and senior members
There are a lot of women in India who are struggling to make both ends meet. They also can think about owning a house with the help of this project. PMAY offers special benefits for physically challenged or differently-abled people and seniors who belong to lower-earning groups and it also help tribal groups and scheduled caste people to build their own home. Senior people will be allocated flats in ground floor area to ensure physical comfort and flats are being developed for slum dwellers to materialize their housing dreams.
Highly beneficial subsidies and subsidized rate of interest
The amount of subsidy at offer is the most prominent attraction of PMAY. If you belong to the lower-income group or economically weaker segment, you become eligible for a subsidy between Rs 100,000 to 230,000. PMAY also offers a considerable reduction in the rate of interest for eligible candidates. For a loan amount up to Rs 6 lakh, people need to pay only 6.5% and if you take Rs 9 lakh, the interest subsidy is 4%.
The interest subsidy reaches 3% for a loan amount of Rs 12 lakh. These interest subsidies are going to help you save a lot of money in the long run compared to the standard rates.
The most important benefit of PMAY is that India as a nation is going to get benefitted immensely with the completion of this program in 2022. It will be a matter of great pride for all Indians that their country does not have any homeless citizens. Other types of affordable housing schemes are being linked with Pradhan Mantri Awas Yojana and the scheme meant for the rural area allows the Gram Panchayat to choose the most eligible families who do not have a home of their own. The online application and fast processing eliminate the unwanted delays and the funds are being disbursed in a fast manner to help people build their dream homes.