Are you looking for the benefits that are offered under Pradhan Mantri Awas Yojana. Check out the below post to get an in depth knowledge about the benefits of the PMAY scheme.
Pradhan Mantri Awas Yojana has come as a huge benefit for those who wished to have their own homes. This has helped tackle the issue of having an affordable house for all sections of the society on easy terms. PMAY scheme or “the housing for all” aims to provide houses to all by 2020. Additionally, to providing subsidy on the interest on home purchase, the government has also reduced the GST rates on the home loans from 12% to 8% for individuals applying for loan under PMAY.
Benefits of PMAY scheme
Subsidy Benefits For Every Citizen Of The Country- This is a large subsidy for those who are purchasing home for the first time. A credit linked subsidy is offered to individuals who apply for housing loans under PMAY depending upon their income. Depending upon the income there are categorised under EWS/LIG, MIG 1 and MIG 2.
Benefit To All Strata Of The Society- The main aim of the government is to uplift the standard of living for many individuals. The government aims to develop around 2 crore affordable houses in urban areas for those who are eligible for this scheme. The construction has already begun in the major states of the country. The home loan interest subsidy varies depending upon the income of the individual.
Benefits Of Housing At Rural Areas – This scheme not only aims to have housing in the urban areas but also aims to have decent housing in the rural areas. Apart from uplifting the standard of living of the people living in the rural areas by providing better homes under the PMAY scheme, this also aims to develop the rural real estate sector and industries.
Benefits For The Minority Section And Women- This scheme provides added benefits for women, senior citizens, disabled, minorities. Like in case of senior citizens, those availing this benefit will get a guaranteed ground floor accommodation. Similarly, women who are salaried, widows, or single would get added preference for this scheme. Under PMAY the house needs to be mandatorily registered under the name of the women, irrespective whether the women are buying the house or not.
Instruction to have eco-friendly homes- This scheme also aims at eco-friendly construction, with materials and technologies used to lessen the damage caused to the environment on the areas surrounding the construction area. This will keep the pollution scales low and within check.
So now that you know the benefits of PMAY scheme, you can start checking your eligibility before you finalise your dream home. If you find your self eligible you can find a home loan lender where you can apply for the home loan. Home loan lenders will help you with the availability of the PMAY scheme and also let you know the repayment terms and the period of repayment.