Pradhan Mantri Awas Yojana Benefits & PMAY Scheme Details
Main Objective: The main objective of the Pradhan Mantri Awas Yojana (PMAY) scheme benefits is to achieve housing for all by the year 2022, 2 crore in Urban and 3 Crore homes in Rural areas.
Pradhan Mantri Awas Yojana is an ambitious scheme of Central Government. Under the PMAY scheme benefits, the government aims to provide about 5 Crore affordable homes to the people belonging to EWS and LIG categories by the year 2022. There is a target of building 2 crore homes in urban area and 3 crore in rural areas across the country. Under the scheme, the government will provide financial assistance to the poor home buyers, interest subsidy on home loan and direct subsidy on homes bought under the scheme.
The online registration process for Pradhan Mantri Awas Yojana is very simple; you just need to make sure that you are entering the correct information. Pradhan Mantri online application forms are being accepted through the official website of Pradhan Mantri Awas Yojana at pmaymis.gov.in
Pradhan Mantri Awas Yojana PMAY Scheme Benefits
- Pradhan Mantri Awas Yojana or PMAY are not the only housing scheme that launched in the nation. Before PMAY there were quite a few yojana initiated, but the PMAY Scheme benefits include huge subsidy on housing loans, interest rates and some of the features which are definitely different from other housing schemes.
- PMAY is intended to provide more than 2 crore houses to the people who belong to backward class, earn low income and living under the poverty line. The scheme also incurs benefit for the women in India. The Pradhan Mantri Awas Yojana is basically launched to protect those groups which are being neglected such as tribal groups.
- The biggest benefit PMAY gives away is the rate of subsidy. In recent date the interest rate for housing loans is more than 10%. In PMAY scheme it has been said that nearly 6.5% subsidy will be given to the individual. That means there will be a huge reduction in the monthly installments. Previously the subsidy for other housing schemes was nearly 1%. For a lower middle class family this subsidy definitely means a lot.
Advantages for Women and other backward class
Widows, transgender, differently-able persons, seniors and women who fall under lower earning groups, scheduled caste people, tribal groups and such people will get special benefit while availing houses under this scheme. Also there is a provision for the senior members who can get flats in ground floor area for their physical comfort.
Housing for All
The Pradhan Mantri Awas Yojana states that the government will construct 2 crores affordable houses in urban areas across the country. States like Maharashtra, West Bengal, Tamil Nadu and other states have already been started working on the areas and construction. This scheme is one of the major steps in India taken by the government.
Development of the nation
The Pradhan Mantri Awas Yojana (PMAY) and also the other housing development schemes not only bring about benefit for the people but for the nation as well. With the development of such big projects will boost up country’s real estate market and related industries.
Other affordable housing schemes
Along with Pradhan Mantri Awas Yojana (PMAY) government has initiated couple of other urban housing schemes. These schemes are also bringing about heavy benefit for the backward people and persons living under the poverty line. According to these schemes applicants can get grant of up to 1 Lakh rupees.
A brief comparison between Pradhan Mantri Awas Yojana (PMAY) and Previous Housing Scheme;
|Issues||PMAY||Other Housing Scheme|
|Women advantage||100%||Up to 30% benefit|
|Grant to the beneficiary||1 lakh to 2.3 lakh||Up to 75,000/-|
|SC/ST||100%||Up to 50% advantage|
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