Pradhan Mantri Awas Yojna

The scheme of PMAY was launched with the vision to change the Indian economy by providing the basic necessity of a house. Pradhan Mantri Awas Yojna is an initiative by the Government of India to provide affordable housing to urban poor. It is an ambitious project that aims to provide 20 million individuals with housing by 2022.

This scheme is primarily aimed at providing housing for all therefore, understandably, all those who own a home or their family members own home are kept out from the eligibility of this scheme. According to the rule, the beneficiary family should not own a pucca Home and they must have not availed assistance under any housing scheme from the Government of India. To be precise beneficiaries under PMAY can be:

• A beneficiary family will compromise husband, wife, unmarried son(s) and/or unmarried daughter(s)

• The beneficiary, either in his/her name or in the name of any immediate family member of his/her family in any part of India should not own a pucca house.

Here are the key benefits of PMAY scheme:

Housing for all strata:

Under this scheme, the government seeks to construct 2 crore affordable houses in prominent urban areas for those who are eligible to avail the PMAY scheme. To name a few states like Chhattisgarh, Jammu & Kashmir, Madhya Pradesh, Jharkhand, Rajasthan, Gujarat, etc. are states that have been chosen for this ambitious scheme. The main idea behind this is to uplift the standard of living for many populations.

Large subsidy for every citizen:

The biggest benefit offered is the subsidy on a new house purchase. The government offers a credit- linked subsidy depending on your income but the range of subsidy depends on the income groups. The home loan interest rates are subsidized by 6.5%, 4%, 3% respectively for people lying under different income level. There is a bifurcated list of interest offered for different income groups which you need to read so as to understand if you are eligible to avail the benefit of this scheme.

Housing development in the country:

This Pradhan Mantri Awas Yojna scheme is not restricted only to the urban areas but equal importance is also being given to rural development. Basically, there are two components of PMAY focusing on both rural and urban development. This scheme aims to provide housing for such rural populations of India who struggles to live a comfortable life because of not having a pucca house.

Benefits for women and minorities of society:

One good benefit of this scheme is that it provides benefits to those section of society which is least considered i.e. women and minorities of the society because PMAY scheme makes a mandatory clause and mentions the house should be registered in a women’s name even when she is not the one buying the property. Not only this, additional preference is offered to salaried women, widows, transgender people, disabled minorities and seniors. They can avail benefits under this scheme and become homeowners. In case a senior citizen buys a home under this scheme they can be assured of accommodation on the ground floor since the scheme has specially added this mandatory clause.
Eco-friendly homes

This is one of the biggest step taken towards the protection of the environment. The developers have been instructed to use eco-friendly construction material and technology while building homes. To ensure that the in and out of construction site does limited harm to the environment and the pollution level is also kept under control the government has taken this initiative.

The implementation of Pradhan Mantri Awas Yojna scheme by 2022 has been instrumental in giving millions of Indians a roof and a reason to celebrate the move. Offering benefits to the population this process is a long term vision to improve our economy.