PMAY: Pradhan Mantri Awas Yojna

The scheme of PMAY is a 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 primarily aims at provide 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 shall not own a pucca Home. Also, they must not have any assistance under any housing scheme from the Government of India. To be precise beneficiaries under PMAY can be:

• A beneficiary family will comprise of 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 shall 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 Chhattisgarh, Jammu & Kashmir, Madhya Pradesh, Jharkhand, Rajasthan, Gujarat, etc. are states that fall under the 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 here is the subsidy on a new house purchase. The government offers a credit-linked subsidy depending on your income. The range of subsidy depends on the income groups. The subsidy on home loan interest rates is by 6.5%, 4%, 3% respectively for people lying under different income level. There is a list of interest  to offer for different income groups . You need to read so as to understand if you are eligible to avail the benefit of this scheme.

Housing development in the country:

There are two components of PMAY scheme, 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 under least consideration. The exmaples are women and minorities of the society. It is because PMAY scheme makes a mandatory clause that mentions the house should be registered in a women’s name. And, all of this, 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. This is on ethe mandatory clauses in the scheme.

Eco-friendly homes

This is one of the biggest step taken towards the protection of the environment. There are instructions for the developers to use eco-friendly construction material while building homes. It helps to ensure that the in and out of construction site does less harm to the environment. In addition to this, you can keep the pollution level under control.

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.