What Are the Key Benefits of PMAY?
The government of India launched the Pradhan Mantri Awas Yojana in June 2015 as part of its ‘Housing for All’ mission. Under this scheme, the government aims to provide a housing unit for all Indian citizens by March 2022. Many experts believe that the PMAY initiative is an important step taken by the government to help the poor realise their dream of owning a home.
Let us look at some of the benefits of the PMAY scheme
- Rehabilitation of the slum dwellers
The PMAY is specially designed to benefit the economy and the citizens. One of the important objectives of this initiative is to eliminate the slums in the city and replace them with ‘pucca’ or permanent housing units and upgrade the living standard of the slum dwellers.
With the local rehabilitation of the city slums, the government aims to increase the value of the land that has depreciated because of the bad surroundings near the slum areas.
- Housing for all
One of the greatest advantages of the Pradhan Mantri Awas Yojana initiative is that it aims to provide a permanent residence to all. Under this scheme, the government aims to build more than two crore affordable housing units across cities and rural locations. The construction of these houses has begun in states, including West Bengal, Tamil Nadu, Maharashtra, etc.
Once the construction is completed, the government aims to allocate the same to the eligible beneficiaries. By providing a house to all, the government aims to eradicate poverty in the country.
- Subsidy on home loan interest rates
While the PMAY scheme was launched for the benefit of the poor, it also aims to benefit people from all strata. While the new housing units are specially meant for the slum dwellers, the government also aims to help the low-income and middle-income groups become homeowners by providing them financial aid.
The financial help is provided in the form of subsidy on home loan interest rates, which is provided under CLSS (Credit Linked Subsidy Scheme), an important part of PMAY. To ensure that all home applicants get maximum subsidy benefits, the government has divided the beneficiaries into different categories based on their income.
- Special benefits for women and minority communities
As per the PMAY directives, any individual who is applying for a home loan under the scheme must compulsorily register the property in the name of the female family member. This is to empower the women and let her be financially independent.
Also, the PMAY has special provisions for salaried women, transgender, disabled people, and widows to avail PMAY benefits and become homeowners. During the home allotment phase, preference will be given to eligible women, transgender, widows, and old-aged beneficiaries.
- Environment-friendly homes
This is another significant benefit of the PMAY scheme. All the affordable housing units that are built under the scheme are mandated to be built using eco-friendly construction technology and materials. This is to ensure minimal wastage of the raw materials and reduce pollution at the construction site.
Also, the government has directed the builders to equip the homes with basic amenities like 24×7 electricity and water supply, gas connection, clean and hygienic sanitation facilities, etc.
Since its launch in 2015, the PMAY has benefitted several home buyers. So, if you are looking to purchase a new home, apply for a home loan under the scheme and make you dream of being a homeowner come true.