In a bid to make housing affordable for all economic strata of the society, the Government of India launched the flagship program Pradhan Mantri Awas Yojana (PMAY) as ‘housing for all’ scheme.
This flagship housing scheme offers –
(A) Interest subsidies
One of the significant benefits of PMAY is its subsidies on home loan interest rate. EWS and LIG families can receive subsidies up to 6.5% while MIG I and II families are eligible for a subsidy of 4% and 3%, respectively.
(B) Housing development at every corner of India
The flagship housing scheme is not just restricted to rural sectors, but has gained momentum in urban rural areas as well. Through these housing projects, the Indian Government aims to uplift the standard of Indian citizens. Around 2 Crore affordable houses are set to be constructed by 2022.
(C) Benefits for minority sections and women
PMAY scheme makes female property ownership and female joint-ownership, in other cases, a mandate. Among the key benefits of the Pradhan Mantri Awas Yojana (PMAY) scheme, female proprietorship holds a paramount status.
(D) Eco-friendly homes
As this is a flagship housing program, all properties built under Pradhan Mantri Awas Yojana are constructed in an eco-friendly way. From the materials to the technology applied, it ensures limited damage to the environment.
With this knowledge on Pradhan Mantri Awas Yojana, check if you fulfil the eligibility criteria under the Pradhan Mantri Awas Yojana list of beneficiaries.