To address the issue of providing affordable houses for all economic sections of society – the Government of India has launched the flagship PMAY (Pradhan Mantri Awas Yojana) scheme. This housing program will help an eligible candidate to collect the necessary finances for constructing a residential property at convenient terms.
The ‘Housing for All’ scheme aims to create a 20 million PM Awas Yojana list of beneficiaries with affordable housing by the year 2020. The benefits of PMAY (Pradhan Mantri Awas Yojana) will be extended by offering interest subsidies for house purchase and by building affordable housing as well.
Details Of Pmay Scheme
Over the period of 2015 to 2022, the PM Awas Yojana scheme will primarily incorporate 4 objectives –
- Introducing (CLSS) Credit Linked Subsidy Scheme.
- Partner with nation’s top builders to construct affordable housing.
- Rehabilitation of slum-dwellers on in-situ basis.
- Subsidised rates for home construction and improvement.
How Will Pm Awas Yojana Benefit You?
Some of the benefits of PMAY include:
- For individuals falling under the EWS and LIG category, an interest subsidy of 6.5% is applicable on your home loan interest rates – for a 20 years tenor.
- For those falling under the MIG I category, the home loan interest rate will be further subsidised by 4% for a 20 years tenor on loan amount of Rs. 9 Lakh.
- For individuals who fall under the MIG II category, the housing loan interest rate will be subsidised by 3% on a principal amount of Rs. 12 Lakh for a 20 years tenor.
With this knowledge on Pradhan Mantri Awas Yojana scheme, the PM Awas Yojana List of beneficiaries will be able to gain the most benefits while accumulating the necessary finances to fund an affordable, yet high-quality residential properties.