Benefits Of Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana or PMAY is not the only housing scheme that launched in the nation. Before PMAY there were quite a few yojana initiated, but the benefit of PMAY includes huge subsidy on housing loans, interest rates and some of the features which are definitely different from other housing schemes.
PMAY is intended to provide more than 2 crore houses to the people who belong to backward class, earn low income and living under the poverty line. The scheme also incurs benefit for the women in India. The Pradhan Mantri Awas Yojana is basically launched to protect those groups which are being neglected such as tribal groups. According to the guidelines of PMAY, these people will get these affordable houses in urban areas within next 7 years. PMAY is said to provide housing to all who are economically unstable.
Benefits Of Pradhan Mantri Awas Yojana
- Subsidy
The biggest benefit PMAY gives away is the rate of subsidy. In recent date the interest rate for housing loans is more than 10%. In PMAY scheme it has been said that nearly 6.5% subsidy will be given to the individual. That means there will be a huge reduction in the monthly installments. Previously the subsidy for other housing schemes was nearly 1%. For a lower middle class family this subsidy definitely means a lot.
- Advantages of Women and other backward class
Widows, transgender, differently-able persons, seniors and women who fall under lower earning groups, scheduled caste people, tribal groups and such people will get special benefit while availing houses under this scheme. Also there is a provision for the senior members who can get flats in ground floor area for their physical comfort.
- Housing for all
The Pradhan Mantri Awas Yojana states that the government will construct 2 crores affordable houses in urban areas across the country. States like Maharashtra, West Bengal, Tamil Nadu and other states have already been started working on the areas and construction. This scheme is one of the major steps in India taken by the government. There are only 40% of the total population lives in the urban areas and get a chance to enjoy all the facilities. It is definitely a big responsibility for the government to provide the rest of the population a shed to enjoy their lives in urban areas as well.
- Development of the nation
The PMAY and also the other housing development schemes not only bring about benefit for the people but for the nation as well. With the development of such big projects will boost up country’s real estate market and related industries.
- Other affordable housing schemes
Along with PMAY government has initiated couple of other urban housing schemes. These schemes are also bringing about heavy benefit for the backward people and persons living under the poverty line. According to these schemes applicants can get grant of up to 1 lakh rupees.
A brief comparison between PMAY and Previous Housing Scheme ;
| Issues | PMAY | Other housing schemes |
| Subsidy (%) | 6.5 | 1 |
| Women advantage | 100% | Up to 30% benefit |
| Grant to the beneficiary | 1 lakhs to 2.3 lakhs | Up to 75,000/- |
| SC/ST | 100% | Up to 50% advantage |
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