Learn the Key Benefits of PMAY - Sizling People
Home Real Estate Learn the Key Benefits of PMAY

Learn the Key Benefits of PMAY

Housing is a basic necessity for all. However, in the purview of the increasing land and real estate property cost in India, owning a home remains a dream for most. To tackle this issue and bridge the massive gap between the demand and supply for affordable and quality homes, the government of Indian introduced the PMAY or Pradhan Mantri Awas Yojana scheme in June 2015.

Under the PMAY scheme, the government aims to build more than two crore new affordable housing units in several cities by March 2022. These houses will be distributed to the eligible beneficiaries. Apart from building new housing units, under the PMAY scheme, the government also aims to make home-buying affordable for people from all sections of society.

The government aims to do this by providing a subsidy on the home loan interest rates. The subsidy is granted for both newly constructed properties as well as home construction. Additionally, to give the affordable housing segment a boost, the government revised the GST on home loans from 12% to 8%.

Since the launch of the PMAY initiative, it has benefitted several people and helped them become homeowners. Let us look at some of the key advantages of the PMAY scheme.

·Rehabilitation of the slums

The PMAY scheme is a well-thought-out initiative that aims to benefit all citizens and the economy at large. One of the primary objectives of the scheme is to eliminate the slums in the country, especially in the cities and replace them with pucca houses and upgrade the lifestyle of these slum inhabitants.

With the help of in-situ slum rehabilitation programs, the government aims to motivate the slum dwellers to move to a permanent house and leverage the land that is losing its market value due to slum.

·Housing for all

One of the most significant benefits of the Pradhan Mantri Awas Yojana is that it aims to provide a housing unit to all citizens by March 2022. Under the initiative, the government has already started constructing affordable housing units across all prominent urban areas. The construction work is in full swing in states like Tamil Nadu, Maharashtra, West Bengal, etc.

Through the construction of these houses, the government aims to upgrade the living standards, eradicate slums and poverty, and provide a roof over the head to all citizens.

·Environment friendly homes

One of the less talked about benefits of the PMAY schemes is that the homes built under the initiative are 100% environment friendly. The government has issued a strict mandate to all affordable housing unit developers to use environment-friendly construction techniques and materials.

The primary objective of this is to reduce the pollution that is usually associated with the construction work and reduce the wastage of precious raw materials. Also, all the homes built under the PMAY scheme are mandated to have all the basic amenities including a 24×7 supply of clean drinking water and electricity, gas connection, safe and hygienic-sanitary conditions, etc.

·Secures the financial future of women

Another benefit of PMAY is that it encourages women to become homeowners and apply for a home loan. As per the scheme, if a married man is applying for a loan under PMAY, he must mandatorily include his spouse as co-applicant even if she does not contribute towards repayment. This is primarily done to secure the financial future of the women, especially when they grow old or become a widow.

Final Word

Thus, with so many benefits, PMAY has proved to be a boon for all.

Must Read

10 Tips For a Seamless Home AC Installation Process

The summer season is quickly approaching, and you want your home to be prepared for the hot days ahead. Installing a new...

Who Are the Technicians Responsible for Furnace Maintenance?

Your heating system must be carefully inspected and tuned as part of furnace maintenance. It is an upkeep service for heating systems....

7 Signs You Need to Replace Your AC Now

Are you feeling the summer heat? If your air conditioner doesn’t seem to be working as well as it used to, you...

Understanding the Perks and Benefits of the Destiny Mastercard

The Destiny Mastercard is a popular credit card that offers a range of benefits and rewards to its users. This card is...

Reasons You Should Stay Updated with Cricket

Indeed, there are so many sports that people do love to play, watch and read about. Which is one sport that you...
Download WordPress Themes Free
Premium WordPress Themes Download
Download Nulled WordPress Themes
Download Premium WordPress Themes Free
lynda course free download
download karbonn firmware
Download Nulled WordPress Themes
lynda course free download