What is PMAY?
The Government, under the leadership of Narendra Modi, is hence, providing all the support it can to promote affordable housing. The Government uncovered the Pradhan Mantri Awas Yojana in June 2015 to realize the target of 'Housing for all', which aims to provide affordable housing to all by the year 2022. The Government's initiative will have a two-pronged advantage – first, and it is expected to provide shelter to every Indian. Secondly, it has enormous economic potential resulting from the mass construction of homes. PMAY works through 4 components – Rehabilitation of slum areas, Affordable housing by partnerships, Credit Linked Subsidy Scheme (CLSS) and Beneficiary-led individual house construction. It would drive us to additional employment, consumption of materials, etc. and this creates a chain of economic activity. Thus 'housing for all' is a multi-dimensional enterprise of the Government, which is providing various incentives and schemes to realize this ambition.
The scheme is primarily aimed at providing housing for all. Anybody who wants to buy property in Nagpur, Pradhanmantri Awas Yojna is a great investment option. You can opt for 1bhk flat, 2bhk flat, a rowhouse in Nagpur. Though, all those who already own a home or any of their family member own a home, are kept out of the benefits of PMAY.
PMAY-Who is Eligible?
According to the guidelines of the PMAY, the beneficiary family is not supposed to own a pucca house, and the beneficiary family should not have availed of central support under any housing scheme from the Government of India. A recipient family will encompass of husband, wife, unmarried sons and/or unmarried daughters. To steer clear of duplication, beneficiary family members have to provide their Aadhaar numbers while applying for the loan. The guidelines also say that, "An adult earning member, irrespective of marital position can be treated as a separate household, granted that he/she does not own a pucca (an all-weather dwelling unit) residence in his / her name in any part of India." So, even if kids (married or unmarried) are staying with their parents in a house in possession of the parents (or on rent, in the same or another city), they can opt for PMAY granted they are earning and don't own any other home.
Objectives of the Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana was initiated in the year 2015 to serve the following functions:
• To assure that poor sections of both urban and rural India have a chance to own a house of their own.
• To make available financial aid to those who can't bear the cost of constructing a residential land.
• To provide residence to the Economically Weaker Sections (EWS) of the society.
• To collectively bring together the Public and Private sectors to offer affordable housing to the Economically Weaker Sections (EWS).
• To make housing easy to get for specific demographics, such as economically challenged women belonging to minorities like Scheduled Castes and Scheduled Tribes.
The Pradhan Mantri Awas Yojana for all urban and rural has the following features:
• Under the scheme, the subsidized interest rate is granted, at 6.5 per cent on housing loans for 15 years for all beneficiaries.
• The first choice will be given to differently-abled and senior citizens in the allotment of houses on the ground floors.
• For the construction of quarters, 1bhk flat, 2bhk flat, rowhouses, sustainable and eco-friendly machinery and technologies would be use
How Property Clinic Helps You!
We at Property clinic have always aimed at providing affordable dream homes to all. Not only have the Pradhan Mantri Awas Yojana initiatives seen record investment but have also observed the use of technology, speed and public participation. We at Property clinic are dedicated to further improving urban infrastructure. We leave no stone unturned to fulfil the dream of Housing for All, which will give wings to crores of aspirations. By building a reliable support system for you, we aim to create an ecosystem of quality development. If you believe you have found your dream house, we will make it our mission to help you from the start till you are in possession of this property that you can turn into a beautiful home with your family. Maybe you should consider turning your first home into an investment property. While nearly everyone waits until after they've bought their first or second home to begin investing in real estate, we understand how you could start much sooner than you think. We think Pradhan Mantri Awas Yojana loans give people who don't have the highest credit the possibility to become homeowners. If you decide that investing is for you, a PMAY could be the perfect way to finance the purchase.