The basic necessity for everyone is to have a house. Unfortunately, due to the increase in the price of land and other expenditures, this becomes only a dream for most of them. To handle such issues of building a house affordably in society, the government had started Pradhan Mantri Awas Yojana. A scheme that helps to own a house easily with simple guidelines. PMAY had aimed to give 20 million to every individual so that they can construct their house with a sufficient amount of interest and build their own house as per their affordable prices. You can check your pmay subsidy status after you apply. And also it has been announced that the GST level may come down to 12 to 18% for those who apply for a loan under PMAY.
1. Large Subsidy
This is one of the biggest benefit offered by the government through this scheme for a new purchase of house. This subsidy however cannot be claimed by anyone who already is a house owner. You could also avail credit linked subsidy on the basis of your income. You can check your pmay subsidy status after you apply.
2. Housing for all economic levels
The government proposes to build two crore houses that are affordable in urban area. Everyone who is eligible under the criteria can avail this scheme. States such as Tamil Nadu, Karnataka, West Bengal, Maharashtra, etc have already begun the construction of these houses. This was mainly done to uplift the living standards of many people.
3. Housing development
This scheme is not limited to urban areas, it also has equal significance for the development of rural areas and aims at the low and middle income groups. The PMAY scheme also emphasises the development in the rural industries and real estate development.
4. Benefits for minorities and women
PMAY has a mandatory clause of women ownership. The house needs to be mentioned in a women’s name. There are also other additional provisions for salaried women, widows, transgender people, disabled, minorities and senior citizens to avail the benefits of this scheme and become house owners.
5. Eco-friendly homes
The government has instructed the developers to build houses with technology and menthods that are eco-friendly. These methods will ensure lower damage to the environment and keep the pollution levels caused by construction activities under check too.a
With the information from the above points, you can now claim the benefits of the PMAY scheme. Check for the eligibility criteria and then you can apply for Home loans with some lenders like Bajaj Finserv. You can check your pmay subsidy status after you apply. This will help you in availing the benefits of the scheme as well as the flexible repayment terms. Thus making your home purchases more affordable.