How First-Time Homebuyers Benefit From Pradhan Mantri Awas Yojana (PMAY)
PMAY or Pradhan Awas Yojana is initiated by the Government of India, which aims to provide housing to the urban poor community. By March 31, 2022, they aimed to build 20 million (2 crores) affordable houses.
This project has 2 components, the PMAY-U or Pradhan Mantri Awaas Yojana (Urban) for the urban poor and another one which is the PMAY-G/PMAY-R or Pradhan Mantri Awaas Yojana (Gramin) which is for the rural poor.
To help you understand this project further, here are some of the things you also need to know:
Who is eligible to apply for PMAY?
Unfortunately, this is not for everyone to take advantage of. To help you assess whether you are qualified or not, read below:
- The family must not have a pucca house in any part of the country and in any of their family’s name
- If there is any member of the family who is adult and is earning despite their marital status can be considered as a separate family which will fall under the Middle Income Group category
- A family who has a yearly income of up to Rs 18 lakh can apply for this scheme
- If their house is already built, then cannot get PMAY benefits
- Families who availed any of the central assistance under any of the housing schemes issued by the State Government or Government of India cannot avail of this scheme
- Towns that were notified subsequently and also rightful towns are allowed to take advantage of this scheme, as per Census 2011
- Ground floor houses are given priority for the differently disabled and the senior citizens
- If the applicant is married, they can avail of the scheme through joint ownership together with their spouse or get just one subsidy for both the spouses
- The loan availed from this scheme for extension and construction must be paid in full within or 36 months from the 1st installment payment of the loan
Benefits of the PMAY Scheme
If you are qualified, here are the benefits you can enjoy from it:
The rise in the standard of living of the citizens
Having a home they can call their own can make their lives better and positively boost the way they live.
Successfully leveraging land that’s losing value
Any construction and improvement can increase the value of the land; hence, this scheme can help in regaining the value of land that is already losing its supposed value. And this scheme is not only limited to just the urban areas but also rural, hence it encourages development in all corners of India.
Financial security for women
One of the mandatory mentions or clauses of this scheme is that a woman’s name should be on the house’s title or ownership even if she is not the one buying or paying for the property. The preferred ownership should be widows, seniors, minorities, disabled, transgender people, and salaried women.
Developers of such houses are instructed to build houses made of eco-friendly materials and technology. Hence, expect that the construction of these houses won’t damage the environment in any way.
Increase in job opportunities
There are many people that can be employed because of the construction projects, hence expect an increase in employment once the project starts.