The Pradhan Mantri Awas Yojana serves as a social welfare program by providing affordable housing to the needy, with primarily low-income families from rural areas. The central idea of this scheme is to provide housing units that are located within ten kilometers of urban areas in India, while also reducing infrastructure problems such as water scarcity and power outages. This not only provides adequate shelter but also addresses many other conditions like sanitation including health care and education.
Pradhan Mantri Away Yojana: Benefits
The PMAY scheme aims to be able to create a balance between the urban and rural areas, as well as reduce poverty through low-cost housing. The budget for the current year has been allotted to multiple major cities in India – starting with Mumbai in Maharashtra. The idea behind this scheme is to build a total of 1 crore houses by 2022.
The shortage of land in urban areas has led to the creation of small and cramped accommodations. However, the government has now taken a step towards reducing this problem by providing building sites in rural areas close to urban areas on a first-come-first-serve basis. The motive is seen as creating affordable housing for the needy by providing low-cost housing near hundreds of cities across India.
The PMAY includes a plan to develop slum-free zones around cities, which will be implemented in partnership with agencies like ‘Society for Elimination of Rural Poverty’. This plan will also involve identifying and developing houses for providing low-cost housing and will help increase access to basic amenities such as water, sanitation, and electricity.
One major advantage of PMAY scheme is that it is developed with the objective of encouraging women to apply for home loans and own a house of their own. According to the terms of the plan, if a married man applies for a loan, he must compulsorily enroll his wife as a co-applicant for the loan, even if she is not involved in the financing of the purchase of the property. This is done to ensure that women of our country develop a mindset of becoming financially secure, especially when they old or widowed.
Overall, the PMAY scheme is developed to provide affordable homes to backward, low-income sections of society. This will also help India in developing better infrastructure and in the times to come we can think of a time where there will be no slums.
Owing to the above guidelines in the scheme the PMAY scheme will benefit the common man by:
- Lowering the interest rates for the common man with low-income levels i.e., those with an income of 3 Lakhs to 18 Lakhs. Hence, the maximum number of needy people will fall in the Pradhan Mantri Awas Yojana eligibility bracket.
- PMAY scheme offers a 6.5% subsidy on home loan interests. This will help in lowering the EMI amount.
- An additional subsidy is also offered to the builders and contractors who help in making the PMAY scheme a success. The subsidy offered is for over 1.5 Lakh rupees.
Pradhan Mantri Awas Yojana Eligibility
To check for your eligibility under the PMAY scheme you must look at the following criteria-
- You must fall under one of these categories-
(a) Economically Weaker Sections (EWS)- Those with an income less than 3 Lakhs
(b) Low Income Group (LIG)- Those with an income between 3 Lakhs and 6 Lakhs
(c) Medium Income Group (I)- Those with an income between 6 Lakhs and 12 Lakhs
(d) Medium Income Group (II)- Those with an income between 12 Lakhs and 18 Lakhs
- The PMAY scheme is pro-woman. Hence, you need to have a female member in the family. She will be the co-owner of the property.