All You Need To Know About PMAY

by Rugved Agarwal Owner India has surely developed at an exponential scale in the last few years. However, poverty is still one of the biggest problems for the Indian government. Most people living below the poverty line don’t have their own home. Keeping that in mind, the government introduced Pradhan Mantri Awaas Yojana. The sole purpose of this plan was to remove homelessness for good. The mission of this plan is to provide homes for more than 20 million poor people in urban areas by the end of 2022.

The whole country has come together to make this dream come true.

Goals of PMAY

Started in the year 2015, this Yojna is directed towards accomplishing several goals.

1. Offering roof for the poor

There is a large group of people out there who live without a roof in India. This is a big concern for the Indian government, as these people are a part of the economy on a broader scale. Hence, this plan focuses on offering a roof for every urban poor.

2. Helping with the construction cost

People who can’t arrange financial support to build their own home can leverage this plan. The government is collaborating with financial support providers to help with the complete construction cost of building a home. People who fit the criteria can easily obtain this support via pradhan mantri awaas yojana.

3. Enabling housing for EWS sections

EWS or Economically Weaker Sections are special sections of society. These sections need little financial support to invest in residential properties. The PMAY includes these sections as well to ensure that now weaker section of the society stays behind in getting a roof.

4. Bringing private and public sector together

The path towards diminishing homelessness goes through this goal. The government is bringing private and public sector together to collaborate and empower urban poor in the country.

Recent improvements in the PMAY

Thousands of urban poor people have already obtained benefits of this plan. However, the government is keen to make this plan more approachable for people. In that direction, there are a few improvements in affordable homes. The government has reduced the required GST on homes acquired via this scheme. The percentage was 12 percent, and now it has been reduced to 8 percent, which is a great improvement for sure.

A person getting his or her first home has to pay only 8% GST under this scheme. However, it is important that the person receives his or her home loan via CLSS or Credit Linked Subsidy Scheme that comes under PMAY too.

How to get a home loan via PMAY?

There are several criteria that you need to fulfil in order to obtain a home loan successfully. The loan applicant must be buying home for the first time. He or she should not have any home, not even named after other family members living in India. Plus, there are other critical requirements that you have to meet. If not, then, the GST payment requirement reaches to traditional 12% under Pradhan Mantri Awaas Yojana.

You should contact an expert to know more about PMAY and your eligibility.

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Created on Apr 30th 2018 05:19. Viewed 468 times.

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