If you are dreaming of building a house then this news is for you. If you are thinking of taking a home loan to build a house, then you can easily get a loan of Rs 25 lakh at 4 percent interest. This loan is not being given to you by any bank but by the government itself. Actually we are talking about the government’s Pradhan Mantri Awas Yojana i.e. PMAY. Under this scheme, cheap houses are being given to people in India, whether you live in a village or a city.
The government has started PMAY Subsidy 2.0, which will make it much cheaper for millions of families to own or build their own house. If you fall in EWS, LIG or MIG category, you will get huge subsidy on interest on home loan, you will get direct help to build a house on your land and local bodies are also providing affordable housing projects. This means EMI will be greatly reduced and it is going to be a dream come true for first time home buyers.
What are the benefits of PMAY scheme?
The objective of this scheme is to provide financial assistance for construction of 2.95 crore houses in rural areas. According to this scheme, the size of the built house will be at least 25 square meters. This will include all basic facilities like clean cooking space and electricity supply.
In this scheme, along with the house, necessary facilities like toilet, electricity connection, drinking water and clean gas connection will also be provided, for this a separate assistance of Rs 12,000 will be provided which will come from Swachh Bharat Mission, MNREGA or other government schemes. The total cost of building a house in the plain areas will be divided by the Central and State governments on the basis of 60:40, that is, the Center will give 60% and the State will give 40%. In the North-Eastern states, Himachal Pradesh, Uttarakhand and Jammu and Kashmir, the Center will give 90% and the state will give 10%. In the remaining union territories, the central government will bear 100% of the expenditure.
The government will provide an assistance of Rs 1.20 lakh for each house in the plain areas, while Rs 1.30 lakh will be provided in hilly states like Himachal-Uttarakhand, Ladakh, Jammu-Kashmir and North-Eastern states.
If needed, you can easily take a loan up to Rs 70 thousand from a bank or finance company.
Who can take advantage of PMAY?
This will be decided from the data of SECC-2011 and Awas Plus Survey of 2018-19, then the Gram Sabha will verify and the list will be finalized. Free engineering and technical help will also be provided in building the house, so that the house is built strong and properly.
The entire money will come directly into the beneficiary’s bank or post office account, no middlemen. The work will be monitored through Awas App and Awas Soft, that is, every stage will be checked by uploading photos. The committee of the Ministry of Rural Development will approve and then the project will start.
Under Pradhan Mantri Awas Yojana, only those who fulfill the eligibility criteria will get the benefit of this scheme. If any major earning member of the family is married and does not have a permanent house in his/her name, then it can be considered as a separate family. According to income, there are four categories – Economically Weaker Section i.e. EWS should have annual income up to Rs 3 lakh, Low Income Group i.e. LIG should have between Rs 3 lakh to Rs 6 lakh, Middle Income i.e. MIG I should have families with annual income between Rs 6 lakh to Rs 12 lakh and Middle Income Group II i.e. MIG II should have families with annual income between Rs 12 lakh to Rs 18 lakh.
The special thing is that women falling in EWS and LIG categories also get priority, along with this, people from Scheduled Castes, Scheduled Tribes and Other Backward Classes can also take advantage of this scheme. Meaning, the government wants that every poor and middle class family should get its own permanent house, no matter which caste or community it belongs to.
