Features of PMAY Scheme

In case, you are planning to own a home of your own, you can purchase the same under the Pradhan Mantri Awas Yojana (PMAY) scheme. All that you are required to do is to select the location where you want your home to be, choose the builder and the bank or institute that will offer you the home loan. Several residential projects in Delhi NCR are being built under pradhan mantri awas yojana. Gurgaon, Noida and Greater Noida account for major share of such projects. Since the launch of the scheme, the government has sanctioned several projects across the country.

Essential features of PMAY

Home for homeless

The main thrust of PMAY is to provide affordable housing units for those who don’t have a house of their own. So, those who already have a home of their own cannot avail the benefits under the scheme. According to the (PMAY) scheme, the beneficiary family must not own a pucca house anywhere and they should not have taken any help under any housing scheme from the Government of India. A beneficiary family consists of husband, wife, unmarried sons and or unmarried daughters.

Credit-Linked Subsidy Scheme

Under PMAY, a homebuyer has the advantage of availing interest subsidy for his or her first home via Credit-linked Subsidy Scheme (CLSS). CLSS is a scheme through which individuals can enjoy significant subsidies on their housing loan interest in proportion to their income. The funds from the scheme can be used by beneficiary families for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.

Use of advanced construction technology

In the PMAY scheme, innovative and cutting-edge construction technology has been used in a big way. Several houses are being constructed in various States of the countries by using new technologies. The progress of the houses on the ground can be tracked using space technology.  Aim of the scheme is to revolutionize the affordable housing segment in the country.

The PMAY scheme will undoubtedly help many Indian families realize their dream of owning a home. The several projects launched under Pradhan Mantri Awas Yojana stand testimony to the same.