The Central Government of India has envisioned to provide everyone with affordable housing solutions by the year 2022. The Pradhan Mantri Awas Yojana was re-launched (earlier known as Housing For All) by the Central Government in 2015.
The Pradhan Mantri Awas Yojana Objectives
The objective of the Pradhan Mantri Awas Yojana is to serve many purposes such as:
- To ensure that the poorer section of the society can live in their own home
- To offer financial support to people who can’t afford the entire cost of building a property
- To offer homes to the Economically Weaker Section (EWS) of the society
- To bring private and public section together to enhance the destiny of India’s urban poor population
What are the benefits of the Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana offers many benefits which are dedicated to many sections of the society and is laced with many features such as:
- The subsidy: The biggest benefit of the Pradhan Mantri Awas Yojana scheme is the rate of subsidy that’s made available. In recent time, the home loan interest rate is around 8-9%. In the PMAY plan, it was announced that close to 6.5% subsidy will be provided to an individual apply for home loan under the scheme. Like this, anyone can save on EMI and interest payment for availing a home loan. For a lower middle-class family, this subsidy means a lot.
- Women benefits along with other backward class: While availing houses under the Pradhan Mantri Awas Yojana scheme, widows, senior citizens, transgender, scheduled caste and tribe people and women in the lower income group are given special benefits. Also, there is a provision that senior citizens will get flats on the ground floor for better physical mobility.
- Housing for all: The Pradhan Mantri Awas Yojana has stated that the Central Government will build at least 2 crores houses which are affordable city areas in all over Indian states. Some states such as Maharashtra, Tamil Nadu, West Bengal and many more have already started focusing on some specific localities and construction. It is definitely a big responsibility that the Central Government has entrusted itself with to deliver all projects on time.
- Development of the world: The Pradhan Mantri Awas Yojana and some other housing development schemes are not only dedicated to bringing about benefits to social people but also for the nation as well. The continued and consistent growth of the Pradhan Mantri Awas Yojana and other schemes is also expected to further spice up the real estate market and alike industries.
The quick comparison between PMAY and other earlier housing plans
| Issues | PMAY Scheme | Other Housing Schemes |
| Subsidy (%) | 6.5% | 1% |
| Women benefit | 100% | Up to 30% benefit |
| Beneficiary grant | Rs.1 lakh to Rs.2.3 lakh | Up to Rs.75,000 |
| SC/ST | 100% | Up to 50% benefit |
- Other low-cost housing schemes: Along with the Pradhan Mantri Awas Yojana, the Government has also launched some other urban housing plans. They along with the PMAY may bring about amazing benefits to backward people and people living under the poverty line. As per these other schemes, the applicants can ask for a grant of up to Rs.1 lakh.
The Bottom Line
You are now well-versed with the concept and benefits of the Pradhan Mantri Awas Yojana scheme of the Central Government. You can check which category of people you fall so that you can apply for the scheme online on its portal.