It is the dream of every individual to own a home of their own some day. After all, being a homeowner is the mark of true financial independence and stability even amidst difficult circumstances. However, given rising inflation and current economic struggles, it has become harder than ever to find affordable housing for most of us.
It is a great relief then that individuals and families in India can make the most of subsidized housing by the means of the PMAY housing scheme. Over the past few years, the PMAY scheme has provided subsidies and public housing options to people from a variety of backgrounds. Moreover, this housing scheme is constantly updating and evolving with the times to make it more convenient for Indian citizens to afford the home of their dreams.
One of the most recent examples of this is the Government’s launch of digital platforms to help people find residential properties with ease.
On July 31, 2020, Housing and Urban Affairs Minister Hardeep Singh Puri launched two new digital platforms in the country with aim of making affordable housing more accessible to the population. These platforms represent two important real estate bodies in the country, namely the CREDAI (Confederation of Real Estate Developers Association of India) and the NAREDCO (National Real Estate Development Council).
The CREDAI app is known as the ‘CREDAI Awaas App’ and is an online platform for residential project discovery, available on applicable smartphone app stores. Through the app, people from around the world looking to buy homes in the country can get an opportunity to connect with genuine member developers and their registered properties.
Meanwhile, the NAREDCO app is an online portal known as ‘HousingforAll.com’ and is India’s first e-commerce portal for housing. The portal will host housing sales and allow a range of buyers to discover and purchase homes while being assured of efficiency and transparency.
Both of these digital platforms fall under the PMAY housing scheme and aim to boost India’s real estate sector by marketing residential housing and properties in a modern, convenient and accessible way. It is the latest in the series of beneficial housing developments that are included under the Pradhan Mantri Awas Yojana.
The PMAY, or the Pradhan Mantri Awas Yojana is a Government initiative that was launched in June of 2015. Its primary goal is providing affordable housing and public housing across Indian to ensure that every citizen can achieve their goal of being a homeowner.
One of the most essential features of this housing scheme is its provisions for subsidized housing. The Credit Linked Subsidy Scheme or CLSS, provides subsidies on home loan interest rates, thereby making affordable housing a possibility for many.
The subsidy rates, subsidy amounts and maximum loan amounts provided under the PMAY housing scheme vary across the socio-economic groups that are eligible under the scheme. These eligible socio economic groups are the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group I (MIG I) and Middle Income Group II (MIG II). You can find out more about this subsidised housing scheme and apply for PMAY benefits on the Finserv MARKETS platform.
The benefits provided under the PMAY scheme can be conveniently availed at reputed institutions such as the Finserv MARKETS platform. If you are a hopeful home buyer looking for the ideal home loan with the benefit of PMAY subsidies, the Finserv MARKETS platform can provide you with that and much more.
The home loans available on Finserv MARKETS can be approved in just 3 minutes. The approved home loan amounts can go up to Rs 3.5 crore with repayment tenures ranging up to 300 months.
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