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The Pradhan Mantri Awas Yojana (PMAY) is an initiative by the Indian government aimed at providing the urban poor with affordable housing by the year 2022. On 1 June 2015, the scheme was first launched. For the PMAY method, the interest rate starts at 6.50% p.a. And the repayment tenure usually is up to 20 years.

  • According to the government, more than 109 Crore houses have been approved under the "Pradhan Mantri Awas Yojana (PMAY) - Housing for All" mission. Under this flagship programme, the central government has set a target of 1.12 Crore houses in urban areas by 2022. More than 93 Lakh water tap connections and 59 Lakh sewer connections have so far been provided under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT). AMRUT will be able to have 1.39 Crore water tap connections and 1.45 Crore sewer connections targeted by 2023.

  • PM Svanidhi scheme, a program launched in June 2020 by the Ministry to support individuals who have been more severely affected by the pandemic, will benefit 50 Lakh street vendors by providing affordable collateral-free working capital loans to help urban street vendors resume their livelihoods. As per the ministry, the Central Vista redevelopment is being undertaken to upgrade the space, facilities and better equipment of Central Vista Avenue for Parliament. The foundation stone for the construction of the new Parliament building was laid by Prime Minister Narendra Modi on 10 December.

Features and Benefits of PMAY Scheme

  • Subsidy interest rates are given at 6.50% p.a. under the PMAY Scheme. A housing loan to all the beneficiaries for a period of 20 years.

  • Preference will be granted to differently eligible and senior citizens in the distribution of ground floors.

  • Construction will allow use of renewable and eco-friendly technology.

  • The scheme encompasses all of the country's urban areas, including 4041 legislative cities, with the first preference granted to 500 Class I towns. In 3 steps, this will be completed.

  • From the initial stages itself, the credit-related subsidy component of Pradhan Mantri Awas Yojana is being introduced in India in all legislative cities.

In additionthe deadline for making use of the PMAY CLSS (Credit Linked Subsidy Scheme) scheme for categories MIG-I (Middle Group Income - I) and MIG-II has been extended to 31 March 2021. The same has been extended for the LIG (Lower Income Group) and EWS (Economically Weaker Section) groups to 31 March 2022.

Wrapping Up

Now that you have detailed knowledge about the Pradhan Mantri Awas Yojana and its features, consider taking a Home Loan on Finserv MARKETS to benefit from the interest subsidy under the scheme. With a flexible tenure of up to 20 years, you can easily repay this loan to help you keep your EMIs pocket-friendly.


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