Having a home falls into the basic necessity of people. But, as India’s lands and houses are on a high rise, this necessity becomes a never-getable dream for many. PMAY or Pradhan Mantri Awas Yojana is a practical approach to making housing more affordable for all society sections. People who endeavor to buy property in Kolkata or anywhere in the country can benefit immensely from this government scheme, enabling people to become homeowners on simple terms.
Recently, the government has announced that the GST for the home loans will be reduced to 8% for buyers who have applied it through Pradhan Mantri Awas Yojna schemes. It is imperatively advantageous for first time urban home investors willing to buy flats in Kolkata and other parts of the country.
Benefits of PMAY Scheme
- Every Citizen are Offered with Large Subside
The most significant benefit of purchasing a new property through the PMAY scheme is the government’s subsidy. However, as it is entirely focused on first-time homeowners, people who already have homes are not eligible for this subsidy. A credit-linked sponsorship based on your income will be offered by the government, starting from EWS/LIG to MIG 1 and MIG 2.
- People from the EWS/LIG category eligible for getting a subsidized home loan interest of 6.5% with a tenor of 20 years.
- Citizens enlisted in the Mid-level MIG category can obtain home loan interest reduced by 4% for a 20 years tenor period. The maximum loan amount in this category is 9lakh.
- With a tenor of 20 years, loan interest would be subsidized by 3%, allocating up to12 lakh loan amount for citizens who come under the MIG 2 category.
- Housing for all Levels of the Society
Property for sale in Kolkata will be more accessible to buyers since the government is about to build up to two crore houses in major urban areas. The work has already been initiated in many states, including West Bengal, Maharashtra, Tamil Nadu, etc. Expectedly, these houses will be able to improve the standard of living of many.
- Advantages for Women and minorities
Homeownership of women is a mandatory clause in PMAY. The home needs to be registered in women’s names. This clause is also compulsory in cases where women aren’t buying it own. Besides, widows, salaried women, transgender people, minorities, disabled, and seniors will get preference in availing the Pradhan Mantri Awas Yojana. Senior citizens purchasing homes through PMAY are entitled to get ground floor accommodation, as it is a mandatory clause in the scheme to proffer seniors with more comfort.
A Scheme Spanning Over the Entire Country
This scheme’s offerings are not merely limited to urban areas of the country, but it is equally focused on developing low-middle income groups of rural areas. Along with improving the standard of living of low-income groups, the PMAY schemes are responsible for developing the rural real estate sector and industries connected to it.