6 Main Objectives of the Pradhan Mantri Awas Yojana - Loan Trivia


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Monday 26 July 2021

6 Main Objectives of the Pradhan Mantri Awas Yojana


Being able to own a home is a dream that we all see. However, the rise in the economy has also boosted the price of property and construction materials. This has led to a topple in the ratio of privately owned properties, especially when compared to the rented ones. 

But due to the recent developments in Pradhan Mantri Awas Yojana eligibility criteria, it has now become easy to acquire affordable housing for all. Besides, this particular scheme also has beneficial objectives that can lead to a brighter future for the country overall.

Below are the 6 main key points of the Pradhan Mantri Awas Yojana scheme:

1. Pucca housing 
The overall design of the Pradhan Mantri Awas Yojana is to offer structurally sound houses to people of all income groups. Under the PMAY scheme, the government is planning to provide more sustainable housing suitable for living and resistant to different weather or natural occurrences. Thus, the name pucca housing comes into play. The government is trying to make it possible for everyone to afford concrete homes at affordable rates by the year 2022. 

2. Affordable housing
As mentioned earlier, the scheme, and Pradhan Mantri Awas Yojana eligibility, revolves around the affordability factor. In short, it favours low-income groups and economically weaker sections of society. Under this scheme, the government is hoping to assist citizens who would usually not be able to own a home. In order to do this more efficiently, the interest subsidy slab has been divided into four categories, namely EWS, LIG, MIG-I, and MIG-II. 

3. Lower-income groups
The lower-income group under PMAY eligibility criteria sees the maximum amount of interest subsidy rates. At 6.5% subsidy, LIG group citizens can enjoy affordable housing without stretching their budget. Apart from this, the scheme also includes benefits for widows and the transgender community. Even the documents required during the home loan application for such an income group is a bare minimum.

4. End-to-end governance 
In the olden days, record-keeping was a skill that was not put to good use. However, along with the Pradhan Mantri Awas Yojana eligibility objective, e-governance is also a major highlight of the scheme. The existing Indian government plans on using AwaasSoft and Awaas app as the two major platforms for the entire governance process. The main aim of doing so is to keep records intact and virtually available for all in the future.

5. Mandatory registration 
India as a country still has multiple unregistered properties to date. Therefore, under the Pradhan Mantri Awas Yojana, it is mandatory to get registrations done. Without getting the registration formality completed, a citizen will not be able to enjoy the benefits of the scheme. This particular objective is constant throughout all income group categories available under the PMAY

6. Female beneficiary  
Last but not least is the objective of making female family members a registered property owner. This objective in itself works towards women empowerment, especially in the rural and still-developing areas of the country. According to this particular factor, a property under the Pradhan Mantri Awas Yojana scheme can be registered in one’s mothers or wife's name. Besides, the family unit size has also been reduced to married couples and their kids. So that a maximum number of people can benefit from this scheme. 

If you are impressed with the PMAY scheme's objectives and want to make your dream home come alive, then you can apply for the same through the Pradhan Mantri Awas Yojana official website. Besides, you will also be able to learn about the Pradhan Mantri Awas Yojana eligibility by visiting the site. 

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