Top Advantages of the Pradhan Mantri Awas Yojana for Beneficiaries

Since buying a home involves significant investment, not all are able to go ahead owing to their financial incapability. The PMAY or Pradhan Mantri Awas Yojana was introduced with an aim to enable individuals across different economic strata and secure house ownership.

The credit linked subsidy scheme (CLSS) aims to do away with such deprivation and enable house ownership for all. People from different income categories thus benefit from this scheme distinctly with overall house purchase/construction affordability as the prime advantage.

This scheme provides advantages to individuals under three structural benefit systems that include – 

a. CLSS scheme
b. ISSR or In-situ Slum Redevelopment
c. AHP or Affordable Housing in Partnership

The benefits are provided to individuals under the aegis two following sub-schemes –

1. PMAY-Urban
2. PMAY-Gramin

Each year, a beneficiary list is released based on applicants’ PMAY eligibility and related monetary and non-monetary benefits are provided to them. 

The top advantages of PMAY home loan include the following.

• Pucca house development through slum rehabilitation: Under this scheme’s ISSR wing, the Indian Government aims to provide brick and mortar housing to slum dwellers.
• Purchase of affordable housing: This scheme also provides overall affordability of house ownership to all beneficiaries, including the homeless citizens.
• Interest rate subsidy on home loans: The PMAY home loan interest rate subsidy allows borrowers to reduce their overall interest burden.

As for each beneficiary, the house ownership or co-ownership is preferably in the name of a woman of respective families under PMAY.

Read Also: Apply For Pradhan Mantri Awas Yojana For Home Loan And Check PMAY List