The 'Pradhan Mantri Awas Yojana' is a bold new initiative by the Central government. ‘Pradhan Mantri Awas Yojana' (PMAY) has been a concrete effort that seem to fullfil the concept "Homes for All".’
How can you purchase your dream home under this scheme? To own a home is one of the basic necessities for each and every individual. Over the past few years, the soaring property prices and interest rates have made it practically impossible for the common man to realize this particular dream. Under the Central Government, the revolutionary concept of ‘Pradhan Mantri Awas Yojana’ aims to support the common man in this regard.
Launched in 2015, June 25th to be precise, this massive-scale project is based on a blueprint that is designed to develop close to 2 crore houses by 2022. Many were skeptical about this figure and whether it could be achieved. Simply put, it’s two crore houses in 2555 days.
The target audience for this particular project: The target group for the ‘Pradhan Mantri Awas Yojana’ are individuals who belong to the EWS (Upto 3 Lakhs Annual income), LIG (3.01 to 6 Lakhs Annual Income), MIG 1 (6.01 to 12 Lakhs Annual Income) & MIG 2 (12.01 to 18 Lakhs Annual Income) segments of societies that are part of Urban India.
What are the main features of Pradhan Mantri Awas Yojana The ‘Pradhan Mantri Awas Yojana’ is a well thought-out project and comprises of some unique features that are aimed at making/ owning a home more affordable and practical. Here are some of the more important points of the ‘Pradhan Mantri Awas Yojana:’
A practical example of what the above features all mean: Assume that a loan of around six lakhs for 20 years is applied for. Today’s average interest rate hovers around the 8.5% mark. A bit of math and the calculated EMI comes to around INR 5,207 per month. The same figures under the ‘Pradhan Mantri Awas Yojana’ will only cost you INR 3035 per month, a reduction of over 2000 rupees, making the dream of owning your own space a reality for those in the LIG, MIG1 and MIG2.
Some important rules that have to be noted:
All combined, the ‘Pradhan Mantri Awas Yojana’ has received an overwhelming response from the citizens of India. This welcome move is going to make the dream of ‘homes for all’ a reality. Visit http://pmaymis.gov.in/
To know more about the ‘Pradhan Mantri Awas Yojana’ and how you can own a compact home with all modern amenities from Confident Group visit us at:
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