The ‘Housing for All’ project introduced by the Central Government was launched with the purpose of building around two crore houses in both rural and urban areas of India. The goal was to provide affordable housing facilities for those who were unable to bear the excessive cost that is associated with acquiring or building a new residential property.
This scheme came into the picture in June 2015, and the smooth implementation process made some visible positive impacts. According to reports, under the PMAY scheme in urban areas, around 73 lakh houses have been approved, against almost 1 crore units applied. This proves the fact that this leap by the Government made people fulfil their dreams without getting overburdened with high interest rates.
Pradhan Mantri Awas Yojana – At a glance
Investing in real estates comes with additional costs, and that automatically gets expensive. Consequently, people opt for a home loan to make it less difficult on their personal finance. The purpose of launching PMAY scheme was to help Indian citizens acquire houses at affordable rates. And the best way to help was by providing a subsidy on the interest amount. Therefore, the Government announced to provide a particular interest subsidy for 20 years.
Other specific features included setting some parameters on the basis of an individual’s income range. There were three different schemes under PM Awas Yojana, such as under EWS scheme, i.e. for low-income group, MIG (I) or middle-income group and MIG (II). The interest rate and the loan amount were supposed to be sanctioned based on the income range.
Since the mission was to help citizens secure living quarters, it saw massive progress after some time. Hence, the Government announced to felicitate best performing states who took quick actions to make this scheme a success.
Top-performing states under PMAY
The reason for giving these awards was to appreciate the effort of all these states have shown so that they improve it in the future. All these states and union territories that have displayed a remarkable performance after the announcement of Pradhan Mantri Awas Yojana followed a similar path. People from these places got assistance from officials on how to opt for this scheme to get maximum benefits.
When it comes to investing a huge chunk of money on housing properties, individuals should research, decode home loan fees and charges beforehand. Thus, the repayment process becomes smoother, and you know how to make proper use of the PMAY scheme with all this useful information.
Some special features of these places also include slum development, incorporating innovative technology in construction, policy initiatives, etc.
PM Awas Yojana progress
A total amount of 57914 crores were sanctioned by the Government of India, and with proper innovative ideas and technological advancements, its implementation saw a visible success.
Number of sanctioned houses: 96.57 lakhs
Number of grounded houses: 60.95 lakhs
Number of occupied houses: 31.33 lakhs
Number of completed houses: 32.70 lakhs
PMAY is a long-term plan that will see positive impacts till 2022 due to all those benefits it covers. It has helped the economically weak section of the community to get shelters, and middle-income groups to get a convenient system for securing land property.
Availing a home loan comes with added liabilities, hence, researching overall expenses, calculating EMIs before taking a home loan become important. Since this scheme was aimed at helping people to save a decent amount from the monthly interest rates, people started opting for it to fulfil their long-awaited dreams.
Furthermore, housing financing companies introduced attractive offers and benefits for the customers who are planning to invest in real estates. Top NBFCs have also come up with pre-approved offers to make this process less time-consuming and hassle-free. These offers are available on home loans, loan against property, and other financial products as well. You can easily check your pre-approved offer by providing basic details like name and contact number.
From processing fees to interest rates and secure fees, buying a house comes with a lot of extra expenses that become difficult to maintain. As a solution to that, people go for home loans. However, it is equally important to know the home loan foreclosure procedure to get rid of these liabilities.
With the PMAY scheme, individuals have been able to take the risk of availing a home loan and making their plans successful. And, to value the efforts that have been maintained by best-performing states and Union territories, this felicitation part is also commendable. PM Awas Yojana has made housing affordable for all so that one can easily find an ideal property and attain funds for that without a hassle.