Pradhan Mantri Awas Yojna | Huda Affordable Housing Scheme

 In order to remove the extremely high and variable prices of flats and apartments charged by the builders, the Prime Minister of India Narendra Modi launched a scheme called Pradhan Mantri Awas Yojna (PMAY) which promised to provide affordable housing to the poor people of urban as well as rural areas of India. PMAY was launched on 1 June 2015 and it took a mission to provide affordable housing Gurgaon by the year 2022.


If we talk about HUDA Affordable Housing Scheme in Gurgaon then many amazing residential projects are there under this scheme Such as OSB Expressway Towers, OSB Golf Heights, and many more.


Pradhan Mantri Awas Yojna Scheme was developed mainly for the Economically Weaker Sections(EWS), Lower Income Group(LIG), and Middle-Income Group(MIG). For these people, a Credit Linked Subsidy Scheme (CLSS) was created under PMAY to grant home loans on a purchase, construction, extension, and improvement of the houses. This scheme helped a lot in getting the loan easily and the interest rates were low and also the tenure of the loan was about 20 years. This scheme was the first scheme of its kind and before it, no other scheme was there to help the poor people of India in getting affordable houses.


For the economically weaker sections with a household income of about 3 lakhs can get a home loan up to 6 lakhs and for lower-income groups with a household income of 6 lakhs can get a home loan up to 6 lakhs. For middle-income group and middle-income group II with a household income of 12 lakhs and 18 lakhs can get a home loan of about 9 lakhs and 12 lakhs respectively. The maximum loan tenure for each category should be 20 years.


Benefits of Pradhan Mantri Awas Yojna:

 

In Pradhan Mantri Awas Yojna the houses are constructed in sustainable and eco-friendly ways to ensure the safety of our environment. The houses have a well-built infrastructure and are built by proper plans. Many big projects under PMAY has many facilities other than good flats which include open spaces, sports area, Gyms, Yoga centers, Parks, playgrounds for children and many more other facilities.  


Beneficiaries under Pradhan Mantri Awas Yojna:

 

The beneficiary or any member of his/her family should not own any house in any part of India.
The family of the beneficiary should consist of husband, wife, and unmarried sons/daughters.
Any adult earning member of the family can be treated as a separate household.
The Pradhan Mantri Awas Yojna was mainly developed for the urban poor and also the people living in the slum areas with poor infrastructure, sanitation, and drinking facilities.

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