By 
PMAY (Pradhan Mantri AwasYojna) is the part of Narendra Modi Yojna 2019/2020. Our country is developing but some of our villages still live in kutcha house. They have no money to construct pucca house on their land. PMAY yojna is declared for the poor and low cast people and for the people who are not able to make dream home. PM Offers a new home to low cast people by offering subcidy on home loans. This beneficial scheme is run by central government of India. Narendra Modi give emphasis on project of “housing for all by 2022” because he wants to improve a lifestyle of every individual of India. The yojna is worth working and people are taking benefits of it.
PMAY Key Features
- PMAY is specially made for the Scheduled Caste and Scheduled Tribes.
- Also it givessubscidy to MIG (Middle Income Group) people.
- This Yojna is also helpful for the single woman, widow, transgenders and specially abled persons.
- CLSS (Credit Link Subcidy Scheme) is a special generated to renovate the pucca house from kutcha house.
- It fulfils all the needs of the poor and low-income people to build a anew home.
PMAY Scheme Classification
Income groups are divided in three groups
Economical Weaker Section
Family earns 3 lakh income per year come under the Economical weaker section or Below Poverty Level. They are given subcidy of 6.5% per annum on the home loan interest rate. They will be given 6 lakhs rupee as a loan under the tenor of 20 years.
Lower Income group
Lower Income group the home loan will be subcidized by 4%. 9 lakh home loan will be provided under the tenor of 20 years.
Middle income group
Middle Income Group will be given upto 12 lakhs ruppes loan with the subcidized rate of 3%.
PMAY Benefits
- Pradhan Mantri AwasYojna is made to enhance the living standard of India.
- This yojna runs under the mission “housing for all by 2022”. PM Modi’s aim is to develop the rural area.
- No matter they are under the below poverty level or middle-income group all can earn subcidy to rebuild new house.
- PMAY scheme runs all over India people can take the benefit from the national banks.
- Widow, specially abled and senior citizens are given preference for this yojna and they will be provided ground floor under this beneficial scheme.
- The homes will be constructed with good quality materials.
- EMIs are very low so any poor person can afford to take home loan.
The housing development project has started in various states like West Bengal, Tamil Nadu, Gujarat, Maharashtra etc. Narendra Modi Yojana 2020 is curated to uplift the standard of living. It is designed to improve urbanization in rural area. Also it is very useful in rotating the money by encouraging people to take home loans from the private and national banks. This project is helpful for all who want to build a dream house. PM Modi has made an initiative to create an affordability to purchase a new home and hopefully he has reached to his expectations.
