How The Pradhan Mantri Awaas Yojana Will Revolutionize India

In the year 2015, Prime Minister of India, Mr. Narendra Modi, introduced the concept of Pradhan Mantri Awaas Yojana (PMAY). The aim of this program is to make housing affordable for all. This includes reduced subsidy rates and discounted prices of houses for the urban and rural poor when they approached a bank or finance company in India for home loans.

This program targets to build 20 million affordable houses by the year 2022. The Government envisions building affordable houses complete with basic amenities with electricity and water supply.

The program was initially devised to be offered to people in the Economically Weaker Section (yearly income less than Rs. 3 lakh), and Low Income Group (yearly income less than Rs. 6 lakh) sections, but now is available to the mid-income group too.

Why is PMAY important?

As per statistics, there are lakhs of unsold residences that cost Rs. 50 lakhs … Read the rest

In the year 2015, Prime Minister of India, Mr. Narendra Modi, introduced the concept of Pradhan Mantri Awaas Yojana (PMAY). The aim of this program is to make housing affordable for all. This includes reduced subsidy rates and discounted prices of houses for the urban and rural poor when they approached a bank or finance company in India for home loans.

This program targets to build 20 million affordable houses by the year 2022. The Government envisions building affordable houses complete with basic amenities with electricity and water supply.

The program was initially devised to be offered to people in the Economically Weaker Section (yearly income less than Rs. 3 lakh), and Low Income Group (yearly income less than Rs. 6 lakh) sections, but now is available to the mid-income group too.

Why is PMAY important?

As per statistics, there are lakhs of unsold residences that cost Rs. 50 lakhs … Read the rest

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