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What is the Pradhan Mantri Awas Yojana (PMAY) Scheme and How to Apply for the Same?

What is the Pradhan Mantri Awas Yojana (PMAY) Scheme and How to Apply for the Same?

Housing is one of the most fundamental needs of human beings. A house provides shelter and security to its inhabitants and protects from extreme weather conditions. Housing provides social stability and helps to develop a community and a sense of belonging. It increases the dignity and quality of life and is an asset that appreciates with time and is a source of wealth. It also provides independence, freedom and privacy to individuals and families.

Hence, having an own house is important and the government has taken many steps to ensure that all sections of society can afford a house. Among the many schemes available, the Pradhan Mantri Awas Yojana (PMAY) is a flagship housing scheme launched by the Government of India to provide affordable housing to the urban and rural poor. The primary objective of the scheme is to ensure that every Indian has access to a safe and decent home.

The scheme offers financial assistance and subsidies to make housing more affordable and accessible. It aims to create a slum-free India and help all achieve a good standard of living and promote inclusive growth.

Beneficiaries of PMAY can avail tax benefits under the provisions of the Income Tax Act. The principal and interest components of home loans can be claimed for tax deductions, which further reduces the financial burden.

Correspondingly, employment is generated as people are employed in construction and there is a positive thrust to the economy as well. With improved infrastructure, connectivity and housing, nearby businesses for essentials and other commodities bloom and there is positive development overall.

Urbanization becomes planned and sustainable, and the environment is also protected in the long run. There is a credit link subsidy scheme and this will help beneficiaries in getting loans from financial institutions as well

PMAY has two components:

PMAY-U (Urban):

This component targets the urban poor, including people from economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG). Under PMAY-U, eligible beneficiaries are provided with financial assistance in the form of interest subsidies on home loans or direct subsidy for construction, purchase, or enhancement of houses.

PMAY-G (Gramin):

This component focuses on the rural poor, particularly those living below the poverty line. It aims to provide financial assistance to construct new houses or enhance the existing ones for eligible beneficiaries.

Before applying, once need sto check for eligibility by studying the terms and conditions. Then, one must proceed to apply for PMAY by visiting the website and applying with the relevant documents. Upon submission, a registration reference number is generated. Further verification by the appropriate authorities will result in sanction or rejection accordingly.

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Wisdom Properties is an organization of professionals with over 2 decades of experience in promoting plots and real estate, they offer not only plots, but also villa, farmlands and land for commercial applications. They also help in construction as appropriate. The directors Mr.Mohan and Mr.Magesh are dedicated to ensure customer service excellence and the organization is constantly innovating based ion their vision and inputs.

If you are looking for DTCP approved plots in Oragadam, villas in Maraimalai Nagar, plots in Kuthavakkam, plots in Sunguvachathiram or other areas in and around Chennai and its suburbs, then Wisdom Properties is the best company to approach.

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