In what ways does Pradhan Mantri Awas Yojana (PMAY) help women?

You can lower the costs of owning your first home by applying for this scheme, but only a few applications are approved by the government every year. Furthermore, women who participate in this scheme are offered special benefits and interest rates.

The government’s flagship program, Pradhan Mantri Awas Yojana (PMAY), incorporates the Credit Linked Subsidy Scheme (CLSS) that provides benefits of subsidising home loan interest rates to both urban and rural households based on their annual income.

People with an annual income under 18 lakh are eligible for the ‘Housing for All’ scheme. The interest subsidy will apply to housing loans acquired and constructed by the Economically Weaker Section (EWS) or Lower Income Group (LIG). Mortgage interest subsidies will be granted on mortgages for middle-income groups (MIG) purchasing or building a home, including repurchase. During the cash subsidy period, interest will be subsidised in full on the outstanding principal.

Many benefits are available to women under this program. In the same way, as it offers subsidies to men, the government will provide subsidies of up to Rs 2.67 lakh to women applicants. However, the requirement has been maintained that the applicant's wife must live in this house as her first residence. Due to this, many of the benefits available under the scheme are only available to those who purchase their first home.

With this scheme, the government has also considered the needs of women from SC-ST categories and widows. The program will also provide benefits to women with disabilities and women who are employed. It is important to make affordable housing available to these women to alleviate their poverty.

In contrast to women who take home loans with men, a lady can expect to pay less for a mortgage if she takes one with a bank. If you participate in the Pradhan Mantri Awas Yojana, you will be providing a female in your family with education.

PMAY benefits women in the following ways:

• An annual interest rate of 8.25 % is available for home loans for women
• An EMI of Rs 853 would be required on a one lakh rupee home loan
• A maximum of twenty years may be granted under this scheme
• As part of this program, loans worth up to 70 lakhs are usually available
• Under this scheme, there are no upfront payments required
• Daily reduction of balances is used to calculate interest

1. Banks' interest rebate:

A women homebuyer can generally take advantage of discounted interest rates offered by most banks. The mortgage rates offered by some banks for female borrowers are quite competitive. Depending on the type of work and quantity of credit requested, borrowers can expect varying rates. Compared to their male counterparts, female borrowers typically get a 0.05 % concession on their interest rate.

2. Partially exempt from stamp duty:

The government of some states also waives stamp duties for buyers who register their properties under a woman's name, whether a sole proprietorship or joint ownership. The waiver of stamp obligation ranges between 1 and 2 % if the property comes under the woman’s name.

3. Benefits derived from taxes:

Women can benefit from many tax benefits when purchasing a house, including a tax refund of about Rs 200,000 in interest each tax year the house is occupied. The spouses can each claim income tax discount separately if they own a property together and the wife has her income. Depending on the share of ownership, each owner may be entitled to a tax deduction.

Pradhan Mantri Awas Yojana Registration Process:

Follow the steps below if you are eligible under PMAY and wonder how to apply online.

• Determine your PMAY eligibility category.

• Check out the government website.

• Please select the applicable applicant category under 'Citizen Assessment' in the top menu.
• The page will redirect you to another page so that you can type in your Aadhaar information.
• Provide your personal and financial information, as well as your home address, with the online PMAY application.
• Submit the form after entering the captcha code, verifying the information for validity, and submitting.

After filling out the application, you can check its status by selecting the link ‘Track your Assessment Status’ under ‘Citizen Assessment’.

Also Read:

1) How Can One Handle a Big Loss in a Business?
2) How does Employee Engagement Help Boost Business Performance?
3) How to Start a Furniture Export Business?
4) 6 Tips to get a loan for business while having bad credit

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FAQs

Q. Can anyone apply for PMAY?

Ans. You need to pass some criteria to get this scheme. It gives more preference to women.

Q. Exactly what is the Affordable Housing Partnership (AHP)?

Ans. The Government of India provides central assistance of Rs.1.5 lakh for each EWS house in projects whose majority is for EWS. A single project must contain at least 250 such houses.

Q. How can EWS beneficiaries obtain 30 year home loans?

Ans. Depending on the due diligence requirements of the lending institutions involved, there is a possibility that recipients of home loans can apply for 30-year tenure loans. However, the subsidy will only apply to mortgages with a minimum amount of Rs. 6 lakhs and a maximum of 20 years' tenure.

Q. Can a person with a plot that has not been built on be a beneficiary?

Ans. Beneficiaries can receive assistance at the subsidy level if otherwise eligible under the beneficiary-led individual house construction scheme.