As per estimates, lakhs of residential properties, costing around Rs. 50 lakhs are still unsold in the metropolitan cities. Contrarily, there’s a shortage of around 2 crore housing units for the urban poor and rural population. The PM Awas Yojana aims to bridge this gap. There are 4 prime aspects of this PMAY scheme:
To construct houses for slum dwellers and transform slums
To undertake affordable housing projects in collaboration with the states and union territories
To offer subsidy on home loan interest with the CLSS scheme to the economically weaker and medium-income sections
To provide financial assistance to EWS of up to Rs. 1.5 lakh
The government of India has also extended these benefits to widows, transgender individuals, and others to encourage them to become homeowners. According to the Housing and Urban Affairs Ministry, the construction of 1.68 lakh houses has been approved by the government under the Pradhan Mantri Awas Yojana (Urban) on 20th January 2021 at the 52nd meeting of the Central Sanctioning and Monitoring Committee (CSMC).
A great way to enjoy the benefits of the PMAY scheme is to pair it with the Bajaj Finserv Home Loan. As a beneficiary, you can avail the CLSS subsidy of up to Rs. 2.67 lakhs and get access to a range of other loan features. This includes expedited loan processing, a sizable sanction, a flexible repayment tenor of up to 30 years, and a competitive interest rate.
Another notable benefit we offer is the Flexi loan facility, which allows you to borrow from the loan account as many times as needed. In this case, interest is only charged on the amount you withdraw.
To avail these perks and more, start by using the Pradhan Mantri Awas Yojana eligibility calculator offered by Bajaj Finserv and check your subsidy amount as per your eligible category.