Pradhan Mantri Awaas Yojana Gramin Deals of Loan

Gram Panchayat Property Home Loan and Pradhan Mantri Awaas Yojana

The need of the housing for all has pushed the nation for some serious steps. The Pradhan Mantri Awaas Yojana is the result of the same. The government is now pushing hard to make the dream ‘home for all’ by the year 2022. In an effort to the completion of the dream, the government has announced several lucrative schemes and aids in order to better assist the people, who are seeking a home of their own. The social scheme by the name, ‘Pradhan Mantri Awasiya Yojana’ is aimed at assisting the people towards completing the dream of having a home of their own.

What is a Gram Panchayat Property?

Gram Panchayat property means property that comes under the Gram Panchayat area and it is not regularized under the town planning department and approved by the Gram Panchayat Sarpanch. One must also remember the fact that the maximum home loan cases come under affordable housing and the construction is almost unauthorized.

DealsofLoan brings Home Loans for Gram Panchayat Properties under social scheme

DealsofLoan brings you a complete assistance and guidelines to Home Loans for Gram Panchayat Properties under social scheme. Under the scheme of the Pradhan Mantri Awaas Yojana, the financial assistance will be provided for all who desire to the construction of Pucca House. The government aims to provide total financial support to people to bring back to the mainstream to people with temporary housing.

As per scheme, it is predicted that the expenses of around Rs. 81,975 Crore will be incurred in the span of 3 years and as per the proposal, One Crore households will be provided financial assistance. The Scheme, which will be featured primarily in the rural area in span India.

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Key aspects of the home loans for Gram Panchayat Properties

In an effort to help out the people who are in need of the financial assistance, DealsofLoan brings home loan for Gram Panchayat Properties under social scheme. With the involvement of easy steps, the DealsofLoan ensures the best deals will be provided to the needy people. While most of the banks have some restrictions over the allotment of home loans for Gram Panchayat properties, the DealsofLoan make sure that the people are never deprived of their dreams and with the best efforts, they ensure that the people are offered the best deals of home loans for Gram Panchayat properties. Here are some key aspects of the Home Loans Gram Panchayat properties.

  • Home Loan scheme is available for middle class & lower middle class 

  • Only some micro housing finance companies are allowed Gram Panchayat Property for Home Loan

  • There is a restriction when it concerns regarding Gram Panchayat properties; Ground floor plus 3 floor is only considered for a home loan and a person is not allowed a construction above this.

  • Rate of interest on home loans for Gram Panchayat properties would be little higher than authorized properties

  • A sign of relief is that the Cash income, without ITR and irregular income can be considered under the scheme

  • Pradhan Mantri Awaas Yojana covered under the home loan scheme.

Pradhan Mantri Awaas Yojana

The Pradhan Mantri Awasiya Yojana, which aims to “Implementation of the rural housing scheme of Pradhan Mantri Awaas Yojana — Gramin to achieve Housing for All by 2022” have come with the following key elements in their scheme:

  • Implementation of the rural housing scheme of Pradhan Mantri Awaas Yojana –Gramin, anyhow

  • Complete assistance for construction of around 1 crore houses in rural areas over the period of 3 years from 2016-17 to 2018-19

  • Providing the enhancement of the unit assistance to Rs. 1,20,000 in plain areas and to Rs. 1,30,000 in hilly states and other such terrains

  • Meeting the additional financial requirement of Rs 21975 crore through National Bank for Agriculture and Rural Development (NABARD) to be amortized through budgetary allocations after the year 2022.

  • To use the Socio Economic and Caste Census of 2011 (SECC-2011) data for the purpose of identification of beneficiaries.

  • In order to provide the technical support to achieve the target under the scheme, the Setting up of National Technical Support Agency at national level will be done.

According to recent news, the central government has announced increase in subsidy under the Pradhan Mantri Awaas Yojana. Under the scheme, the amount of home loan under the Pradhan Mantri Awaas Yojana scheme has been increased to 12 Lacs, which is just the double as previously announced and the interest subsidy will now be up to 4%. Here is the chart comparing the interest subsidy of earlier PMAY scheme and revised scheme.

PMAY Home Loans Interest Rates/Subsidy for 2017

Subsidies Explained

Earlier Scheme (2015) – CLSS for EWS/LIG

Revised Scheme (2017) – CLSS for MIG

Loan Amount

Up to Rs. 6 Lakh

Up to Rs. 9 Lakh

Up to Rs. 12 Lakh

Eligibility Criteria

EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary.

MIG 1 – Up to Rs. 12 Lakh per annum

MIG 2 – Up to Rs. 18 Lakh per annum

Subsidy Calculation for a loan tenure of up to 15 years

6.5%

4%

3%

Subsidy Amount

Rs. 2.2 Lakh for a loan of 6 lakh

Rs. 2.35 Lakh for a loan of Rs 9 Lakh

Rs. 2.3 Lakh for a loan of Rs. 12 Lakh

Interest Rates and Subsidy

Interest Rate

10.5%

8.5%

Loan Amount

Rs. 12 Lakh

Rs. 9 Lakh or More

Rs. 12 Lakh or More

Amount Eligible for Subsidy

Rs. 6 Lakh

Rs. 9 Lakh

Rs. 12 Lakh

Subsidy Rate

6.5%

4%

3%

Subsidy Amount

2.2 Lakh

2.35 Lakh

2.3 Lakh

With the announcement, the significant reduction in the EMIs will be experienced and thus people will be encouraged to opt for  home loans to complete their dreams of having a home. With the subsidy of around 4% on the loan amount of around 9 lacs and 3% for the amount reaching upto 12 lacs, in comparison to 6.5% subsidy on loans upto 6 lacs as previously, the government has taken a significant step towards its mission and towards helping people in achieving their dream goal. Under the announcement, the two new middle income groups are also introduced under the scheme and thus more additional help has been offered.

How much will be the effect of this announcement under Pradhan Mantri Awaas Yojana Scheme?

Take for an example; if an individual borrows a loan amount of Rs 9 lakh for 15 years, with the reduction in the interest rate of 4% would save him Rs. 2011 as EMI every month and the EMI will come down from Rs 9128 to Rs 7117. On a similar pattern, the loan of Rs 12 lac will save Rs 2044 in EMI when a reduction of 3% lower interest rate is taken in note.

One must remember that the work under the Pradhan Mantri Awaas Yojana scheme is already in full swing in urban areas, but the need of the better housing schemes is there in rural areas and thus there has been a devise in the rules of the scheme in rural areas to cater to the needs and demands of those people who are living in isolation and in villages under the Gram Panchayats. The SECC census, which was covered in the year 2011 is going to be utilized in order to identify and select the list of beneficiaries under the Gramin plan of the PMAY scheme. The village Panchayats along with all tehsils will also be consulted for the list of beneficiaries before making the final list under the rural housing scheme. This will ensure that the greater transparency will be achieved in the work of aiding the people with the financial assistance in those areas and better help can be given to the deserving people.

How will the funds be credited?

The funds allocated for the rural scheme will reach to the beneficiaries through the direct transfer of payments in their bank accounts. This method of the direct transfer through the electronic means ensures that the transparency is maintained in the housing scheme and the beneficiaries are able to get the full loan amount in their account with no deduction through middlemen. Thus, the fair expenses of the allocated fund will be achieved to complete the dreams of the Gramin Awaas Yojana.

Also, to mention all the beneficiaries under the Pradhan Mantri Awaas Yojana scheme will be entitled to get the unskilled labor for the tenure of 3 months through MGNREGA and already the necessary steps have been taken to ensure the skill training reaches to the people under the scheme.

With the objectives of Pradhan Mantri Awaas Yojana scheme to provide affordable housing for all by the year 2022, it is intended that the benefits reach to the complete deserving demographics such as economically challenged groups, women and people belonging to minorities such as Scheduled Castes and Scheduled Tribes. It is also aimed at providing the complete assistance to the most ignored sections of the society like widows, trans gender and lower income group members and many other such, the sustainable and affordable housing scheme should be provided to them. Also, to mention, it is decided that the special preferences will be given to the differently abled and even senior citizens in regard to the ground floor properties.

Conclusion

DealsofLoan understands that the time has come, when people should be given the best support to completion of their dreams of owning a home. The DealsofLoan provides all necessary support and guidance in regard to the Pradhan Mantri Awaas Yojana scheme and Gram Panchayat properties and special doorstep assistance will be provided to the needy ones.

Rural India has experienced the tragic years of unaffordability, miserable living conditions with no helping hand being offered. It’s the time, when the government has intended to work to provide benefits to all and with the Pradhan Mantri Awaas Yojana scheme, the dream is not too far.

DealsofLoan deals in various loan opportunities for the people. Whether it is personal loan, mortgage loans, or the business loan, DealsofLoan has provided its assistance every time. This time, it has come up with the most novel deal in the form of home loans for Gram Panchayat Properties under social scheme. With the best guidance to all the people who reside in Gram Panchayat area, the company looks forward to provide the best services. Loans can be sanctioned under the Gram Panchayat jurisdiction under the scheme; however, with some limitations, which most of the people often come up with, the DealsofLoan ensures that the best support and guidance can reach to the majority of people under this scheme.

The Pradhan Mantri Awaas Yojana scheme is a wonderful scheme, which has the power to change the future of the country. With the development under this scheme at an unprecedented pace, the things look bright. Pradhan Mantri Gramin Awaas Yojana (PMGAY), which was previously called as Indira Awaas Yojana (IAY), is a social welfare flagship program created by the Indian Government with a vision to provide housing for the rural poor in India. The nation is progressing towards the strong future where no person is homeless and where pucca home is a reality. Let’s join hands for the bright future of the nation and offer a helping hand to all needy people, who have dreams in their eyes of having a home of their own. The DealsofLoan urges everyone to connect with us for their bright future and get the maximum help and assistance for the Home Loans for Gram Panchayat properties under the Pradhan Mantri Gramin Awaas Yojana.


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