There is a lack of awareness among the people about the benefits available under the Pradhan Mantri Awas Yojana (PMAY). The Modi government has extended the benefits of the scheme in the recently introduced General Budget, despite this, more than 46 percent of the existing home buyers are not aware of the benefits available under it. It has been revealed in a survey.
Housing target for all by 2022
Basic Home Loans, a Gurugram-based startup, conducted the survey, in which over a thousand people who had taken loans under the category of cheap houses during the last nine months, were asked questions about the benefits of the PMAY scheme. The government introduced the PMAY scheme in 2015 to provide housing to all by the year 2022.
New features of PMAY scheme 2021
According to the survey, some new features have been added to the new 2021 edition of the PMAY scheme. Under this, the benefit of the scheme has been given to the middle income group (MIG-I) and MIG-2 till 31 March 2021. At the same time its deadline has been extended to 31 March 2022 for LIG and EWS sections. Apart from this, the government has also given the benefit of additional deduction of one and a half lakh rupees on the interest paid on loans taken for cheap houses. In this year’s budget, this benefit has been extended till March 2022. The tax holiday benefit for affordable housing projects has also been extended to March 2022. Along with this, tax exemption has also been allowed for notified rent residential projects.
83 percent of people do not know that subsidy is available up to Rs 2.67 lakh
In the survey, less than 17 percent people were aware that subsidy up to a maximum of Rs 2.67 lakh is provided under the PMAY scheme. Only 48 per cent of the respondents were aware that home buyers of economically weaker (EWS) and lower income group (LIG) category are the priority consumers covered under it.
Maximum loan repayment period is 20 years
Basic Home Loans works to provide home-based home loans to middle- and low-income families without going round the banks, for which it does not charge any fee. It is a financial technology startup. The company has tie-ups with 16 banks. It says that about 37 per cent of the maximum period of repayment of loan under the Pradhan Mantri Awas Yojana was the right answer. Most people termed it 30 years while the maximum duration is 20 years.
Basic Home Loans Chief Executive Officer (CEO) Atul Monga said that the beneficiaries under the PMAY should get the benefits of the scheme automatically. They should not go through the process of making a new application to get the benefit of it. It has been six years since the scheme was launched. Since then, two more categories have been included in it, yet the eligible public seems ignorant of the basic information of the scheme. In such a situation, the lenders, the government and all the institutions connected with it should take up the responsibility of raising awareness about the scheme.
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