Pradhan Mantri Awas Yojana (PMAY) is aimed at benefiting the urban poor by providing interest rate subsidy for those opting for a home loan. PMAY has been formed by the Government under the programme - ‘Housing for All by 2022’.  Outlined below are some news snippets relevant to Pradhan Mantri Awas Yojana that could be of interest to the borrowers.

News snippet - 1

Now pay only for the carpet area

This is a relief for home buyers. The Real Estate Regulatory Authority (RERA) will do away with the practice of builders charging buyers on the super built-up area. Super built-up area is calculated when the space for lobbies, stairs, lifts etc. is added. Home buyers will have to pay only on the basis of carpet area. (Carpet area constitutes the area enclosed within the walls i.e., the actual area to lay a carpet).

News snippet - 2

Plans to sanction one crore houses under PMAY is on the anvil

It is a positive move by the Union Housing and Urban Affairs Ministry, aimed at ensuring ‘Housing for All by 2022’. It plans to sanction construction of one crore houses before 2020 under PMAY. This will serve as a major boost to urban citizens who are planning to buy a home through a home loan.

News snippet - 3

New unit to expedite housing scheme

Showing concern over the slow rate of construction of houses under the Housing for All’ programme, the Ministry of Housing and Urban Affairs has plans to create a Programme Management Unit to speed up the process. Objective of the programme is to construct about 1 crore houses by 2022.

News snippet - 4

Over 8000 PMAY beneficiaries allotted flat numbers

The Vijayawada Municipal Corporation has allotted flat numbers through online lottery system to over 8000 beneficiaries of PMAY in Vijayawada city. It is a move by the State Government in implementing the ‘Housing for All’ scheme. The beneficiaries will receive a sms on their mobile phones regarding the allotment.

If you are planning to buy a home through a home loan, PMAY acts as a tool to reduce the interest rate on EMIs. The earlier you start, the better it is considering the availability of a longer repayment tenure which can reduce the financial load on the EMI. 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.