A home is one financial security that every individual dream of. But the skyrocketing prices of houses here in India has made this dream impossible for many. Mission Pradhan Mantri Awas Yojana (PMAY) happens to be an initiative taken by the Indian government to provide housing to the deserving citizens of the country that need shelter and security. This initiative aims to provide housing to around 2 crore people. There are two components to this initiative. Pradhan Mantri Awas Yojana Urban (PMAY-U) aims to provide housing to the urban poor, and the other one is Pradhan Mantri Awas Yojana Gramin (PMAY-G also PMAY-R) for the rural people. It is a great initiative aiming to aid those citizens who cannot afford necessities to sustain themselves. There are six important aspects to this initiative which are as follows: -

Sum Rehabilitation: With PMAY, the government replaces all the slum houses with 'pucca' concrete houses. This will have a great positive effect on the overall GDP of the country. The country's economy will improve, and the slum dwellers will have a chance of pridefully opting for an urban environment. This will also aid in maintaining the original value of land that was decreasing to due slums.

Housing for all: Under this scheme, the government targets building One BHK house for all-around 2 crore people in the country. In states like Maharashtra, West Bengal, Tamil Nadu etc., the building of houses has already begun. This will help in uplifting the living standards of the country.

Affordable housing for all: With PMAY, the government aims to provide housing for each section of society. The applicants who can apply for this scheme are divided into middle-income groups (MIG), weaker sections of society (EWS), and middle-income groups (MIG). It also includes minorities such as Scheduled Tribes and other registered minorities.

Subsidized interest rates:  This is the most important aspect of PMAY. Under this, the government has launched credit linked subsidy schemes. This defines eligibility criteria for deserving applicants. Applicants under this can receive home loans at lower interest rates.

Financial Security for Women: Another best part of PMAY is that it encourages women to apply for home loans for themselves. A married man taking this loan has to mandatorily register his wife for loans as well. This aids women in financially securing their future, especially when they reach old age or are widowed.

Eco-friendly housing: The builders in charge are provided with protocols that strictly instruct them to build eco-friendly houses. This will ensure minimal environmental damage, including less noise and air pollution. These sustainable homes will be constructed with good quality material that will avoid remodelling and renovation.

With such interesting benefits on offer, getting your own house under the PMAY can be the best decision of your life. So, stop waiting and start acting right now.