Budget 2024: Buying a Home Could Get Easier, Govt to Make This Huge Announcement

A new housing scheme is reportedly in the works

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The NDA government’s full budget is set to be released in July. On July 22, Finance Minister Nirmala Sitharaman will present the NDA government’s first full budget. The middle class has high expectations from the upcoming Modi 3.0 budget. According to sources, the government may offer a significant gift to homebuyers in this budget. The government could announce a new housing scheme in this budget.

Budget 2024: Buying a Home Could Get Easier, Govt to Make This Huge Announcement

New Housing Scheme Could be Announced

According to sources, homebuyers might get significant relief in this budget. The government could announce a new housing scheme. Additionally, there might be a reduction in home loan interest rates for buying or building a house. An interest subvention scheme offering a 3-6% discount on home loan interest rates could also be announced. The new scheme might cover homes worth up to 50 lakh, whereas previously, the interest subvention scheme was for homes up to 18 lakh. There may also be flexibility regarding the size of the house in the interest subvention scheme. The government could start the new scheme from September.

   

Everyone Having Their Own Permanent House is a Government Priority

It should be noted that ensuring everyone in the country has a permanent house has always been a government priority. The NDA government indicated this in its first meeting. In the first cabinet meeting of Modi 3.0, Prime Minister Modi made decisions addressing the needs of farmers and the general public, including approving the plan to build 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY).

What is the PM Awas Yojana?

The government launched PMAY in June 2015. This scheme operates in both rural and urban areas of India. In rural India, it is known as Pradhan Mantri Awas Yojana Gramin (PMAY-G), and in cities, it is known as Pradhan Mantri Awas Yojana Urban (PMAY-U). Under PMAY, the government provides subsidies on home loans. The subsidy amount depends on the size of the house and the applicant’s income. The scheme encourages banks to provide home loans at lower interest rates. The maximum repayment period for home loans under this scheme is 20 years. Statistics show that over 4.1 crore houses have been built under PMAY in the last 10 years.

Also read: Union Budget 2024: Central Government to Take a New Approach Instead of Disinvestment

Who Can Benefit from this Scheme?

People with an annual income of up to 18 lakh rupees can benefit from this scheme. Individuals from the Economically Weaker Section (EWS) with an annual income of less than 3 lakh rupees are also eligible. The applicant must be at least 18 years old and a citizen of India. However, the scheme can only be availed if the applicant does not already own a permanent house. If any family member has a government job, they are not eligible for the scheme. Additionally, families already benefiting from any housing scheme by the central or state government cannot take advantage of this scheme.

How to Apply

The scheme can be availed both online and offline. To apply online, visit the official website of the Pradhan Mantri Awas Yojana at https://pmaymis.gov.in/. For offline applications, visit the nearest Common Service Center. Some documents required for the application include identity proof, address proof, income proof, passport-sized photo, and property documents.

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