To make the home purchase affordable for the poor, the government has launched Pradhan Mantri Awas Yojana (PMAY). It is a housing scheme that provides interest subsidy benefits on the home loan amount to the beneficiaries. Read on to know more about PMAY. For most middle-class families, buying a new home with their savings is nearly impossible. They rely on a home loan to get the necessary funds. If you plan to avail of a home loan, you must know that it is a big responsibility and repaying the home loan requires a long-term commitment. Since 2015, with the launch of the Pradhan Mantri Awas Yojana, an affordable housing scheme, many home loan borrowers have benefitted from it. Under the scheme, the government aims to reduce the financial burden of home loan repayment for lower-incom
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