Bringing the whole real estate business together, there’s a lot that goes into it. From investing a lifetime of savings to getting a pre-approved loan for a guaranteed purchase. All these cover some important aspects that are listed on at least everyone’s wishlist.
Purchasing a new home does incorporate several checks to ensure you’re investing in the right place. In the search for the right home loan, the best schemes we often come across are some that benefit us in the long run. With real estate, there are numerous schemes that cement a seamless and beneficial purchase for every buyer. With flats for sale in Kanpur, the PMAY scheme launched in 2015 is an ambitious project for the benefit of every citizen. Projecting this initiative by the Government benefits those in search of affordable housing projects in the city. Keeping the idea of this scheme in mind, let’s move into understanding this in more detail.
Launched on June 1st, 2015, this scheme brings to the table extensive housing solutions that are crafted keeping in mind the need for better and affordable housing sectors. With the key motive to provide affordable homes to all by 2022, residential properties in Kanpur have also benefitted from the same.
India is a country that is constantly developing at a rapid pace. With newer developing cities taking a step ahead to deliver quality projects to their customers, customers welcome such schemes that ease off their pressure in the long run. These exciting offers and discounts lure customers to invest in a new home. And what’s better than investing in a growing city like Kanpur?
This lucrative scheme brought with it a plethora of offers for developers, especially those that are facing financial instabilities. Originally only catering to the lower sections of society, this has now extended its support to middle-income groups as well. With an earlier limit of 30 sq m units, it also includes 2 BHK units in its bucket. However, the extension of 90 sq m and 110 sq m proves to be a benefit for both the Government and the customers.
Before moving into more detail, let’s understand the advantages of this scheme
Be it in Kanpur or any other city, the growing demand for better real estate projects seems to be an important topic of discussion.
Broader Eligibility Criteria- Brought into effect with the sole purpose of assisting low-income and middle-income individuals to become homeowners, this criteria umbrella benefits do go the distance. With a minimum household income of 3 lacs, the minimum carpet area stands to be 30 sq m. This assists home buyers with the benefit of choosing a home loan on rewarding terms. This covers easy loans, pre-payment terms, and seamless, customised home insurance.
Cut on Home Loan Rates- Keeping your income bracket in mind, one can choose the PMAY scheme they are eligible for. For example- residential properties in Kanpur that come under this scheme allow you to claim a subsidy based on your home loan rates. This benefits customers in a way where their home loan obligation reduces and they pay more reasonable EMIs throughout their tenure.
Check on Public and Private Sector Projects- In order to boost the ever-growing housing sector in a city like Kanpur, this scheme ensures most projects are under the Government scanner. By this we mean, the Government keeps an eye on every minute detail with respect to updates on the project and keeps an eye on the construction to keep you tension-free throughout. This also brings the need for better, eco-friendly projects for all.
Since these advantages state benefits coming your way, it's wise if we define how it actually works. For example- if you fall under a certain category (MIG-II), and your annual income falls under 12-15 lacs, you may or may not have a 50 lack home budget in mind.
With your minimum down payment being 10% of the amount, i.e. 10 lakhs, the remaining can be arranged via a home loan from a bank. Under this scheme, one gets the advantage of a subsidy of 3% on a loan upto 12 lakhs. Here’s where for the remaining 28 lakhs, one needs to pay back to the lender at regular interest rates.
With this scheme offering a list of benefits to your advantage, purchasing a residential property in Kanpur becomes a lot easier. Especially if it's developed by the best real estate builders in the city. Ritu Housing being the icon in the real estate sector offering the best of homes that seal a good investment ensures a better future is coming your way.
Hence, use the PMAY scheme to your advantage and invest in the best homes at Emerald Garden and Gulistan and follow all necessary steps to complete your application and benefit from this scheme today.
