India is one of the biggest democracies in the world. The country is home to more than a few indigenous culture and religion. However, the only problem with India is the ever-increasing economic disparity and lack of understanding about priorities. As per one of the articles by The HINDU, more than half a billion families in India have a smartphone but lack a pucca house with all the modern-day amenities including a proper toilet. Such contradictions portray a country with some of the trappings of modernity combined with living conditions in India’s 247 million households that look more medieval. What can be the possible reason for such problems apart from the economic disparity? Well, lack of government’s attention towards the needs of the lower middle class can be one reason, the other being lack of proper funding options making it difficult for people to own a house of their own. Is there a solution to curb this ‘homelessness’ problem? When it comes down to it, a few years ago there was nothing that could have facilitated the process of owning a home. However, at present we have Pradhan Mantri Awas Yojana Urban and Rural - a government backed funding scheme which helps lower and mid-income groups with affordable home loans and subsidy to make housing an affordable option for themselves. In 2015, PM Modi announced the PMAY and the PMAY CLSS for the rural and urban working class, making affordable housing a thing in India. Check out the scheme and find out if you are eligible to know whether you can benefit from the facility or not.
Reference Read: Affordable Housing Changing The Face Of Real Estate Sector
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |