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Owning A Home Is Not A Distant Dream for An Indian Family

Jun 05 2021

Anwesha Nandy

Affordable housing projects and simplified construction have made owning a home a reality in a growing country like India, where the bulk of the population cannot afford a home due to high market rates. Home purchases are becoming increasingly unaffordable and costly due to rising prices. If you've been thinking of having a home but your budget is holding you back, the affordable housing scheme and simplified construction process can bring your dreams to life.

What Steps Have Been Taken To Make The Construction Process More Simplified?

Brick&Bolt is developing cutting-edge technologies to make every build predictable, as well as organizing the chaotic construction sector where RERA regulations do not apply. This will make the life of the 5 crore construction workers easier and more enjoyable. Brick&Bolt is aiming to realize the ambitions of many people who want to own a home but are hesitant to put their money into it.

People in the construction industry do not necessarily have the necessary expertise or knowledge. Brick&Bolt serves as a trusted end-to-end construction service provider, guiding first-time home builders through the design, foundation, and project completion process. The organization alleviates the burden of home construction by assuming complete control of the project from start to finish.

As a company, Brick&Bolt understands that value is created not just by reducing the money, but also by saving time, optimizing procedures, and simplifying the entire project lifecycle. Brick&Bolt presently serves over 700 customers, ensuring complete transparency and responsibility on our end.

Brick&Bolt has tripled in size in the last year and expects to build over 1000 homes by the end of March 2022. Brick&Bolt, which is powered by cutting-edge technology, makes the building process more transparent, eliminates overhead costs, and allows for prompt project delivery.

Pradhan Mantri Awas Yojana & Affordable Housing Scheme

The Modi government's objective and goal are for all citizens of our country to possess a home by the end of 2022. The government is attempting to encourage builders who are developing projects that come under the affordable housing program to assist and promote this aim.

Affordable housing refers to affordable housing units. Affordable housing is a key issue in developing countries like India where the majority of the population isn’t able to buy houses because of the high market price.

Property prices were rising three to four years ago. Thousands of people who had been working hard for years to buy their own homes have now been able to achieve their ambitions. The buyer's faces have also brightened as the real estate market has slowed. Everyone fantasizes about owning a home where he and his family can live in peace and happiness. A paid general working-class individual might only dream of buying a good house at a fair price in such conditions. However, thanks to the affordable housing project, new inexpensive dwellings were created to house them, which were intended for the lower economic strata of society.

The goal of the affordable housing project is to make houses accessible to all. Home loans are also available at reduced rates under this program. As a result, demand for houses/flats increased. As a result, developers are launching a slew of projects, the majority of which fall under the affordable housing umbrella.

The Pradhan Mantri Awas Yojna

(PMAY) Credit linked subsidy scheme (CLSS) – Housing for all is a home loan scheme envisions. Housing for All by the year 2022. This scheme offers affordable homes to people belonging to the economically weaker section (EWS) low-income group, (LIG) Middle income group-1 (MIG-1), and middle-income group 2 (MIG-2) of society. Customers (i.e., Beneficiaries) availing of this scheme are eligible to avail interest subsidy on the purchase/construction/enhancement of dwelling unit.

This plan was launched by the Ministry of Housing and Urban Poverty Alleviation to ensure that all families have a roof over their heads. This system is also in place in Karnataka. The Pradhan Mantri Awas Yojana's major goal is to provide affordable housing to everyone by 2022.

The most eager lodging activities started by the substantial government in 2015 – Pradhan Mantri Awas Yojana (PMAY) – an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 1 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years. The deadline for availing of the PMAY CLSS scheme for the MIG-I and MIG-II categories was 31st March 2021. The same has been extended to 31st March 2022 for the LIG and EWS categories.

PMAY plans to supply around 6 crore spending homes around there and provincial neighborhoods the nation over before the finish of 2022.

This plan will offer help to various states and Union Territories both through metropolitan neighborhood bodies or through other authorizing offices for the execution of the plan.

The Ministry of Housing and Urban Poverty easing delivered this plan by ensuring that all of the families get a rooftop on their top. In Karnataka likewise, this plan is applied. Lower-estimated houses for all by 2022 are the principal objective of the Pradhan Mantri Aawas Yojana.

The PMAY application targets giving houses to women, financially in reverse gatherings, SCs and STs. Presently it’s been additionally reached out to hindered segments like Transgender, Widows, and individuals from the lower-pay gatherings, substantial impaired, and the metropolitan poor.

The house can be an inherent individual investment and reasonable lodging can be outfitted to the poor with the assistance of private accomplices. Recipients get FICO assessment connected endowments under this plan.

How to Apply for Pradhan Mantri Awas Yojana or PMAY In Karnataka

In Karnataka, the Pradhan Mantri Awas Yojana or PMAY is implemented in all the cities. It is very useful for urban youths who are planning to buy their first apartment or house.

The steps are as follows: -

  • Click on the `Citizen Assessment’ option provided on the page.

  • If the applicant is a slum dweller, he must select the option "For Slum Dwellers." If the applicant lives in a rural, urban, or semi-urban location, he must select the second choice from the list, Benefit under the other three components.

  • Fill in a valid Aadhaar number and your name as it appears on your Aadhaar card. You can access the application form after inputting a valid Aadhaar number.

  • Fill out the application form with your personal information, such as your name, address, family members' information, phone number, the size of the existing dwelling unit, and your average yearly salary.

  • Provide a legitimate form of identification, such as a passport, voter id, pan card, ration card, or bank passbook. Account information such as the bank's name, branch, and account number.

  • Provide information on all household members, including their ages, Aadhaar numbers, and other identification numbers, as well as their relationship to the head.

  • The applicant should mention whether he is applying for a new house or the enhancement of the old house in the application.

  • After entering all these details applicant has to click on the disclaimer. Then he should enter the captcha code displayed on the screen. Then he has to save the application.

Key Points

  • Manual scavengers, women (with widows getting priority), Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with Disabilities, and Transgender people should all be given preference.

  • Typically, the central government will provide the state government the entire sum. However, the State Government is required by law to provide financial aid to the beneficiaries in installments.

  • The payment should be released in installments depending on the progress of the house construction. Beneficiaries might begin building with their funds or funds from other sources.

  • Government funds will be proportion to the construction. The final installment of the government fund, INR 30,000/- should be released only after completion of the house.

In Karnataka, the Pradhan Mantri Awas Yojana or PMAY is executed overall metropolitan regions. It is amazingly significant for metropolitan young people who are meaning to buy their first house.

Pradhan Mantri Awas Yojana In Karnataka – Eligibility


  • The applicant’s family should be economically and socially backward.

  • Applicants should not own a pucca house either in his/her name or in the name of any member of the family in any part across the Country.

  • The beneficiary family will comprise husband, wife, and unmarried children.

  • Applicants can hold their own land/site.

  • An Applicant should not receive a residential facility from any other scheme.

Story To Inspire

Rohit Sharma, a Delhi resident who works for a Noida-based firm, has been renting an apartment with his wife and two children for the past few years. He was unable to save much for a good house after spending on house expenses, children's schooling, and house rent. Rohit considered purchasing a two-bedroom apartment as well, but his budget limited him to between 15-20 lakhs. Buying a 2 BHK home in Noida for 15-20 lakhs was near unattainable for the last five years, but the entrance of the affordable housing initiative has eased matters and it is now extremely practical. Rohit must have recently purchased a flat under the affordable housing plan for the sum of 18 lakhs.

More About The Scheme

The scheme was first launched on 1 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years. The deadline for availing PMAY CLSS scheme for the MIG-I and MIG-II categories has been extended to 31 March 2021. The same has been extended to 31 March 2022 for the LIG and EWS categories. Under the Pradhanmantri Aawaas Yojna subsidy and monetary concession to the tune of 2.5 lakhs is also being offered to the people so that maximum numbers of people can realize their dream of owning a house. At the same time, the banks have heeded the call by P.M. Modi to reduce the lending rates to embolden the poor and economically weaker sections of society to come forward and avail themselves the loan services and a special lending system is being brought for women which have a lower rate of lending. In a boost for homebuyers, Sitharaman announced extending the additional relief of Rs 1.5 lakh for home loans for affordable housing. The additional relief was first announced in July 2019 budget and was extended in last year’s budget to March 2021. Now, the additional Rs 1.5 lakh relief on home loans for affordable housing has been extended for loans taken till March 31st. Prime Minister Narendra Modi has targeted to ensure that everyone lives in his/her own home by 2022 benefiting from the PMAY scheme.

Document Required For Pradhan Mantri Awas Yojana

  1. Documents for proof of identity such as PAN card, Voter ID, Aadhar Card, passport, driver’s license, etc.
  2. Documents for Proof of Address such as Voter Card, Aadhar Card, Valid Passport, Latest Utility bill, etc.
  3. Documents for Proof of income such as Salary slip of the previous 2 months, Latest and for salaried individuals bank account statement of the last 6 months is required.

Other Documents Required

  • Copy of the complete chain documents of the property
  • A copy of the Sale Agreement
  • An Allotment Letter / Buyer Agreement
  • Copy of the payment receipt made to the developed




Which choice would you prefer if you had to choose between renting and buying a home? Many people will, of course, want to buy a home because it is the most profitable and prudent choice. After all, you can replace your monthly rent with EMI payments, which will help you achieve your goal of becoming a proud homeowner. Once you know you are eligible for this scheme you can then apply for a home loan under PMAY with lenders like Bajaj Finserv. This will allow you to avail of the benefits of the PMAY scheme along with flexible terms of repayment, thereby adding affordability to your home purchase.




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