As the country of India wakes up to the celebration of the 76^th day of independence, the Prime Minister of India, Narendra Modi, decided to announce that the government will be launching a new scheme that will provide house loans to help those, who belong to the middle-income groups of the society that will help them to live in rented houses and even fulfil their dream of buying or building their own homes. Owning a home is an important dream for many people. A good house becomes a home when it symbolizes stability, security and a sense of being one with every aspect of the house. Though it may seem that those people, who are dwelling in the cities have a nice and warm home to stay in, unfortunately, many people living in the city areas do not have any access to a personal residence of their own that they can call their ‘home’. This is one of the big problems with several middle-income groups of people in the cities, who do not have any residential facilities of their own and end up staying in a much more uncomfortable position in rented houses, slums, chawls and unauthorized colonies. Thus, this scheme has been seen as one of the biggest Independence Day gifts to the people of the country who belong to the middle-income group of the country.

Need For Affordable Housing for Middle-Income Indians

The finding of proper space is a major issue in urban areas due to the high population growth. This has led to the availability of spaces just after the payment of a high amount of premium. Coupled with this is the problem of high rising prices of property nowadays that has posed a serious challenge for that section of the population of India that belongs to the middle-income group of society. This is now a major problem for many individuals, who even though they are living in the city and having access to the urban amenities are trapped in the whirlwind of finding a shelter for themselves. A lot of them have to stay in rented houses, slums, chawls and even unauthorized colonies in severely substandard conditions of living. Keeping these difficulties that are being faced by the middle-income group of people in mind, the government of India has thought of launching this scheme to help people find a better way of living for themselves.

Important Objectives of the House Loan Scheme

The house loan scheme is better and formally known as the ‘Pradhan Mantri Awas Yojana – Urban (PMAY-U)’. This scheme was originally masterminded and launched on 25^th June in the year 2015 mainly focusing on providing private residential facilities for those, who do not have any proper residence of their own in the rural areas of the country. However, it is commendable on the part of the government that it has realized that there s a need for a proper, comfortable and personal space for even those that live in the city and so, the respected Prime Minister of India, Narendra Damodardas Modi, decided to get this scheme into effect from the ramparts of the Red Fort in New Delhi on the auspicious occasion of the day of Indian independence.

As per the reports that have been submitted by the ‘Housing and Urban Affairs Ministry’, this scheme has already been launched with effect and more than 1.18 crore houses have already been planned to be given to the beneficiaries under the new scheme for house loan. There has been a serious relief provided in the bank loans that these families would be taking to build a dream house of their own choice. The drive has started under the ‘Pradhan Mantri Awas Yojana- Urban (PMAY-U) Scheme’ and has continued so far till the 31^st of July in this year. The reports have submitted an impressive number stating that as many as 76.02 lakhs of houses have been already granted to the beneficiaries assisted with every kind of financial and material amenities.

This has enabled several individuals that are belonging to the middle-income groups in urban societies to be financially and ‘residentially’ empowered to give shape to their dreams of owning a home of their own. On top of this, this new scheme is also addressing the problem of the mushrooming of slum areas within the cities that not just lead to aesthetic pollution but also result in an increased number of crimes and various anti-social activities in different parts of the city. It also prevents unsuspecting citizens from getting caught up in the legal problems of staying in colonies that are unauthorized by providing them with enough means to upgrade their conditions of living thereby improving the quality of their life.

“The weaker sections living in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, slums, chawls, and unauthorised colonies. If they want to build their own houses, we will assist them with relief in interest rates and loans from banks that will help them save lakhs of rupees,” was the promise made from the side of the Prime Minister yesterday.

Owning a private house is something that would create a sense of pride in every person and it is the feeling of security, stability and pride that is associated with one’s house is something that turns a house into a home. The scheme not just helps in turning this aspiration into a reality but also helps in lifting many such middle-income families from the pangs of living in uncertainty and extreme dependence on rents. On top of this, the development of new communities of housing would lead to the creation of several opportunities for employment and help in the promotion of economic growth on both smaller and larger scales. This new house loan scheme will help to bring refurbished hopes and enthusiasm in the hearts of the several owners of homes throughout the country. This gives those, who are currently residing in substandard living conditions despite belonging to the urban areas of the country to create a sense of relief in them, where they will not have to worry about exorbitant interests on house loans. It seems to be a visionary measure that would foster a feeling of socio-economic progress and enable everybody to build an illuminated future.