bihar mukhyamantri awas yojana
The Bihar Mukhyamantri Awas Yojana (BMAY) was launched in 2015 by the Indian government with the goal of providing affordable housing to the rural population. The BMAY offers a number of benefits to eligible applicants, including interest rate reductions on housing loans, tax breaks, and other incentives.
What is the bihar mukhyamantri awas yojana?
The Bihar Mukhyamantri Awas Yojana (BMAY) is a state sponsored scheme, launched by the Indian Prime Minister, Narendra Modi, in January, 2016. It aims to provide affordable housing and build 100 million homes by 2022.
The BMAY will provide subsidies of up to 50% on the cost of construction of a house, with a maximum subsidy of Rs. 4.5 lakhs. The scheme will be open to all citizens of Bihar, regardless of their income or social status.
Applications for the BMAY can be made online or at any government office in Bihar. The deadline for submitting applications is 30 September 2016.
How does it work?
The Bihar Mukhyamantri Awas Yojana (BMAY) is a government scheme which provides financial assistance to the poorest of the poor in Bihar. The scheme was launched in 2015 by Prime Minister Narendra Modi and aims to provide affordable housing and basic amenities such as water, sanitation, and electricity to rural households.
To be eligible for BMAY assistance, applicants must be below the poverty line (BPL) and live in a rural area. Eligibility is based on an applicant’s household size, income, and assets. A household is considered rural if it resides more than 50 km from a city or major town. Families that own land or have other sources of income are not considered poor.
BMAY assistance is provided in the form of loans that must be repaid over a period of 10 years. Loans are initially given at a lower interest rate than commercial loans, but this decreases over time. Interest payments are capped at 8% per year.
Eligible families receive monthly installments of either Rs 2,000 or Rs 3,000, whichever is greater. Families with children under the age of six receive an additional Rs 500 monthly payment.
Who is eligible for the scheme?
The Bihar Mukhyamantri Awas Yojana (BMAY) is a government scheme launched in 2015 to provide affordable housing for all. Eligible applicants are individuals who are below the poverty line and have no other means of accommodation. The scheme offers a rental subsidy of 50%, along with a loan waiver, to help applicants acquire dwellings.
The BMAY is one of the many initiatives being undertaken by the Bihar government to address the state’s chronic housing shortage. According to official data, over 1.5 million families residing in rural areas are living in makeshift settlements, and over 3.5 million families are living in temporary shelters or unlicensed buildings. In addition, an estimated 2.5 million households are without any form of permanent shelter.
To be eligible for the BMAY, applicants must meet five criteria: they must reside in Bihar; they must be below the poverty line; they must not already own a dwelling; they must not have any outstanding loans from government/NGOs; and their household income must not exceed Rs 12,000 per month.
So far, more than 1.2 million families have received assistance through the BMAY program.
If you are eligible for the Bihar Mukhyamantri Awas Yojana, the government is offering a minimum return of Rs.2 lakh on your investment. However, if you purchase an irrigated agricultural land, you could get as much as Rs.5 lakh back. Additionally, if you purchase a house under the scheme, you can expect to receive anywhere from Rs.1 crore to Rs.5 crore back on your investment, depending on the location and the condition of the house.
When can I claim the benefits?
The Bihar Mukhyamantri Awas Yojana (BMAY) is a central government scheme that aims to provide affordable housing and basic amenities to the rural poor. The BMAY has several components, including the housing component. You can claim the benefits of the BMAY if you have an Aadhaar number and are living in a rural area.
Conclusion
The bihar mukhyamantri awas yojana (BMAY) is a government-sponsored scheme that intends to promote institutional and individual financial inclusion in the state of Bihar. The scheme provides eligible individuals with access to loans, insurance products and other financial services. Under BMAY, banks will offer interest subvention and subsidy on select products linked to the scheme, such as home insurance, crop insurance, personal accident insurance and mutual funds.
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