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What Are the Home Loan Schemes Presented By the Government of India?

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With the vision to offer affordable housing to all, the Indian government has launched a variety of housing schemes. These schemes work towards providing easy home loan schemes so that the economically-weaker sections of the society can achieve their dreams of purchasing a home of their own. These affordable housing schemes allow potential homebuyers to avail a home loan through a housing loan scheme or purchase their own house at a price that is lower than what is offered in the market. 

Let’s get to know some government housing schemes. 

Pradhan Mantri Awas Yojana (PMAY)

One of the significant government home loan schemes that were launched to provide housing for all citizens is the Pradhan Mantri Awas Yojana (PMAY). The PMAY is a welfare scheme which aims to provide affordable housing to the society’s economically weaker sections. This was introduced to raise the standard of living of all social classes. Through the PMAY-U the Government intends to achieve its mission of “housing for all” in urban areas by 2022.

The PMAY scheme is a government home loan scheme extended through the Credit Linked Subsidy Scheme (CLSS) which offers its beneficiaries subsidy on home loan interest rates. This subsidised government home loan scheme allows the urban poor to avail of housing finance at cheaper ROIs. Based on the annual household income, you can qualify as a beneficiary under the- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG 1 or MIG 2). 

You can avail of PMAY subsidy benefit under the following guidelines.

Beneficiary Annual household income Maximum home loan  allowed for availing subsidy Interest rate  subsidy Maximum loan tenure (in years)
EWS Up to Rs.3 lakhs Rs.6 lakhs 6.5% p.a. 20
LIG Rs.3 to 6 lakhs Rs.6 lakhs 6.5% p.a. 20
MIG-1 Rs.6 to 12 lakhs Rs.9 lakhs 4% p.a. 20
MIG-2 Rs. 12 to 18 lakhs Rs.12 lakhs 3% p.a. 20

 

As a beneficiary, you can use this housing loan scheme to complete the purchasing of your home. This housing scheme makes female ownership or co-ownership mandatory under the EWS and LIG categories and an optional clause under MIG-1 and MIG-2 categories. Furthermore, the houses that are built under the PMAY use eco-friendly technology and materials to lower the environmental pollution. 

Along with PMAY, there are other housing schemes introduced to assist people in purchasing their own houses. Some of them are given below.

Delhi Development Authority Housing Scheme

The Delhi Development Authority (DDA) has been bringing out housing schemes to provide housing to all, especially the economically weaker sections at an incredibly reasonable rate. Along with the income-based categorization for the apartments, the DDA housing scheme also reserves apartments for war widows, specially-abled, SC/ST individuals and ex-servicemen.

The Maharashtra Housing and Area Development Authority Scheme

The MHADA provide affordable houses through a lottery scheme. The MHADA offers affordable housing options in different cities of Maharashtra for people who do not have homes of their own. In this scheme, the houses are allotted based on income.

When searching to apply for a home loan under govt housing loan scheme like PMAY, head to Tata Capital. Before applying for a loan, always use a home loan EMI calculator to calculate your home loan EMI. 

 

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In Home Improvement

What are various types of water tanks?

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Nowadays, the solution to overcome the problem of scarcity of water has come up in the form of water tanks. With the increasing demand for water tanks, choosing the right type has become very important. The various types of water tanks can be classified based upon their size, color, material used, price, weight, durability, heat resistance, etc. It is advisable to go for water tank that comes with warranty and complies with the standards of the government.

All Oz Tanks in Australia provides sturdy and good quality water tanks that comply with AS 4766 standards. They provide following types of water tanks to their customers, based upon their needs:

  • Rainwater tanks: The initial amount involved in installing such water tanks may be off your budget but these have long term benefits in terms of cost saving and self- sustainability. The rainwater from such tanks tastes better as it is free from chlorine and fluoride. You can use rainwater for your daily chores, without bothering about the bills you pay for using public water.
  • Poly water tanks: If you are looking for affordable tanks, these tanks are the right choice. Though these tanks do not weigh much yet they are durable and safe choice. They are resistant to UV rays and can be of 2 types, namely, round poly tanks and slimline poly tanks. Based upon your usage and consumption of water, you can get poly tanks installed in various colors and capacities.’
  • Steel water tanks: A sustainable and corrosion resistant option is steel water tanks. These tanks are strong and sturdy which can also be used as rainwater tanks. They can store and harvest rainwater so that it can be used at its full potential. Steel water tanks can be slimline, modline, round, square and galvanized.
  • Slimline water tanks: These rain water tanks are basically for those who do not have enough space to install huge tanks. The slim body of these tanks can be fitted anywhere, requiring minimum amount of space. These tanks are not at all compromised in terms of their strength and durability. The capacity of these tanks varies from 600 liters to 7000 liters of water.
  • Round water tanks: These water tanks vary a lot in capacity as they can store water from 500 liters to 29000 liters of water, based upon your requirement. With minimal seams and wide sheets, these tanks have a deep corrugated profile.
  • Underdeck water tanks: Based upon the installation, these water tanks are also for those with minimal space. Such tanks can be installed under the decking area in the vacant space, offering a smart solution for limited space. Their capacity ranges from 2000 liters to 5000 liters which can be installed in your property without much hassle.

All Oz Tanks in Australia also offers other types of tanks such as underground tanks, septic tanks, water pumps, etc. You can also get a customized tank, based upon your requirement. You can specify your capacity requirements, color requirements, material, shape and size of the tank to suit your budget and requirement.

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In Finance

3 Charges That Are Not Covered By Standard Car Insurance and How to Tackle Them

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The Motor Vehicles Act, 1988, makes it mandatory for every vehicle owner to have a basic motor insurance policy in place. Now, getting car insurance offers many more benefits than simply keeping you compliant with the law. The insurance coverage will provide you with financial assistance if you face a road mishap or damages due to natural or man-made calamities. 

However, it is important to note that every insurance policy comes along with a list of charges that are not covered. It is crucial to note these at the time of policy purchase so that you do not get surprised later on when you need to make a claim. To help you understand what these exclusions entail, this article lists out 3 of the most common charges that are not covered by a standard car insurance policy. Read on till the end to understand how you can best tackle these charges when they arise. 

  • Cost of consumables

The consumables in your car are the parts that need frequent replacing due to natural wear and tear. In essence, they are called consumables as they get consumed over time as you run your vehicle. Consumables commonly include the nuts, bolts, screws, engine oil, and brake oil. When you make a claim under your car insurance policy, you have to pay for these consumables yourself. 

  • Charges for engine repair or replacement

Even if you have a comprehensive car insurance policy, you cannot make a claim for any charges involved in repairing or replacing your engine and its parts. For instance, if you live in an area that frequently gets flooded in the rains, your car engine might face the issue of hydrostatic lock. The kind of repair work that would be needed to fix the water-damaged engine would not be covered by your standard car insurance plan. 

  • Value of depreciation

Every vehicle undergoes certain amount depreciation in parts that are made of wood, metal, and fiberglass. Your car insurance plan takes this depreciation into consideration and deducts it before paying out your claim. This exclusion can weight pretty heavy on the pocket if you drive a luxury vehicle or a vehicle whose spare parts are noted for being expensive. 

So, now the we know what charges are not covered under a standard motor insurance plan, how does one tackle these costs?

The answer is simple – include add-ons in your car insurance policy!

Add-ons supplement your basic car insurance plan by helping you customize your coverage to fit your needs. Three of the most important add-ons that every motorist should consider opting for are:

  • Consumables cover
  • Engine protection cover
  • Zero depreciation cover

These three add-ons will successfully help you get your insurance provider to pay for all the above-mentioned charges that are normally excluded under a basic car insurance plan. Now, you can head out for a drive, knowing your car insurance is truly comprehensive in every way. We hope this article will help you. 

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In Health

Healthcare Starting to Recover Lost Jobs

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It seems strange that the healthcare industry would shed jobs in the midst of a healthcare crisis. Yet that is exactly what happened in the early days of the coronavirus pandemic. Thankfully, the industry is starting to recover some of those lost jobs. June 2020 numbers are very positive compared to those in the previous three months.

Becker’s Hospital Review reports that healthcare added some 358,000 jobs in June. May saw the addition of 312,000 jobs while roughly 1.4 million were lost the month before. Most importantly, hospitals saw their first modest gain since March.

Dental offices did very well in June with 190,000 jobs added. Physician’s offices gained 80,000 while other types of offices added 48,000 jobs of their own. So overall, it appears as though healthcare delivery is starting to look more like it did prior to the onset of coronavirus – at least in terms of volume.

An Industry Ripe for Recovery

Shedding healthcare jobs seemed odd in the midst of pandemic experts warning us that hospitals and clinics would be overflowing with patients. Even in the midst of cutting elective procedures and most unnecessary ambulatory services, healthcare workers should have been retained to care for all the sick coronavirus patients that were said to be on the way.

Those patients never materialized and jobs were shed. Now hospitals and medical offices are returned to the business of providing elective and non-critical care, thus bringing the jobs back. If there is one thing we can say for sure, it is that healthcare is an industry ripe for recovery.

Hospitality, entertainment, and sports may suffer the effects of the pandemic for years to come. All of those industries offer consumers products and services that are not necessary to sustain life and health. The same is not true for healthcare. Healthcare is a basic need of every human being. As such, the sector is likely to recover very quickly.

Still Plenty of Shortages

The one thing the pandemic has not done is wipe out the ongoing shortages of skilled medical workers. Yes, doctors and nurses may have been furloughed or laid off at the height of the pandemic. But being out of work will only be temporary for them. As the industry recovers, their jobs will come back.

The return of elective procedures and noncritical ambulatory services will eventually strain the system again. At full capacity, it will become quite apparent just how many skilled medical workers are still needed. Healthcare jobs boards like Health Jobs Nationwide will again post thousands of opportunities for doctors, nurses, technicians, and all sorts of allied personnel.

Nursing Homes May Be the Exception

Becker’s Hospital Review also reports that nursing and residential care facilities continued to shed jobs in June. The sector lost some 18,300 jobs last month following losses of about 36,600 in April. Nursing homes losing jobs while the rest of the industry is adding signals that there may be something afoot.

It could be that fallout from the pandemic will lead to lower demand for nursing home care. It could be that people are less willing to utilize nursing homes, preferring to care for their loved ones at home. Should that be the case, those healthcare workers who once worked in the nursing home sector could find themselves transitioning to hospitals, clinics, etc.

It would appear as though the healthcare sector is starting to recover. As people return for elective procedures and noncritical ambulatory care, healthcare workers are returning to their previous positions. At least that’s some positive news in the midst of the ongoing health crisis.

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In Home Improvement

Why Look For Removalists? Here’s Why Many People Love Their Home Removal Services

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Removalists are the professionals that many look for as they move in. These are skilled workers that can provide quality services for home removal, which makes it all convenient for you. Plus, they can finish the entire moving process in no time. If you’re in a quite hurry, then choosing to hire removalists is an advantage.

Apart from that, removalists can work efficiently with top-notch outcomes. And if you want to have a more comfortable journey of moving into a new home, then choosing to have removalists at your side is an essential factor. You can take a cue from the expert removalists in Acacia Gardens from Bill Removalists Sydney as an example. There are different moving companies you can look for as well.

To guide you, here are some of the reasons why removalists are sought-after today. Use these ideas to help you in hiring these pros.

It’s Lesser Hassle For Everyone

Hiring removalists is convenient. You can tap their services at an affordable price, so you don’t have to worry too much about the home removal. It gives you a sense of assurance and relief as well. Plus, if you are quite busy, these pros will help you finish the moving process in no time. You can take some cues from the trusted removalist in Eastern Creek, for example. These are pros from the moving company that you can contact anytime.

Does The Work Efficiently

If you doubt whether or not removalists are useful in the home removal process, these pros are providing quality outputs. They can speed up the whole moving process as well. It only shows that everything you will pay is worth it. Also, since they are professionals, you can expect better handling of your stuff with all safety and security.

Budget-Friendly Services

Creating a budget for home removal is only a must. You should not spend too much on hefty prices. It also gives you time to prioritize expenses. And hiring removalists is not a big problem. One of the reasons why their services are sought-after is because the price is reasonable. It is budget-friendly, which makes it more of an advantage as well. Generally, you are given convenience at the lowest possible price. It sounds great. Their quality of work is also top-notch, which is another significant factor.

Your Belongings Are Secured

Don’t worry as removalists are pros when it comes to moving your stuff. May it is pieces of furniture or home appliances, these pros can handle them well. Layers of plastic cover are provided to help secure your things without any damages. You can expect a high standard of protocols as removalists are aware of these things.


Final Word

Removalists are indeed great professionals in the moving process. It gives you accessibility, convenience, and satisfaction when it comes to their services. As pros, they know the basic to complex skills necessary to do the job. If you are planning to hire them for your home soon, use this as your guide.

 

 

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