Housing for All Scheme
What the heck is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was published with the aim to make housing at a reasonable cost towards the weaker sections of the society, lower income group people, urban poor, and rural poor. The Scheme involves building of around 20 Million houses at a reasonable cost by March 31st 2022. The scheme is becoming financial help of USD 31 billion from Central Government.
This Housing Scheme provides two components:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Primary elements of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land for a resource, with the participation within the non-public sector. This mission aims at leveraging the chance of land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government will give an interest subsidy of 6.5% on housing loans for 15 years from the beginning of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy is going to be calculated at a discount rate of 9%. The loan amount of Rs 6 lakhs is only applicable for the credit-linked subsidy scheme and any amount beyond Rs 6 lakh won't attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts which will result in reduced Equated Monthly Installment (EMI) and reduced housing loan.
Affordable Housing in Partnership (AHP) - In partnership with the Private and public sector, affordable housing will likely be provided to the economically weaker sections. The States or Union Territories, either with diverse agencies or even in partnership with different industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Under this element, the beneficiaries who are not able to avail the advantages of the above three components will be benefited. This mission provides assist to families of EWS category to develop new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will receive a central assistance of Rs 1.50 lakh to enhance their existing houses or construct new houses. Under the Pradhan Mantri Awas Yojana, the houses will be made with eco-friendly technology and preference will be given to old and disabled while allotting ground floors.Fantastic news for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List