Housing for All Scheme
What the heck is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was published with the aim to deliver housing at an affordable price towards the weaker elements of the society, low income group people, urban poor, and countryside poor. The Yojana involves building of about 2 Crore houses at a reasonable price by March 31, 2022. The Program is becoming financial assistance of USD 31 billion through the Central Government.
Pradhan Mantri Awas Yojana provides two aspects:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Primary ingredients of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land like a resource, with the participation from the private sector. This Scheme targets 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 offer an interest subsidy of 6.5% on housing loans for 15 years from the start of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy will be calculated inexpensively 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 doesn't attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts resulting in reduced Equated Monthly Installment (EMI) and reduced housing loan.
Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing might be made available to the economically weaker sections. The States or Union Territories, either with various agencies as well as in partnership with different industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Underneath this component, the beneficiaries who are not able to avail the advantages of the above three components will be benefited. This mission provides assistance to families of EWS category to construct new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will get 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 created with eco-friendly technology and preference will be provided to old and disabled while allotting ground floors.Excellent news for Beneficiaries : Now, the Government is Providing the Facility to Look for Beneficiaries Names in PMAY List
