Housing for All Scheme
Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was launched for the exact purpose to offer housing at an affordable price towards the weaker elements of the society, low income group people, suburban poor, and rural poor. The Yojana involves Preparation close to 2 Crore houses at an affordable price by 31st March 2022. The Program has gained financial aid of USD 31 billion from Central Authority.
This Housing Scheme has 2 components:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Main Components of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land for a resource, with all the participation within the private sector. This Scheme aims at leveraging the potential 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 will probably be calculated cost effectively 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 will not 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 amount.
Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing will be provided for the economically weaker sections. The States or Union Territories, either with many other agencies or in partnership with many 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 many benefits of the above three components will be benefited. This mission provides help 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 have 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 presented with to old and disabled while allotting ground floors.Best news for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List