What is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was launched for the exact purpose to render housing at a reasonable cost towards the weaker sections of the society, low income group people, urban poor, and rural poor. The Yojana involves a construction of approximately 2 Crore houses at an affordable price by March 31st 2022. The scheme is becoming financial help of USD 31 billion from Central Authority.
This Housing Scheme offers two components:
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, using the participation of the non-public sector. This mission targets 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 offer 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 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 does 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 amount borrowed.
Affordable Housing in Partnership (AHP) - In partnership using the Private and public sector, affordable housing will be provided to the economically weaker sections. The States or Union Territories, either with various agencies or in partnership with various industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Within this element, the beneficiaries who are not able to avail the key benefits 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 receive 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 with to old and disabled while allotting ground floors.Excellent news for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List