Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was launched with the aim to provide housing cheaply towards the weaker people the society, lower income group people, metropolitan poor, and rural poor. The Yojana involves a construction near 2 Crore houses at reasonable prices by 31st March 2022. The Program is receiving financial help of USD 31 billion through the Central Authority.
Housing for All Scheme has 2 factors:
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 as a resource, using the participation in the non-public sector. This mission aims at leveraging the potential for land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government provides an interest subsidy of 6.5% on housing loans for Fifteen years from the start of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy shall 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 loan amount.
Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing will likely be presented to the economically weaker sections. The States or Union Territories, either with many other agencies as well as in partnership with different industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Under this aspect, the beneficiaries who are not able to avail the advantages of the above three components will be benefited. This mission provides help families of EWS category to produce 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 created with eco-friendly technology and preference will be presented to old and disabled while allotting ground floors.Fantastic news for Beneficiaries : Now, the Government is Providing the Facility to Look for Beneficiaries Names in PMAY List