Housing for All Scheme
What exactly is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was launched for the exact purpose to present housing cheaply towards the weaker elements of the society, less earning group people, metropolitan poor, and non-urban poor. The Scheme involves Preparation near 2 Crore houses at reasonable prices by 31st March 2022. The scheme is getting financial aid of USD 31 billion through the Central Authority.
Pradhan Mantri Awas Yojana features two factors:
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 as a resource, using the participation from the non-public sector. Pradhan Mantri Housing 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 you 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 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 amount.
Affordable Housing in Partnership (AHP) - In partnership using the Private and public sector, affordable housing will be made available to the EWS Families. The States or Union Territories, either with diverse agencies or in partnership with many 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 key 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 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 designed with eco-friendly technology and preference will be presented with to old and disabled while allotting ground floors.Very good news for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List
