Know About Pradhan Mantri Awas Yojana
What is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana premiered for the exact purpose to give housing at reasonable prices towards the weaker elements of the society, less earning group people, urban poor, and non-urban poor. The Scheme involves building close to 2 Crore houses at an affordable price by 31st March 2022. The Yojana has gained financial assistance of USD 31 billion from Central Authority.
Pradhan Mantri Awas Yojana features two elements:
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, while using participation with the private sector. This Scheme aims at 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 Fifteen 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 does not 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 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 many industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Within this aspect, the beneficiaries who are not able to avail the key benefits 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 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 developed with eco-friendly technology and preference will be presented to old and disabled while allotting ground floors.Best news for Beneficiaries : Now, the Government is Providing the Facility to Search for Beneficiaries Names in PMAY List