Housing for All Scheme
Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was launched for the exact purpose to grant housing cheaply for the weaker sections of the society, low income group people, metropolitan poor, and countryside poor. The Scheme involves building near 20 Million houses at a reasonable price by March 31st 2022. The Yojana has gained financial help of USD 31 billion through the Central Authority.
Housing for All Scheme offers 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 as a resource, with all the participation within the private sector. This Program is aimed at leveraging the opportunity 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 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 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.
Affordable Housing in Partnership (AHP) - In partnership with the Private and public sector, affordable housing will likely be made available to the EWS Families. The States or Union Territories, either with many other agencies or even in partnership with various industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Under this part, the beneficiaries who are not able to avail the advantages of the above three components will be benefited. This mission provides assist to families of EWS category to build 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 made with eco-friendly technology and preference will be provided to old and disabled while allotting ground floors.
Good News for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List