Pradhan Mantri Awas Yojana

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Precisely what is Pradhan Mantri Awas Yojana?


Pradhan Mantri Awas Yojana premiered for the exact purpose to grant housing at reasonable prices for the weaker sections of the society, lower income group people, urban poor, and non-urban poor. The Yojana involves Preparation near 20 Million houses at reasonable prices by March 31, 2022. The Program is getting financial assistance of USD 31 billion through the Central Government.
Pradhan Mantri Awas Yojana offers two aspects:
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 of the private sector. This mission aims 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 provide 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 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 will 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.

Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing might be provided to the EWS Families. The States or Union Territories, either with various agencies or even in partnership with many industries can plan affordable housing projects.

Enhancement and construction of beneficiary led house - Within 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 construct 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 made with eco-friendly technology and preference will be presented with to old and disabled while allotting ground floors.Best news for Beneficiaries : Now, the Government is Providing the Facility to Look for Candidate Names in PMAY List