Know About Pradhan Mantri Awas Yojana
Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana premiered with the aim to grant housing at a reasonable price towards weaker elements of the society, less earning group people, suburban poor, and countryside poor. The Yojana involves a construction close to 20 Million houses at a reasonable cost by March 31, 2022. The Yojana has gained financial assistance of USD 31 billion from the Central Authority.
Housing for All Scheme has 2 elements:
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 is aimed 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 cover 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 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 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 amount.
Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing might be offered to the economically weaker sections. The States or Union Territories, either with many other agencies or in partnership with many industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Underneath this element, 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 build 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 designed with eco-friendly technology and preference will be given to old and disabled while allotting ground floors.Excellent news for Beneficiaries : Now, the Government is Providing the Facility to Find Name in Pradhan Mantri Awas Yojana List