A Brief About Pradhan
Mantri Awas Yojana
Pradhan Mantri Awas Yojana (PMAY) Scheme is one of the best schemes for all
income groups. Want to know how? Read to know more about it!
Pradhan Mantri Awas Yojana (PMAY) was launched by the Government of
India in June 2015. It is a home loan scheme launched by the Central Government
and was launched to provide housing facilities to the poor people.
The theme of
PMAY scheme is ‘Housing for All’. The objective is to provide affordable
housing to people with the aim of building 20 million affordable houses by 31st
March 2022. It caters to the Economically Weaker Section (EWS), Low Income
Group (LIG), Middle Income Group-I (MIG-I) and Middle Income Group-II (MIG-II)
of people.
Features of Pradhan Mantri Awas Yojana Scheme
PMAY Scheme has two parts – Pradhan Mantri Awas Yojana
(Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awas Yojana (Gramin)
(PMAY-R) for the rural poor people.
PMAY Scheme has two major
key aspects:
1.
To
improve the condition of slum areas by building houses for slum dwellers in
collaboration with private builders.
2.
To
provide a credit-linked subsidy to weaker and middle-class sections on loans
taken for new construction or for the renovation of existing homes.
Below are some of the key
features of this scheme:
▪
Interest
subsidy of 6.50% p.a. up to a loan amount of Rs.6 lakhs for 20 years.
▪
It
is applicable for people who are planning to by their first house.
▪
A
woman has to be the owner/co-owner of the property.
▪
The
construction of the house should be completed within 36 months.
▪
The
actual subsidy amount will be approved by the National Housing Bank (NHB).
▪
There
is no cap on the loan amount or the cost of the property.
▪
The
Net Present Value (NPV) of the interest subsidy is calculated at an interest
rate of 9%.
▪
The
carpet area of the house should be within the following limits:
➢ 30 sq. mt. for EWS with annual
income up to Rs.3 lakhs p.a.
➢ 60 sq. mt. for LIG with annual
income between Rs.3 lakhs to Rs.6 lakhs p.a.
➢ 120 sq. mt. for MIG-I with annual
income between Rs.6 lakhs to Rs.12 lakhs p.a.
➢ 150 sq. mt. for MIG-II with annual
income between Rs.12 lakhs to Rs.18 lakhs p.a.
Phases of Pradhan Mantri Awas Yojana Scheme
The Government has planned
to complete this scheme in three phases:
1.
Phase I – Phase I to start from April 2015
to March 2017 and will cover 100 cities of the country.
2.
Phase II – Phase II to start from April 2017
to March 2019 and will cover 200 cities.
3.
Phase III – Phase III to start from the year
2019 to the year 2022 and will cover the remaining cities of India.
Benefits of Pradhan Mantri Awas Yojana Scheme
▪
The
Government provides an interest subsidy for buying a house under this scheme.
▪
It
gives a preference to female customers for the allotment of houses.
▪
It
helps in the rehabilitation of slums.
▪
For
ground-floor houses, preference is given to the people who are disabled or
aged.
▪
Apart
from construction, it also provides loans for renovation or extension of the
house.
▪
The
PMAY scheme will help to improvise the housing facilities for the urban and
rural poor people.
The Bottom Line
With the tagline of
‘Housing for All’, it will actually cover all the cities of India and provide
affordable housing to all the weaker and middle section groups of people.
This scheme will provide
assistance for providing houses to all eligible families/beneficiaries by 2022.
With its credit linked subsidy, the PMAY scheme will prove to be a boon for the
country.
Contact Author at anamikavverma@gmail.com
No comments:
Post a Comment