Housing for All Scheme
What the heck is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana premiered with the aim to offer housing at a reasonable cost towards weaker people the society, low income group people, metropolitan poor, and countryside poor. The Yojana involves Preparation close to 20 Million houses at a reasonable price by March 31, 2022. The Yojana is becoming financial assistance of USD 31 billion from Central Government.
This Housing Scheme features 2 factors:
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 for a resource, using the participation within the non-public sector. This Program 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 Fifteen 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 doesn'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 using the Private and public sector, affordable housing will be presented to the EWS Families. The States or Union Territories, either with many other agencies as well as in partnership with different industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Underneath this part, 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 create new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will receive 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 created 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 Check Name in Pradhan Mantri Awas Yojana List
