PM Housing Scheme

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What exactly is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was published with the aim to present housing cheaply towards the weaker sections of the society, low income group people, suburban poor, and non-urban poor. The Scheme involves building of about 20 Million houses at an affordable price by March 31, 2022. The scheme has gained financial help of USD 31 billion through the Central Government.
Housing for All Scheme features two factors:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Primary ingredients of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land for a resource, with the participation in the private sector. This Program is aimed at leveraging the potential for 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 Fifteen years from the beginning of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy shall 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 does 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 Private and public sector, affordable housing will likely be provided to the EWS Families. The States or Union Territories, either with various agencies or even in partnership with various 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 many benefits of the above three components will be benefited. This mission provides assist to families of EWS category to develop 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 made with eco-friendly technology and preference will be provided to old and disabled while allotting ground floors.Fantastic news for Beneficiaries : Now, the Government is Providing the Facility to Search for Candidate Names in PMAY List