The Pradhan Mantri Awas Yojana, or PMAY is an initiative by the Indian Government which promises affordable housing for the urban poor. It has a target of building 20 million homes by 31st March 2022. Several states has been brought under this scheme and construction has been in full swing in states like Madhya Pradesh, Rajasthan, Orissa, Haryana, Tamil Nadu, Maharashtra, Kerala and Gujarat among others.
There are two components to this PM Awas Yojana - one is the PMAY-U, for the Urban poor, and there is the PMAY- R or Graminm which is meant for the rural poor and promises to build pucca houses for them. Moreover, the scheme has also been linked to other schemes like every house has a Souchalaya or toilet, the Saubhagya Yojana electricity connection- that promises to build electricity to every household, the Ujjwala Yojana- which promises a LPG gas connection in every household, access to clean drinking water to every house, along with Jan Dhan banking facilities.
There are two components to this PM Awas Yojana - one is the PMAY-U, for the Urban poor, and there is the PMAY- R or Graminm which is meant for the rural poor and promises to build pucca houses for them. Moreover, the scheme has also been linked to other schemes like every house has a Souchalaya or toilet, the Saubhagya Yojana electricity connection- that promises to build electricity to every household, the Ujjwala Yojana- which promises a LPG gas connection in every household, access to clean drinking water to every house, along with Jan Dhan banking facilities.
As of now, 39, 25, 240 houses in urban area haven been approved, along with the subsumed RAY scheme. It is estimated that 5 million rural houses
would be constructed by March 2018 and 10 million rural houses would be constructed in March 2019.
Those who are trying to apply for the scheme for a house of their own, need to know a few things about PMAY:
✓ Under this scheme, the government provides an interest subsidy of 6.5% on home loans that are availed by the beneficiaries.
✓ The period for which this subsidy can be availed is 20 years
✓ The scheme would be availed as a Credit Linked Subsidy Scheme or CLSS from the beginning of the loan tenure.
✓ All the houses under the scheme would be constructed with the help of an eco- friendly technology.
✓ Special attention would be given to the needs of the specially abled and older people while allotting housing units in the ground floor.
Those who are planning to apply for the scheme have to meet the eligibility criteria of the PMAY. They are as follows:
✓ The age of the beneficiary cannot be above 70 years
✓ The beneficiary has to belong to an economically weaker section with income less than Rs 3 lakhs to qualify for the LIG housing.
✓ The annual income has to be between Rs 3,00,001 to Rs 6,00,000 for the MIG since February 2017.
✓ The houses constructed and allotted under this scheme would only be held by females or jointly with males
✓ The beneficiary should not have a residential unit in his or her name, or in the name of any immediate family member in any part of India.
✓ The beneficiary should not have availed any kind of central or state assistance related to any kind of housing scheme in the past.
✓ One can also approach private contributors like IIFL Home Loans that is trying to help the beneficiaries avail the Credit linked Subsidy.
✓ The location of the property should also fall under all statutory town as per 2011 census and their adjacent planning area which are also updated from time to time.
✓ It is mandatory for the beneficiary and all the other adult family members to possess their Aadhar card.
The scheme, along with RAY, or the Rajiv Awas Yojana, attempts to address the problem of urban slums, and also tried to improve the quality of living of slum dwellers and work on their rehabilitation. The scheme has already helped a sizeable population to realize their dreams of owning a house and by 2022, housing problems in India would be on the verge of mitigation.
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