CENTRAL GOVERNMENT SCHEMES
Pradhan Mantri Awas Yojana (PMAY)-2015
Launched: 25 June 2015
Main Objective: Achieve housing for all by the year 2022, 2 crore in Urban and 3 Crore homes in Rural areas.
Pradhan Mantri Awas Yojana is an ambitious scheme of Narendra Modi Government. Under the PMAY, the government aims to provide about 5 Crore affordable homes to the people belonging to EWS and LIG categories by the year 2022. There is a target of building 2 crore homes in urban area and 3 crore in rural areas across the country.
Under the scheme, the government will provide financial assistance to the poor home buyers, interest subsidy on home loan and direct subsidy on homes bought under the scheme.
About Complete Scheme
The Pradhan Mantri Awas Yojana(PMAY) has been the talk of the town since it was introduced by Prime Minister, Narendra Modi on 1 June 2015.
PMAY Scheme is an initiative provided by the Government of India which aims at providing affordable housing to the urban poor. The mission of this initiative is to provide housing for all by the year 2022.
Under this scheme, affordable houses will be built in selected cities and towns using eco-friendly construction methods for the benefit of the urban poor population in India.
Also, under the Credit Linked Subsidy Scheme, beneficiaries under PM Awas Yojana are eligible for interest subsidy if they avail a loan to purchase or construct a house.
Features of Pradhan Mantri Awas Yojana
1. Under PMAY Scheme, subsidy interest rate is provided at 6.5% on housing loan for the term of 15 years to all the beneficiaries.
2. Differently abled and senior citizens will be given preference in allocation of ground floors.
3. Sustainable and eco-friendly technologies would be used for construction.
4. The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
5. The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all statutory towns from the initial stages itself.
The Mission will be implemented during 2015-2022 and will provide central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs for:
1. In-situ Rehabilitation of existing slum dwellers using land as a resource through private participation
2. Credit Linked Subsidy
3. Affordable Housing in Partnership
4. Subsidy for Beneficiary-led individual house construction/enhancement.
Objectives of PMAY Scheme
Based on recent estimates, as of September 2016, the population of the urban dwellers in India increased at an alarming rate and is expected to see a greater rate of growth in the following years.
It is said that by 2050, urban dwelling population will rise to 814 million people.
The calculation predicted is almost twice the number that already reside in urban areas. The major challenges also include providing people with housing options that are affordable and other major related concerns such as sanitation along with sustainable development.
The Ministry also has to ensure a sustainable and safe environment for the urban population.
1. The main objective of the PM Awas Yojana Scheme is housing that is affordable for all by the year 2022.
2. It also intends to make it accessible to demographics that are specific such as economically challenged groups, women along people belonging to minorities such as Scheduled Castes and Scheduled Tribes.
3. The Government's other goal is directly in association with some of the most ignored demographics which include widows, lower income group members, transgender and henceforth provide them with sustainable and affordable housing scheme.
4. Special preferences for ground floor properties will be given to differently abled and senior citizens if required.
5. Registration is mandatory to avail the benefits of this scheme which includes the strict beneficiary names to be mothers or wives
This scheme launch is intended to target urban areas of the following options to States or Union Territories as well as cities as mention earlier.