PMAY Scheme

What is Pradhan Mantri Awas Yojana?


Pradhan Mantri Awas Yojana was launched for the exact purpose to deliver housing at reasonable prices for the weaker people the society, less earning group people, urban poor, and countryside poor. The Scheme involves a construction of approximately 2 Crore houses at a reasonable price by 31st March 2022. The scheme is becoming financial assistance of USD 31 billion through the Central Authority.
PMAY offers 2 components:
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 like a resource, using the participation within the private sector. This mission is aimed at leveraging the opportunity of land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government provides an interest subsidy of 6.5% on housing loans for 15 years from the beginning of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy shall be calculated at a discount 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 resulting 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 might be provided to the economically weaker sections. The States or Union Territories, either with many other agencies as well as in partnership with many industries can plan affordable housing projects.

Enhancement and construction of beneficiary led house - Within this component, the beneficiaries who are not able to avail the many benefits of the above three components will be benefited. This mission provides help to families of EWS category to construct new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will receive a 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 constructed with eco-friendly technology and preference will be given to old and disabled while allotting ground floors.Very good news for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List