Govt. extends PMAY-Urban scheme
For Prelims
- About Pradhan Mantri Awas Yojana-Urban:
- Pradhan Mantri Awas Yojana (PMAY) is created under the Government’s mission – Housing for All by 2022.
- It is implemented by the Ministry of Housing and Urban Affairs (MoHUA).
- It’s aimed at making home loans affordable for the urban poor by providing a subsidy on the Interest Rate of a home loan during repayment by way of EMI (Equated Monthly Installments).
Who are the beneficiaries
The Mission addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers.
- Economically Weaker Section (EWS) – with a maximum annual family income of Rs. 3,00,00.
- Low Income Group (LIG) – with maximum annual family income of Rs. 6,00,000) and
- Middle Income Groups (MIG I & II) – with a maximum annual family income of Rs. 18,00,000)
- A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters.
Four Verticals of PMAY-U:
-
In Situ Slum Redevelopment (ISSR):
- This will be implemented with the concept “Land as a resource” with private sector participation for providing houses to eligible slum dwellers.
-
Affordable Housing through Credit Linked Subsidy (CLSS):
- Beneficiaries of EWS, LIG, MIG (I &II) seeking housing loans from Banks, Housing Finance Companies are eligible for an interest subsidy of;
- 6.5% on loan amount up to Rs. 6 Lakh, 4% on loan amount up to Rs. 9 Lakh, 3% on loan amount up to Rs. 12 Lakh;
- for acquiring, new construction or enhancement of houses.
-
Affordable Housing Through Partnership (AHP):
- An affordable housing project can be eligible for Central Assistance, if at least 35% of the houses in the project are in the EWS category.
-
Beneficiary-led individual house construction (BLC):
- Central Assistance up to Rs. 1.5 lakh per EWS house is provided to eligible families (belonging to EWS category) for individual house construction/ enhancement.
Source: THE HINDU