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FINANCE MANAGEMENT HOME LOANS LOANS

Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana (PMAY) is a government initiative that ensures home for all Indians, who do not have home of their own and they belongs to lower middle class or in BPL list. This is a dynamic plan and is available all over India including Chhattisgarh area where there is a mission that by 2022 all homeless Indians will have their home under this subsidized plan. This scheme is announced by Prime Minister Narrendra Modi , however the uniqueness of this scheme is it is different for  rural and urban areas. Under this scheme, 4 categories of housing will be constructed; these are:

  • Building and/ or improving the houses the eligible Indian citizen
  • rational housing via Credit Linked Grant
  • In-situ Slum Redevelopment with personal sector contribution using land as asset,
  • Affordable housing in connection with personal and government funding.

As per these factors, government aid amount will be between INR 1 lakh and INR 2.30 lakhs based on the eligibility of the beneficiary.

PMAY Rural Scheme Coverage:

Although the project is supposed to be encompassed preferably all the villages all over the country and offer suitable housing necessity in these areas, the two union territories Delhi NCR and Chandigarh are not included in this scheme. This is chiefly because most of the area is urbanized and mostly urban dwellers live here and hence being maintained appropriately. However, the decision may get changed once the first and second phase PMAY will be completed.

Eligibility of Beneficiaries for PMAY (Rural)

Government had conducted a unique census in the year 2011 all over the country. The census was named as the Socio Economic and Caste Census of 2011 (SECC 2011). The objective of this census was to decide and draft a list of all socially and economically backward people in the country. The SECC census is going to be utilized for reorganization and selection of the list of beneficiaries under the Gramin plan of the PMAY.

The village panchayats along with tehsils will also be counted for consultation for making the list of beneficiaries under the gramin housing scheme of PMAY. This is going to be done in order to ensure the fact that only deserving candidates receive the aid in housing.

Eligibility for the Pradhan Mantri Awas Yojana (Urban)

Under PMAY, the following people are eligible for the scheme benefit:

  • Indian women citizens are eligible to apply.
  • People who are in low income group i.e. LIG and financially weaker sections also known as EWG in the society, are eligible to apply.
  • Scheduled tribes and caste-listed people are also eligible to apply for the scheme.
  • Senior citizens and physically challenged people will be given special priorities for ground floor housing.

Important Things to Know About Urban PMAY (Basic Features)

  • Subsidy interest rate is offered at 6.5% on housing loan for next 15 years to all the beneficiaries.
  • Physically challenged and senior citizens will get preference in allocation of ground floors under this housing scheme.
  • Sustainable and eco-friendly technologies will be used for building construction.
  • The credit linked subsidy aspect of the PMAY scheme gets implemented in India in all statutory towns from the initial stages itself including Chhattisgarh.

PMAY is working well.  Hopefully, it will take care of the need for home for Indian citizens in next 5 years by 2022.

About the author

Sheetal Pawar

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