Details of Awas Yojana
Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana premiered with the aim to supply housing at a reasonable price for the weaker sections of the society, less earning group people, suburban poor, and countryside poor. The Scheme involves building near 20 Million houses cheaply by March 31st 2022. The scheme is getting financial assistance of USD 31 billion through the Central Authority.
Pradhan Mantri Awas Yojana features two elements:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Primary elements of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land like a resource, with all the participation of the non-public sector. Pradhan Mantri Housing Scheme is aimed at leveraging the potential of land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government will cover an interest subsidy of 6.5% on housing loans for Fifteen years from the start 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 does not attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts which will result in reduced Equated Monthly Installment (EMI) and reduced housing loan.
Affordable Housing in Partnership (AHP) - In partnership using the Public and Private sector, affordable housing might be presented to the economically weaker sections. The States or Union Territories, either with different agencies or in partnership with many industries can plan affordable housing projects.
Enhancement and construction of beneficiary led house - Within this part, the beneficiaries who are not able to avail the many benefits of the above three components will be benefited. This mission provides assistance to families of EWS category to produce new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will get 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 created with eco-friendly technology and preference will be presented with to old and disabled while allotting ground floors.
Good News for Beneficiaries : Now, the Government is Providing the Facility to Check Name in Pradhan Mantri Awas Yojana List