Pradhan Mantri Awas Yojana : Recently Prime minister Shri Narendra Modi launched the Housing scheme for urban population in India, that will have deadline 2022, when India celebrates its 75 Independence Day.
As per current analysis, the urban population of the country, which has already seen a sharp increase over the past decade, is set to see a perceptible high growth in the years to come. According to the analyst till the year 2050, the country’s urban population is set to reach a population of more than 814 million people. This is an increase in population of about 400 million from present situation.
To providing an affordable housing will be one of the biggest challenges faced by the country, sanitation and development, and a safe environment to the city dwellers. In present situation, the development of a city is led by the real estate developers, who decide the areas which shall be developed and the real estate housing prices have also skyrocketed over the past couple of decades leaving the common man with only dreams of owning a house.
As to aware about own housing becomes a myth for a common man, Prime Minister Narendra Modi launched the Housing for All by 2022 scheme when country will be celebrate its 75th Independence Day. Prime Minister Housing to all by 2022 scheme is also known as the Pradhan Mantri Awas Yojana (PMAY), which is officially announced on 25 June 2015 at a launch ceremony in Vigyan Bhawan, New Delhi.
All these queries have been trying to be answered here.
What is Pradhan Mantri Awas Yojana (PMAY) or Housing for All by 2022 scheme?
Housing for All by 2022 Scheme has been renamed to Pradhan Mantri Awas Yojana (PMAY). This scheme has been launched on 25th June, 2015 at a launch ceremony in Vigyan Bhawan, New Delhi. This latest housing scheme launched by Prime Minister Shri Narendra Modi aims to construct about Two Crore houses in the country for common citizen, within these seven years when country will have celebrates its 75th Independence Day on 2022. People who will be benefited through this scheme will be homeless ones, poor urban people and belonging to EWS and LIG categories.
At the launch of Pradhan Mantri Awas Yojana (PMAY) PM Narendra Modi said, “The country’s 40% population lives in cities and it is the responsibility of the government to uplift their standards of living. We cannot leave them to their fate.The housing for all by 2022 scheme will ensure every urban poor people are enabled to own a house.”
Categories under Pradhan Mantri Awas Yojana (PMAY) scheme:
The Mission of Housing to all by 2022 or Pradhan Mantri Awas Yojana (PMAY) scheme will be implemented through four verticals giving option to beneficiaries, ULBs and State Governments. These four verticals are as below:
- “In situ” Slum Redevelopment:
- Using land as a resource
- With private participation
- Extra FSI/TDR/FAR if required to make projects financially viable
- Affordable Housing through Credit Linked Subsidy:
- Interest subvention subsidy for EWS and LIG for new house or incremental housing
- EWS: Annual Household Income Up to Rs.3 lakh and house sizes upto 30 sq.m
- LIG: Annual Household Income Between Rs.3-6 lakhs and house sizes upto 60 sq.m
- Affordable Housing in Partnership:
- with private sector or public sector including Parastatal agencies
- Central Assistance per EWS house in affordable housing projects where 35% of constructed houses are for EWS category
- Subsidy for beneficiary-led individual house construction
- For individuals of EWS category requiring individual house
- State to prepare a separate project for such beneficiaries
- No isolated/splintered beneficiary to becovered.
Who will be the beneficiary of Pradhan Mantri Awas Yojana (PMAY)?
According to the terms of the Pradhan Mantri Awas Yojana (PMAY) Scheme, the government of India will undertake to construct about two Crore houses by the year 2022. The Pradhan Mantri Awas Yojana is very much clear about its goals – affordable housing for all by 2022. The main beneficiaries of PM Narendra Modi recently launched Pradhan Mantri Awas Yojana (PMAY) Scheme or housing for all by 2022 scheme will be following categories;
- People belonging to Scheduled Casts (SC)
- People belonging to Scheduled Tribes (ST)
- Economically weaker section (EWS)
Apart from above mention groups members of society who often find themselves out of a home, seniors and differently-abled people shall also gain preference in allotment of houses. They shall also be able to choose a ground-floor house if need be. Apart from this, it is also mandatory that while registering to avail the benefits of the scheme, the beneficiaries must necessarily mention their mother or wife’s name.
Central Government has planned to grant subsidy for these beneficiaries to buy home. The subsidy amount will be from Rs. 1 lakh to Rs. 2.30 lakhs.
What are the features of Pradhan Mantri Awas Yojana (PMAY) Scheme?
As per the terms of the Pradhan Mantri Awas Yojana (PMAY) Scheme some of the important features about the scheme listed here;
- Interest Subsidy of 6.5 % on housing loan will be provided for 15 years to the beneficiaries of PMAY 2022 scheme.
- While Registering for the various Affordable housing Schemes under the PMAY 2022 scheme, it would be important for the applicants to include the name of Mother or Wife.
Note: The newly constructed houses will either be allotted on the name of the women head of the family or it could be joint name of man and woen head of family
- Older and Differently-abled persons will be given preference in the allotment of ground floors under the PM Awas Yojana Scheme
- Eco Friendly and sustainable technologies will be used during the construction process of housing under Housing for All by 2022 scheme.
What will be the Interest Rate, EMI Calculation and Subsidy in Pradhan Mantri Awas Yojana (PMAY) Scheme?
According to the housing to all by 2022 scheme the EMI to be paid on the loans taken for PMAY 2022 scheme will be reduced to significant amount under this scheme. The housing loans currently are available at an interested rate of 10.50%. As per the calculation of the EMI on such loan of Rs. 6 lakh for 15 year time would come out to be Rs. 6,632. As per the Pradhan Mantri Awas Yojana (PMAY), due to 6.50 subsidy the new EMI will be Rs. 4050. So there is a benefit of Rs. 2000 in the EMI itself.
- Central Grant of Rs. 1 Lakh (Average) would be provided to the beneficiary of PMAY 2022 scheme.
- Subsidy of 6.50 % will be provided to EWS & LIG via credit linked subsidy scheme of housing to all by 2022.
- Central Assistance of 1.50 lakh will be provided to each beneficiary for promoting housing stock for urban poor, provided 35 percent of dwelling units of the projects proposed are earmarked for EWS category.
- Central Assistance of Rs. 1.50 lakhs will be provided to eligible urban poor, who can build new house or undertake improvements of existing houses.
How to Apply for Pradhan Mantri Awas Yojana (PMAY) Scheme or Housing for All 2022 ?
To be applying for housing under Pradhan Mantri Awas Yojana (PMAY) Scheme or Housing for All 2022 through an application form release by PMAY 2022 team.
To download the complete detail about Pradhan Mantri Awas Yojana (PMAY-2022) Scheme and prospector of Housing for all by 2022 (HFA) scheme in english check here.
To download the complete detail about Pradhan Mantri Awas Yojana (PMAY-2022) Scheme and prospector of Housing for all by 2022 (HFA) scheme in Hindi check here.