PM Awas Yojana Today News: The central government has started Pradhan Mantri Awas Yojana to provide free housing to the poor and middle class in the country. Owning a home is a big deal for many individuals, especially for the financially low class or low income group. As Prime Minister Narendra Modi said, PMAY housing for all will be provided during India’s 75th year of independence, ie. 2022. This vision of Narendra Modi was realized in the form of Pradhan Mantri Awas Yojana.
PM Awas Yojana Today News
This Pradhan Mantri Awas Yojana offers affordable pucca PMAY homes with water system, toilet system, 24 × 7 electricity and connection. Initially this schedule EWS [₹3 लाख तक की वार्षिक आय] and LIG [₹6 लाख तक की वार्षिक आय] was intended to cover people across categories, but currently also covers the middle-income group (MIG).
Pradhan Mantri Awas Yojana for providing “housing for all” to address urban housing shortages among economically weaker sections (EWS) / low-income group (LIG) and middle-income group (MIG). categories, to ensure “Pucca” houses for all eligible city households by 2022.
The PMAY project covers four main aspects:
- The goal of this Pradhan Mantri Awas Yojana is to collaborate with private developers to transform slum areas by building houses for slums.
- It intends to provide credit-linked assistance to weaker and middle-income groups lent for new construction or renovation of existing houses.
- An interest rate subsidy of 3 percent to 6.5 percent has been announced for loans from 6 lakh to 12 lakh. The EWS and LIG categories take out loans up to Rs 6 lakh, with an interest rate subsidy of 6.5 percent for a term of 15 years. The system has so far registered about 20,000 people. The government has increased the loan amount to 12 lakhs this month with a focus on the middle-income group.
- The government will cooperate with states / UT and provide financial support for affordable housing projects for the EWS.
- Support will be provided to eligible families who fall into the EWS category. It will provide direct financial support of 1.5 lakhs to EWS.
- The system will increase the demand for affordable housing and benefit the banks ‘and housing finance companies’ results. It will also support the development of other allied activities such as cement and steel.
The NDA government has taken some steps to make “housing for all” a reality by 2022. Pradhan Mantri Awas Yojana has recently expanded its reach to meet the PMAY housing needs of the middle-income group, in addition to the financially weaker ones. class (EWS) and low-income group (LIG).
why is it important?
Today, while developers in India’s metropolitan cities are sitting on thousands of unsold PMAY houses costing upwards of 50 lakh, the country is estimated to lack the approximately 20 million homes needed for the rural and urban poor, which cost 5-15 lakh. at low prices. The goal of Pradhan Mantri Awas Yojana is to overcome this shortcoming.
Launched on June 25, 2015, the primary purpose of this Pradhan Mantri Awas Yojana is to ensure that 2 crore houses are built across the country. The estimated year of completion for the PMAY system is 2022, which means that these 2 crore houses will be built over a period of 7 years.
Grants will be given to the people in the LIG and EWS category of urban population. The subsidy comes from the state treasury and will be somewhere between Rs 1 lakh and Rs 2.30 lakh. This PMAY subsidy will allow the targeted category of people to buy a house under Pradhan Mantri Awas Yojana.
The government will also provide subsidies on interest on loans taken out for the PMAY system. The recipients will be offered a 6.5% interest subsidy against the loan they took out. This interest subsidy runs for a period of 15 years from the date when the loan is paid out to the borrower. All qualified applicants can benefit from Pradhan Mantri Awas Yojana!
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