Govt. extends PMAY-Urban scheme

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:

  1. 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.
  1. 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.
  1. 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.
  1. 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.