PMAY Scheme

What exactly is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was published for the exact purpose to render housing cheaply towards weaker elements of the society, less earning group people, metropolitan poor, and countryside poor. The Yojana involves a construction of around 2 Crore houses at an affordable price by 31st March 2022. The Program has gained financial assistance of USD 31 billion through the Central Authority.
This Housing Scheme offers 2 factors:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Primary ingredients of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land for a resource, using the participation of the private sector. This mission targets leveraging the potential for land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government will provide you with an interest subsidy of 6.5% on housing loans for 15 years from the start of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy shall be calculated inexpensively 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 will not attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts resulting in reduced Equated Monthly Installment (EMI) and reduced housing loan amount.

Affordable Housing in Partnership (AHP) - In partnership using the Public and Private sector, affordable housing might be given to the EWS Families. The States or Union Territories, either with various agencies as well as in partnership with different industries can plan affordable housing projects.



Enhancement and construction of beneficiary led house - Within this component, the beneficiaries who are not able to avail the key benefits of the above three components will be benefited. This mission provides help to families of EWS category to create new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will receive 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 designed with eco-friendly technology and preference will be provided to old and disabled while allotting ground floors.Excellent news for Beneficiaries : Now, the Government is Providing the Facility to Search for Beneficiary Names in PMAY List