The Pradhan Mantri Awas Yojana (PMAY)
Indian prime minister Mr. Narendra Modi has setup a mission “Pradhan Mantri Awas Yojana” formerly known as “Housing for All” which will be implemented during 2015-2022. This Yojana comes with a bold vision of providing affordable housing solution for all Indian citizens.
Prime object of this Yojana is to ensure that 2 crores houses are built all over India in the span of 7 years.
Primary features of PMAY –
- A subsidy will be approved to individuals from LIG and EWS sections of the city population. This subsidy will come from central government and will range minimum INR 1 lakh and maximum INR 2.30 lakh. This subsidy will permit individuals from given segment to manage to pay for a house under the PMAY.
- Government will also bid subsidy for interest rates on loans availed for the PMAY. 6.5% interest rate subsidy will be offered to the recipients on the loans they reward. This interest subsidy will be for 15 years from the loan is disbursal date.
- Female applicants will be preferred for the allotment of houses under this Yojana. Applications from female recipients will be accepted easily compared to applications from male recipients. This brands this Yojana a pro-women Yojana.
- For the ground floor houses, differently abled or aged people will be preferred.
- The government has firmly educated that the builder under this scheme strictly follow eco-friendly construction technics.
Following is the tabular representation of the scheme and its segments –