Pradhan Mantri Awas Yojna – Affordable Housing Scheme

Pradhan Mantri Awas Yojna Scheme in India

Food, Clothing, and Shelter are basic needs for the Human being. A shelter is a prime and necessary part of Human survival and we call it a Dream Home. With growing urbanization and population, the government cannot ignore the weaker-section of our society. We all need a home to ensure basic standards of best living and to build a better civilization. Our Indian government has taken a very significant step for the weaker section by launching Pradhan-Mantri-Awas-Yojna, ‘Best housing scheme for all’, especially launched for the people who can’t afford a house under their financial circumstances. The Pradhan Mantri Awas Yojna (PMAY) is an Affordable Housing Solutions for all the citizens of India.

What is Pradhan-Mantri-Awas-Yojna Scheme?

PMAY is an Affordable housing plan started with an aim ‘Housing for All’ (HFA) scheme by Current NDA Govt to be achieved by 2022. This scheme launched in 2015 and will be achieved during the year 2015 – the year 2022. This ‘Housing for All’ (HFA) scheme is planned by our Honorable Prime Mister Mr. Narendra Modi. “By the year of 2022, Pradhan Mantri Awas Yojna will bring a ‘Pucca-house’ for every family in rural and urban areas with toilet facilities, water connection, electricity supply etc. 

Aim of Pradhan Mantri Awas Scheme (PMAS) – Housing for All (HFA)

Under Pradhan Mantri Awas Scheme 2crore houses will be created in India. All basic requirements and facilities will be provided in these affordable houses like water connection, toilet facilities, 24x7 electricity supply and complete access. All Lower Income Group (LIG) and economically weaker section (EWS) of the society with ST (Scheduled Tribes), SC (Scheduled Castes) will beneficiary with affordable houses under this PMAY Yojna By the year of 2022

How Pradhan Mantri Awas Yojna/Scheme (PMAY) will work:

Get Subsidy- 1 Lakh - 2.30 Lakh under Pradhan Mantri Awas Yojna (PMAY). This 1 Lakh - 2.30 Lakh subsidy will be provided by central-government-treasury. We know the current interest rate on housing loans is 10.5%. But under Pradhan Mantri Awas scheme 6.5% rate of interest subsidy will be offered to the beneficiaries that are 4% below the market-rate and will last for a period of 15 years from the date. The Preference for house allotments will be given to females applicants. The houses on the Ground floor will be given to physically handicapped or to senior citizens. The authorized developers for these affordable flats and apartments should strictly follow eco-friendly development-technologies.

Three Phases of Pradhan Mantri Awas Scheme (PMAS) –

Pradhan Mantri Awas Yojna (PMAY) Phase 1: From April2015 to March2017, Pradhan Mantri Awas Yojna (PMAY) Phase 2: From April2017 to March2019 and Pradhan Mantri Awas Yojna (PMAY) Phase 3: From April 2019 to March 2022. In Phase 1 from April2015 to March2017 total 100 cities will be targeted. 200 cities will be targeted in Phase 2: From April2017 to March2019 and remaining will be targeted in 3rd Phase from April 2019 to March 2022