Pradhan Mantri Awas Yojana(PMAY), "Housing For All by 2022"

About PMAY.

Pradhan Mantri Awas Yojana is Launched by Prime Minister Narender Modi on 25th July, 2015. This scheme merge UPA Government flagship and Rajiv Awas Yojna.
PMAY is for both rural(village) and urban(city) area. Middle class and poor families both can take banefit of this scheme. The Cabinet, headed by Prime Minister approved the recomandation of Inter-Ministrial Committee to apr . A committe(Inter-Ministrial) Recommand to increase interset subventional to 6.50% on Housing loan for economy weaker section society. Women and SC/ST and the families with economically Weaker Section(EWS) would be main baneficies of this urban housing Project.

Components of PMAY Urban

There are four components:

  • Redevelopment: In this baneficiary will get a Central Grant of Rs 1 Lakh on an average.
  • Affordable Housing Through Credit-Linked Subsidy Under this , an subsidy with interset of 6.50% to each Economy Weaker Section(EWS) and Low Income Group
  • Affordable Housing in Partnership with private and Public Sectors Under this a central assistance of ₹1.5 lakh would be provided to Promote each baneficiary. Provided 35% of house are proposed to be earnmark for Economically Weak Section Categoty
  • Subsidy for Individual Baneficiary-Led Construction or enhancement of Houses: Under this, baneficiary will get ₹1.5 Lakh would be provided to the eligible urban poor

Phsase of PMAY

There are Three Phases in PMAY
1st stage start from 2015 and over in March 2017, targeting 100 cities of the country.
2nd stage start from April, 2017 to May, 2017; targeting 200 cities of the country
and Phase 3 start from Apr 2019 to March 2022, Targeting remaining cities of the country

Important Points:

  • Target is set to achive by 2022
  • More than 2 crore houses will be a target.
  • For both rural and urban area
  • Age of the applicant must be b/w 21 to 58 years
  • Housing loan at less price which is normally 10.5% in this it is 6.5%