Friday, August 16, 2019
Prime Minister Housing Scheme
The Pradhan Mantri Awas Yojana (PMAY), also known as the Prime Minister Housing Scheme, is a housing initiative launched by the Government of India. The scheme aims to provide affordable housing solutions to the urban and rural poor in India. It was launched on June 25, 2015, and has two components:
1. Pradhan Mantri Awas Yojana (Urban) - PMAY(U): This component of the scheme focuses on providing affordable housing to the urban poor. Under PMAY(U), financial assistance is provided to eligible beneficiaries for the construction, purchase, or enhancement of houses. The scheme targets economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG) in urban areas.
Key Features:
- Subsidy on home loan interest rates for eligible beneficiaries.
- Credit-linked subsidy scheme (CLSS) for EWS, LIG, and MIG categories.
- Affordable housing projects undertaken by public and private sectors.
2. Pradhan Mantri Awas Yojana (Gramin) - PMAY(G): This component focuses on providing affordable housing to the rural poor. PMAY(G) aims to construct pucca houses with basic amenities for households without proper housing in rural areas.
Key Features:
- Financial assistance to eligible beneficiaries for the construction of new houses or renovation of existing houses.
- Focus on vulnerable and marginalized sections of society in rural areas.
- Preference given to households with no adult member between 16 and 59 years.
Under both components of PMAY, the government provides financial assistance to eligible beneficiaries in the form of grants and subsidies, making it easier for them to acquire or construct homes. The scheme aims to achieve the goal of "Housing for All" by the year 2022, aligning with the vision of providing affordable and decent housing to every citizen in the country.