Pradhan Mantri Awas Yojana: Find out PMAY Features, Interest Rate, Subsidy, EMI. Housing for All Scheme, Having an own house is a dream of every Indian. But the day to day increasing cost of all the accessories which are necessary to build a house is making it very difficult in these days. India houses millions of people who do not have their own house. In order to provide these with an own house Prime Minister of India Shri Narendra Modi has introduced a scheme called “Prime Minister Awas Yojana” with an initiative of providing own house to every own having no house.
While the Pradhan Mantri Awas Yojana is clear about its goals – affordable housing for all by 2022, it does ensure that the benefits of the scheme are enjoyed by women, economically backward groups of Indian society and the Scheduled Castes and Scheduled Tribes. In an unprecedented move, the government has decided to protect the interests of neglected groups in the country. Transgender and widows, members of the lower income groups and urban poor, and the Scheduled Castes and Scheduled Tribes shall be granted preference when they try to avail the affordable housing scheme.
Apart from these groups members of society who often find themselves out of a home, seniors and differently-abled people shall also gain preference in allotment of houses. They shall also be able to choose a ground-floor house if need be. Apart from this, it is also mandatory that while registering to avail the benefits of the scheme, the beneficiaries must necessarily mention their mother or wife’s name. According to news reports, these details were revealed by a Housing and Urban Poverty Alleviation Ministry official before the launch of the scheme…
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Pradhan Mantri Awas Yojana:
Under this scheme Government will construct affordable housing units for urban poor. Government has selected 4041 towns in different states for this scheme. The main aim of the government behind this scheme is to provide everyone having no home with own house by 2022. But as a part of initial plan 500 cities are selected to implement this project in a phased manner as:
- Phase – 1: In this phase housing units will be created in the selected 100 cities in the period from April 2015 to March 2017
- Phase – 2: The 2nd phase of PM Awas Yojana will cover about 200 cities or more and will take place from April 2017 to March 2019.
- Phase – 3: The final phase of this scheme will take place between April 2019 to March 2022. This will cover the remaining cities.
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Brief Details for Pradhan Mantri Awas Yojana
| Parameters | About The Scheme |
| Scheme Name | Pradhan Mantri Awas Yojana |
| Launch Date | 25th June, 2015 |
| Estimated Time for Completion | 7 years (2022) |
| Primary Objective | Providing affordable houses to Indian citizens |
| Number of Houses to be Built | 2 crores + |
| Primary Target Group | Poor people of India belonging to LIG and EWS groups. LIG stands for low income group and EWS stands for Economically Weaker Sections |
| Primary Target Area | LIG and EWS people of urban areas |
| Scope of Scheme | Across India |
| Previous Name | Housing for All scheme |
| Launched by | Prime Minister Narendra Modi |
Beneficiaries in Pradhan Mantri Awas Yojana:
Following are the beneficiaries of this scheme
- Women (Including widows)
- People belonging to scheduled casts
- People belonging to scheduled tribes
- Economically weaker sections.
- Those who own a pucca house will not be eligible for the benefit under this scheme.
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Features of Pradhan Mantri Awas Yojana:
- Interest subsidy of 6.5% will be provided by the government on housing loans for 15 years.
- Allotment of homes will be done on the name of the male head of the family or on the joint name of the male and female head of the family.
- Central government will provide financial assistance from Rs 1 lakh to Rs 2.3 lakhs.
- Environment friendly technology and methods will be implemented in developing the housing units under this scheme.
- Older and differently abled persons will be given preference in the allotment of ground floors under this scheme.
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Pradhan Mantri Awas Yojana Subsidy, EMI and Interest Rate:
- Government on an average will provide a grant of Rs 1 lakh to the beneficiary.
- Subsidy of interest at 6.5% will be provided to the economically weaker sections and low income group people on the loans taken under this scheme.
- Government’s assistance of Rs 1.5 lakh will be provided to each beneficiary for promoting housing stock for urban poor and 35% of the dwelling units under this scheme would be reserved for economically weaker sections.
- Central government’s assistance of Rs 1.5 lakhs will be provided to eligible urban poor who can build new house or undertake improvements of existing houses.
List of Phases of Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana Phase I
| Phase | I (one) |
| Target Date of Start | April 2015 |
| Target Date of Ending | March 2017 |
| Number of Cities Targeted | 100 cities in India |
| What to Expect? | Development and completion of affordable houses under the scheme. |
Pradhan Mantri Awas Yojana Phase II
| Phase | II (two) |
| Target Date of Start | April 2017 |
| Target Date of Ending | March 2019 |
| Number of Cities Targeted | 200 cities in India |
| What to Expect? | Development and completion of affordable houses under the scheme. |
Pradhan Mantri Awas Yojana Phase III
| Phase | III (three) |
| Target Date of Start | April 2019 |
| Target Date of Ending | March 2022 |
| Number of Cities Targeted | All remaining cities in India |
| What to Expect? | Development and completion of affordable houses under the scheme. |
Must Read – Pradhan Mantri Suraksha Bima Yojana
Execution of this scheme:
- Slum redevelopment:
Government will welcome the private participation using land as a resource to develop the housing units in slums.
- Economically weaker sections:
EWS: Those whose annual household income is less than or equals to Rs 3 lakhs will be eligible for 30 sq. mts house
LIG: Those whose household income is in between Rs 3-6 lakhs will be eligible for 60 sq mts house.
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Feature of Pradhan Mantra Awas Yojana scheme:
- Interest subsidy of 6.5 percent on housing loan will be provided for 15 years to the beneficiaries.
- Older and Differently abled persons will be given preference in the allotment of ground floors under the Pradhan Mantri Awas Yojana scheme.
- Eco friendly and sustainable technologies will be used during the construction process.
The scheme will cover entire urban area consisting of 4041 statutory towns with initial focus on 500 Class I cities in three phases. Credit linked subsidy component of the scheme would be implemented across the country in all statutory towns right from the beginning.
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