QUICK BYTES: PRADHAN MANTRI AWAS YOJANA (PMAY) – HOUSING FOR ALL BY 2022.

@@ launched by Prime minister on 25 June 2015 .

@@ Goals:

1. The government of India will undertake to construct about two crore houses by the year 2022.

2. 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.

3. Transgenders 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.

4. 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.

@@Loan amount:

Each house provided under the scheme will involve a central grant of about INR 1 lakh which may go up to INR 2.3 lakhs.

@@ Interest rate:
This will come as part of a 6.5 percent interest rate subsidy scheme (previous schemes had an interest rate subsidy of about 1 percent).

@@ Tenure:
The tenure or term for these housing loans may go up to 15 years .
@@ This scheme , The ‘Housing for All’ scheme will replace all previous government housing schemes such as the Rajiv Awas Yojana.

@@ 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.

@@ Apart from the PMAY itself, the government has other initiative like, the grant of INR 1 lakh per beneficiary to state governments for the development of housing projects in slum areas.

@@ Two other schemes were also launched as complementary to the affordable housing scheme, a scheme for development of Smart Cities across the country and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) that allows for urban renewal and upgradation of infrastructure in the major urban tracts of the country.