Posted 20 Jul 2017 11:51 AM

India is a place where possessing a home is a dream for plenty of people, as building a house nowadays cost a lot and the people from a weaker section find it very difficult to even come across such dream. Our PM Narendra Modi launched a Govt scheme namely “Pradhan Mantri Awas Yojana”. In 2022 we will be celebrating 75 glorious years of our independence and keeping this aspect in mind PM Modi wants to give the people of India a reason to party, as this scheme aims to provide a house to every individual of India before 2022.
After the enrollment in this scheme pucca houses will be provided to every individual with proper amenities like 24*7 electricity, water, toilet and many other necessary aspects required to lead a normal life.
The people who do not own a pucca house and aspire to build a new house for the first time are covered under this scheme. Especially the people from below poverty line or weaker sections of the society. These are further classified into EWS and LIG. People from EWS(economically weaker section) their income should not be more than Rs.3 lakh per annum. Whereas the people from LIG (Lower Income Group) the income should not be more than 6 lakhs per year. The Govt will be providing a carpet area of 30 sq meter to the EWS applicants and 60 sq meter carpet area for LIG applicants.

(Image courtesy Hindustan Times)

The Pradhan Mantri Awas Yojana scheme is further scrutinized into 4 components:
• Affordable housing in Partnership: The applicant will be provided house built by partnership done by UTs/State/Cities.
• Credit linked subsidy: The people from weaker section will be provided with the subsidy on house loan by EWS/LIG. For the construction of new rooms, kitchen or toilet the subsidy will be given. Eligibility for the subsidy will be applicable only for a loan amount exceeding 12 lakh.
• Beneficiary led individual house enhancement or construction: A general assistance of Rs 1.5 lakh will be given to the families of economically weaker sections to build a new home or renovate the existing one.
• Transforming slum areas: The process will take place under the supervision of the private developers using the land resource.

The scheme will be operational from 17th June 2016 to 31st March 2022. The period of loan will be of maximum 15 years. Once the applicant succeeds in getting a house, he can avail subsidized loan from any bank participating in the scheme like State cooperative banks, housing finance companies, scheduled commercial banks and much more.
The subsidy will be credited in the applicant’s loan which will be reflected in the reduced EMI.

All most 8.97 lakh applications have been received till date from all parts of the country as expressed by Venkaiah Naidu in a meeting, he even requested Haryana Govt to submit the statistics till August 2018.

Leave a comment: (Your email will not be published)