PMAY – Features & Benefits
“Housing for All” Mission for the urban area has been enforced with impact from 17.06.2015 to produce central help to implementing agencies. The Credit coupled grant theme is being offered below this mission.
For the Middle financial gain Group(MIG), the interested grant is provided on housing loans for the acquisition/construction of homes (including repurchase).
For Economically Weaker Section(EWS)/Lower financial gain Group(LIG), the interested grant are provided on housing loans for acquisition, construction of the house. The Credit coupled grant would even be accessible for home equity loan availed for brand spanking new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as progressive housing.
The interest grant profit is direct on the principal outstanding.
The availability and quantity of interest grants are subject to meeting financial gain criteria as per varied classes below the theme.
- A beneficiary family can comprise of husband, wife, single sons, and/or single daughters.
- An adult earning member (irrespective of matrimonial status) is often treated as a separate menage
The total range of PMAY applications processed through Bajaj Housing Finance restricted at over 3700.
*The Details mentioned higher than are supported the theme framed by the govt. of the Republic of India below the Pradhan Mantri Awas Yojana (PMAY-Urban). These are subject modifications to vary as and once there’s a change within the theme by the govt. of India. “Benefit below this theme may be availed just for Housing loans offered by Bajaj Housing Finance restricted.”
About Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) theme was launched by the govt. of the Republic of India to spice up the affordability of homes against associate degree inflated property sector. The theme aims to attain its objective of “Housing for All” by thirty-one March 2022, the one hundred and fiftieth birthday year of Mahatma Gandhi, by constructing twenty million homes across the state.
Based on the areas that it caters to, this Yojana has 2 elements – Urban and Gramin.
- Pradhan Mantri Awas Yojana Urban (PMAY-U)
At present, the Pradhan Mantri Awas Yojana Urban (PMAY-U) has around four,331 such cities and cities below this theme. It additionally includes urban development authority, special space development authority, industrial development authority, development space, notified designing, and each different authority that is accountable for urban designing and laws.
The theme can progress within the following 3 phases:\
Phase 1. to hide one hundred cities in choose states and UTs between Gregorian calendar month 2015 and March 2017.
Phase 2. to hide two hundred further cities between Gregorian calendar month 2017 and March 2019.
Phase 3. to hide the remaining cities between Gregorian calendar month 2019 and March 2022.
As per information from the Ministry of Housing and concrete Affairs, as of first July 2019, the progress of PMAY-U all told states and union territories:
- Sanctioned homes -83.63 Lakh
- Completed homes – 26.08 Lakh
- Occupied homes – 23.97 Lakh
According to constant information, the full quantity deemed to be endowed is Rs. 4,95,838 Crore out of that, Rs. 51,414.5 Crore of funds has already been discharged.
- Pradhan Mantri Awas Yojana Gramin (PMAY-G)
The Pradhan Mantri Awas Yojana Gramin (PMAY-G) was at one time known as the Indira Awas Yojana and was renamed in March 2016. it’s targeted at promoting accessibility and affordability of housing for all of rural Bharat with the exceptions of Delhi and Chandigarh.
The objective is to supply monetary help to the homeless and people residing in decrepit homes to help them within the construction of pucca homes. Beneficiaries living in plains will receive up to Rs. 1.2 100000 and people in North-Eastern, cragged areas, Integrated Action set up (IAP), and tough areas will avail up to Rs. 1.3 lakhs thanks to this housing endeavor. At present, as per knowledge accessible from the Ministry of Rural Development, 1, 03,01,107 homes are sanctioned all told states and UTs.
In an effort to spice up the purchases within the assets sector, the govt launched PMAY, and this price of development is going to be shared between the Central and government in the following ways:
- 64:40 for plain regions.
- 90:10 for North-Eastern and cragged areas.
Beneficiaries of this PMAY theme are going to be known as per knowledge accessible from the Socio-Economic and Caste Census (SECC) and embody –
- Scheduled castes and scheduled tribes.
- Non-SC/ST and minorities underneath BPL.
- Freed guaranteed laborers.
- Next of kin and widows of paramilitary forces and people killed in action, ex-servicemen, and people underneath a retirement theme.
Components of the PM Awas Yojana
There area unit four primary options for this scheme:
Credit joined grant theme (CLSS)
The CLSS provides subsidies on home equity credit interest rates to those eligible for this theme. The PMAY grant rate, grant quantity, most loan quantity, and different details are mentioned below:
Home loans beneath the CLSS have the most tenor of twenty years. NPV or information superhighway gift worth is evaluated at a reduced rate of 9/11 of the interested grant.
“In-situ” slum improvement mistreatment the land as a resource:
The theme aims to rehabilitate slums with the land as a resource, with association with personal organizations to supply homes to families living in such areas.
The Central Government determines the costs of the homes, and therefore the beneficiary contribution (if any) is determined by the several state or UT.
Affordable Housing in Partnership (AHP)
Affordable Housing in Partnership (AHP) provides money for help to the tune of Rs. 1.5 Crore on behalf of the Central Government to EWS families for the acquisition of homes. State and UTs will partner with their agencies or personal sector to develop such housing comes.
Individual house construction or improvement diode by beneficiaries
This element of PM Awas Yojana targets EWS families United Nations agency cannot avail of the advantages of the previous 3 parts. Such beneficiaries can avail of money help from the Central Government of up to Rs. 1.5 Crore that may be accustomed to fund the development of a house or enhancing associate existing one.