What is PMAY? Pradhan Mantri Awas Yojana (PMAY) is an initiative by the Indian government that will provide affordable housing to the urban poor with a target of building 20 million affordable houses by 31 March 2022. The scheme has two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor including the economically weaker sections and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor. It was launched in June 2015 by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA). This scheme is in association with certain other schemes of the government to ensure that the households have access to a toilet, electricity connection, LPG gas connection, drinking water, and Jan Dhan banking benefits. This Mission has four components - In-situ Slum Redevelopment with private sector participation using land as resource, Affordable Housing through Credit Linked Subsidy, Affordable Housing in Partnership with private and public sector, and Beneficiary-led house construction. The total number of funded houses approved to date is 39,25,240 in urban areas. There were 5 million rural houses by March 2018 and 10 million rural houses by March 2019, according to government reports. What are the features of the PMAY? The government will provide an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under the credit link subsidy scheme (CLSS) from the start of the loan. The houses under this scheme will be constructed using eco-friendly technology. Another notable feature is that while allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons. How will the scheme be financed? The government had approved an investment of rupees 439.22 billion for the construction of 6,83,724 houses for urban poor which will include central assistance commitment of rupees 100.50 billion in April 2016. What are the eligibility criteria for the PMAY? •Beneficiaries would include the Economically weaker section (EWS), low-income groups (LIGs) and Middle-Income Groups (MIGs). •The annual income cap is up to Rs 3 lakh for EWS, Rs 3-6 lakh for LIG and Rs 6 + -18 lakhs for MIG. •For identification as EWS or LIG beneficiary under PMAY, an individual loan applicant will submit a self-certificate or an affidavit as proof of income. •A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. •The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission. •States and UTs, at their discretion, may decide a cut-off date on which beneficiaries need to be residents of that urban area for being eligible to take benefits under the scheme. What are the phases of the scheme? •PMAY Phase-1: from April 2015 to March 2017 to cover 100 cities. •PMAY Phase-2: from April 2017 to March 2019 to cover additional 200 cities. •PMAY Phase-3: from April 2019 to March 2022 to cover the remaining cities. What are the states and cities covered under PMAY? As of 25th April 2016, the government has identified 2,508 cities and towns in 26 states for commencing the construction of houses for the urban poor. The construction of 1,86,777 additional houses with an investment of Rs.11,169 crores with central assistance of Rs. 2,797 crores, was approved in February 2018. The state-wise allocation according to current data shows that Chhattisgarh has been given 1000 cities/towns, for Jammu and Kashmir- 19 cities/towns, for Jharkhand- 15 cities/towns, for Madhya Pradesh- 74 cities/towns, for Haryana- 38 cities/towns, for Tamil Nadu- 65 cities/towns, for Karnataka- 95 cities/towns, for Gujarat- 45 cities/towns, for Maharashtra- 13 cities/towns, for Kerala- 52 cities, for Uttarakhand- 57 cities/towns, for Orissa- 26 cities/towns. Who are the other contributors to the scheme? IIFL Home Loans has been helping beneficiaries gain access to Credit linked Subsidy under Pradhan Mantri Awas Yojana. As of August 2017, it has helped 4187 beneficiaries avail government subsidy. ICICI Bank is giving subsidized home loans to the people eligible under PMAY.

Source: https://www.civilsdaily.com/housing-for-all-by-2022/

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