The three basic human needs are Food, Clothing And Shelter. Shelter is a prime necessity for Human survival and we call it a house. It is a security and an individual’s own world, where he/she spends quality time with their family, prosper and prepare himself/herself each day for the world outside and life’s struggles.
With growing population and urbanization our government cannot ignore the weaker section of our society. We all need a house to ensure basic standards of living and to build a better civilization. Our government has taken a very significant step towards it by launching Pradhan Mantri Awas Yojna, ‘Housing for all scheme’, especially planned for the people who can’t afford a house under their financial circumstances. The PMAY Yojna is a Housing solution for all the citizens of India.
Pradhan Mantri Awas Yojna(PMAY) is a mission started with an aim ‘Housing For All’(HFA) scheme by NDA Government to be achieved by the year 2022, that is when India will be completing its 75 years of Independence. The mission started in 2015 and will be attained in seven years i.e., during 2015 – 2022.
This Housing for All (HFA) scheme is envisioned by our Honorable Prime Mister Mr. Narendra Modi. “By the time the Nation completes 75 years of its Independence, Pradhan Mantri Awas Yojna will bring a ‘Pucca house’ for every family in urban cities with water connection, toilet facilities, 24x7 electricity supply and complete access.” As addressed by our Prime Minister in the joint session of parliament on 9th June, 2014.
A comprehensive mission of PMAY Housing Scheme aims to create:
PMAY Housing Scheme will work by providing central assistance to Urban Local Bodies (ULBs) as well as other employed agencies through States/UTs for:
The scheme will provide a credit linked subsidy of Rs 1.00 Lakh to 2.30 Lakh to the home buyers.
All the construction under Pradhan mantri Awas yojana (PMAY) will adopt latest technologies for building new units or apartments. Government will setup a technical cell from the Building Materials and Technology Promotion Council (BMTPC) under the Ministry to support this Technology Sub-mission.
PMAY Phase 1: From April 2015 to March 2017, this phase will begin the development of total 100 cities that must be completed during this phase.
PMAY Phase 2: From April 2017 to March 2019, after Phase 1, the development of total number of 200 more cities will be covered.
PMAY Phase 3: From April 2019 to March 2022, All the remaining cities of India will complete its PMAY housing development process.
|Particulars||Property Value||Loan(%)||Loan Amount||Subsidy on fixed Amount (Rs. 600000)||Loan Tenure (in months)||Interest Subsidy @ 6.5% on NPV basis on loan of Rs. Lacs (Max)||Remaining Loan after subsidy credit||Initial EMI 10% @ Interest||Adjusted EMI 9.7% @ Interest||Monthly Saving|