NEWS

Project proposals for more than 60,000 houses were approved for construction in Andhra Pradesh, Chhattisgarh, Himachal Pradesh, Karnataka and Rajasthan at the 58th meeting of Central Sanctioning and Monitoring  Committee (CSMC) under Pradhan Mantri Awas Yojana (Urban) recently

PMAY – U

WHO LAUNCHED –  Ministry of Housing and Urban Poverty Alleviation (MoHUPA)

WHAT IS THE AIM – Provision of Housing for All by 2022

HOW IT SEEKS TO WORK

• Slum rehabilitation of Slum Dwellers with participation of private developers using land as a resource.
• Promotion of Affordable Housing for weaker section through credit linked subsidy.
• Affordable Housing in Partnership with Public & Private sectors.
• Subsidy for beneficiary-led individual house construction /enhancement.

OTHER FACTS

• The beneficiaries are poor and people living under EWS and LIG categories in the country.
• The scheme is divided into three phases. In the first phase, a total of 100 cities will be covered from April 2015 to March 2017. In phase two, 200 cities will be covered from April 2017 to March 2019. In the third phase, the leftover cities will be covered from April 2019 to March 2022.
• The government is providing an interest subsidy of 6.5% on housing loans which can be availed by beneficiaries for 15 years from start of loan date.
• The government will grant Rs 1 lakh to all the beneficiaries of the scheme. In addition, Rs 1.5 lakh will be given to all eligible urban poor who want to construct their houses in urban areas or plan to go for renovation in their existing houses. One can also avail loans under this scheme to build toilets in existing houses.