One of the primary necessity of a human being is a house because a house can provide a significant social and economic security in the society. For ensuring a better standard of living as well as a better civilization, we all need a house. However, it still remains a dream for many due to various financial constraints. But this scenario has come to an abrupt stop after our government have taken a remarkable step towards it by launching Pradhan Mantri Awas Yojana (PMAY), “Housing for all”, especially for the people who can’t afford the house under their financial circumstances. Pradhan Mantri Awas Yojana is an initiative by the Government of India, which will be implemented during 2015-2022, with the aim to provide affordable housing to all by the year 2022. Indeed, PMAY is a housing solution to all the citizen of India.
Purpose of the scheme:
The main purpose of the Pradhan Mantri Awas Yojana scheme is to build affordable pucca houses with water facility, sanitation and continuous electric supply.
It also aims to address the shortage of nearly 20 million housing units needed by the rural and urban poor.
It also aims to transform the slum areas by building homes for slum dwellers in collaboration with private developers.
It also plans to give credit linked subsidy to the weaker and mid-income group on loans taken for new construction or for the renovation of the existing house. The banks, thus, offer loans at a comparatively lower rate and the government pays the remaining amount on behalf of the applicant.
Components of the scheme:
Pradhan Mantri Awas Yojana for urban: Mission seeks to address the housing requirement of the urban poor including slum dwellers. Moreover, 2 crore houses are to be built for the urban poor by 2022.
Pradhan Mantri Awas Yojana for rural: This was approved during March, 2016. Under this, financial assistance would be provided for the construction of pucca houses to all houseless and the people living in the broken houses. Except for the Delhi and Chandigarh, the scheme has been executed in rural areas throughout the country. Furthermore, 4 crore houses are to be built by 2022.
The scheme originally meant to cover the people who belong to Economically weaker sections whose annual income is not exceeding Rs. 300000.
The scheme also covers Low and Mid income group, whose annual income is not exceeding Rs, 600000.
Females and old aged people are no exceptions: Explicitly, female and aged are given more priority. This makes it more advantageous in terms of female who is leading the family.
Specific features of PMAY:
Under the scheme, preference will be given to female applicants. Besides, Preference for the ground floor of the houses to physically differently abled or senior citizens. The construction developers are strictly compliant to follow eco-friendly development technologies. Also, it makes affordable for all the income groups by increasing the loan amount till Rs. 12,00,000 from Rs. 6,00,000.
“HOUSING FOR ALL BY 2022”
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