PM Awas Yojana: The government will construct one crore dwellings, fulfilling the ambition of the impoverished and middle class to live in affordable homes
PM Awas Yojana: The Pradhan Mantri Awas Yojana-Urban 2.0 program has received approval from the national government. The national government will construct one crore affordable homes for urban poor and middle class households as part of this program. Prime Minister Narendra Modi presided over the cabinet meeting on Friday, during which this plan was agreed. For this initiative, the government would provide a subsidy of Rs 2.30 lakh crore. The government will finance the construction of homes in metropolitan areas as part of this program.
1.18 crore houses approved in the first phase
1.18 crore dwellings are to be built under the Pradhan Mantri Awas Yojana-Urban’s first phase. 85.5 lakh homes have been constructed out of these. In addition, the government would now provide the Credit Risk Guarantee Fund Trust with Rs 3000 crore. This amount used to be Rs 1000 crore. This provides assistance to banks and housing financing businesses so they may fund the construction of homes for those who are economically disadvantaged. National Credit Guarantee Company will now oversee the fund’s management in place of National Housing Bank.
MIG, LIG and EWS will benefit
This program will apply to those who do not own a permanent residence. The following categories will be counted: EWS with an annual income of up to Rs 3 lakh, LIG with an income of between Rs 3 and 6 lakh, and MIG with an income between Rs 6 and 9 lakh. If you don’t own property, the state government or union territory will also provide you a plot under the plan. In addition, those purchasing homes in private developments will get housing vouchers. This time, the plan also includes rental dwellings. There will also be a choice to rent the home if you decide against buying or building one.
You will get a subsidy of this much on home loan
In addition, under the program, interest-only subsidies would be provided to individuals in the EWS, MIG, and LIG categories who take out housing loans for up to Rs. 25 lakh or Rs. 35 lakh for a dwelling. A Rs 1.80 lakh subsidy would be provided in five years’ worth of payments under this arrangement.
