Pradhan Mantri Awas Yojana is a central government initiative which aims to provide affordable housing solutions to all sections of the society by the year 2022. One of the most important objectives of this housing scheme still is to provide affordable residential properties and amenities to financially challenged individuals hailing from the rural sections of the property.
For this purpose, this initiative has several vital features. These are –
- Providing financial aid up to Rs.1 lakh for construction of houses for the economically weaker sections such as slum dwellers.
- The central government will provide financial cooperation to the state governments to build affordable housing projects.
- Offering credit linked subsidy to members belonging to middle-income groups.
The PM Awas Yojana scheme has been categorized into two sections – PMAY-G or Pradhan Mantri Awas Yojana Gramin and PMAY-U or Pradhan Mantri Awas Yojana Urban.
Achievements of Pradhan Mantri Awas Yojana include –
- Under PMAY-G, the total target was to construct 15 crore houses. A total of 15 crore beneficiaries were registered under this scheme. Approximately 13 crore houses were sanctioned for construction of which around 95 lakh houses stand completed.
- In PMAY-U, since 2014, a total of 1.03 crore houses have been sanctioned for urban areas. Out of 1 crore, approximately 61 lakh houses are under construction and around 32 lakh houses will be completed as of 2020.
The beneficiaries under Pradhan Mantri Awas Yojana are divided into several sections based on annual household income. These are – Economically Weaker Section (EWS), Lower Income Group (LIG), Middle-Income Group I (MIG – I), Middle-Income Group II (MIG – II). Members from EWS and LIG receive interest subsidy at 6.50% on home loans. However, members from MIG – I and MIG – II are provided with a housing loan subsidy of 4% and 3% on home loans consecutively.