Pradhan Mantri Awa Yojna – Housing for all by 2022
Our honorable Prime Minister has added another feather to his cap by introducing the Pradhan Mantri Awas Yojna. This scheme has been started in 2015 and is spread for being implemented by the year 2022 and is planned for being carried out fruitfully in 3 prolonged phases:
The PM Awas Yojna 1st Phase: The first phase of the PM Awas Yojna is spanning from April’2015 to March’2017. A vision of starting the developmental work and completing 100 cities would be seen in this phase.
The PM Awas Yojna 2nd Phase: The second phase of the PM Awas Yojna is going to span starting from April’2017 up to March’2019. Around 200 cities, more than before is expected to be developed and covered.
The PM Awas Yojna 3rd Phase: The third phase of the PM Awas Yojna would be spanning from April’2019 up to March’2022. All the cities which are left over are going to be developed and covered during this period.
The details of people who would be benefitted from the PM Awas Yojna
Specific groups and circles from the current society would be targeted by the PM Awas Yojna, which are as follows:
- Scheduled Tribes [ST]
- Section of the society which is economically weak [EWS]
- Scheduled Castes [SC]
- Any women, that would be irrespective of religion and caste
The Indian government would grant a subsidy to the people belonging to these categories to enable them to be able to buy an abode for their families and themselves. The amount of the subsidy would range from ` 1,00,000/- to ` 2,00,000/-.
The details of the features of PM Awas Yojna which is also called the Housing for All by 2022 scheme
- The special features of the PM Awas Yojna are given as follows:
- The PM Awas Yojna allots houses preferably to the female members of a family. Also, priority is first given to female applicants generally, terming it well to be a pro-women beneficial scheme.
- There is a provision of subsidy on interest rates of around 6.5% on the loans taken for housing which can be availed and used by the women or beneficiaries for 15 years from the starting time of the loan.
- Eco – friendly technology would be used and similar measures would be taken during the construction of the houses with respect to the PM Awas Yojna.
- Ground floors of any house under the PM Awas Yojna scheme would be allotted based preferably to older people and differently-abled people.
The details of the rates of interest, subsidy and calculation of EMI in the Pradhan Mantri Awas yojna
The forte of this particular scheme is in the truth that the monthly installments or EMIs the owners of the house would pay would be significantly reduced. At the moment, the housing loan rate of interest in India is around 10.50%. In case if a beneficiary buys a house or invests in a property, and procures a loan of ` 600,000/- for 15 years, the beneficiary would be asked to pay an installment of around ` 6,632/- monthly. However, under the 6.5% subsidy scheme, the owner will just have to pay ` 4,050/- monthly EMI. Therefore, we can see a proper and profitable reduction of around ` 2,000/- in the loan installment.
The details of the components of the PM Awas Yojna
- A subsidy of around 6.5% can be availed by each individual beneficiary belonging to the economically weaker sections of the society and Lower income group categories through the credit lined subsidy scheme of the government.
- The government of India would be granting around ` 1,00,000/- to each beneficiary under the PM Awas Yojna scheme.
- ` 1,50,000/- will be provided by the government to all the urban poor who are eligible and who would like to construct their own houses in the city areas or who would want to make the necessary improvisations or renovations in their current houses which are existing.
- The central government would assist by giving ` 1,50,000/- to each beneficiary for the promotion of the housing stock and hence around 35% of the total units under the ongoing project will be earmarked for EWS category.
The details of the applications of the PM Awas Yojna
As the scheme is at its inception stage, it is not viable for producing all the details on how the application procedure works according to the application form. The details would be soon updated on the site with the relevant details relating to the procedure of the scheme, after is has been published by the government of India. The list of the states where this scheme would be carried out is mentioned as follows:
|27||Jammu & Kashmir|
|Sr No||Union Territories covered under the PM Awas Yojna|
|1||Andaman & Nicobar Islands|
|3||Dadra and Nagar Haveli|
|4||Daman & Diu|
|7||Pondicherry, also known as Puducherry|
This particular initiative has been an excellent initiative by the honorable PM Mr. Narendra Modi, and in case it is implemented in the way it has been thought, dreamt and formulated, then it would add another laurel to the face of infrastructure of the advanced modern India.
One can be proud of such initiatives by our government, and soon we can see ourselves as one of the most developed and advanced nations in terms of infrastructure in the whole wide world. We can be pretty sure to see good and prosperous days ahead in our country during this reign of the current government.