Launched on 25 June 2015, the Pradhan Mantri Awas Yojana Urban (PMAY-U) aims to meet the increasing demands for housing in urban areas. Under the scheme, also known as Housing for All by 2022, the government will construct 20 million (2 crore) houses in the country’s urban areas. Out of the 20 million households, about 18 million will be developed to meet the needs of slum houses growing at a declining rate of 34%. The remaining 2 million homes will be provided to the non-slum urban poor.
According to current estimates, the country’s urban population is around 414 million which is set to witness unprecedented growth in the coming years. By the year 2050, it is projected to reach 814 million people, an increase of nearly 400 million from current levels. Providing affordable housing, sanitation, infrastructure, and a safe environment for the well wishers of the country is the biggest challenge or we can say the government. Currently, housing development in cities is being led by private real estate developers who fix the cost of housing for areas and end consumers. This is the reason that real estate prices have skyrocketed in the last few decades and the common man is only seeing dreams of building a house.
Pradhan Mantri Awas Yojana – Urban (PMAY-U)
Under the scheme, the central grant was Rs. Urban poor beneficiaries of the scheme will be provided Rs 1 lakh to Rs 2.3 lakh. The grant will come as part of a 4% interest rate subsidy scheme for lower income groups. This means that LIG applicants who wanted to buy a home under the scheme can apply for a housing loan with an interest subsidy of up to 4% per cent for a term or up to 15 years.
The total benefits received by this loan subsidy will range from INR 1 to 2.3 lakhs for each applicant. The subsidy will be a major relief for home buyers as the home loan interest rates are currently estimated at around 8.5 percent. The Pradhan Mantri Awas Yojana (PMAY) ‘scheme will replace all previous government housing schemes like Rajiv Awas Yojana.
According to preliminary estimates, the mission of providing 2 crore houses to the urban poor has estimated that about 3 lakh crore rupees will be spent by the central government in the next 7 years. According to news reports, it took the government nearly a year to complete the operational guidelines of the scheme after a round of negotiations with the states and union territories.
PMAY is not the only scheme that will contribute to the development of housing in urban areas, there are other incentives and subsidies, under which state governments will be provided a grant of Rs 1 lakh per beneficiary for the development of housing projects in slum areas. .
Later, the government will also start affordable rental housing scheme on stage. The INR 6,000 crore initiative is to counter the spread of slums in urban areas. It was initially a part of the PMAY scheme, but was abandoned for unknown reasons.
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By the year 2015-20122, the following assistance will be provided to other implementing agencies through Urban Local Bodies (ULBs) and States / UTs:
- In-situ rehabilitation of existing slum dwellers using land as a resource through private participation.
- Credit Linked Subsidy.
- Affordable Housing in Partnership.
- Subsidy for beneficiary led individual house construction / enhancement.
Of the 4 components, the Credit Linked Subsidy component will be implemented as the Central Sector Scheme, while the other three components will be implemented as the Centrally Sponsored Scheme (CSS).
The entire urban area comprising 4041 statutory cities will be covered under the scheme with an initial focus on 500 Class I cities in three phases. The credit linked subsidy component of the scheme will be implemented in all the statutory cities across the country from the beginning.
- Phase 1: Under Phase One, housing units will be built in 100 cities selected in the period April 2015 to March 2017.
- Phase 2: The next phase will cover around 200 cities for housing development between April 2017 and March 2019.
- Phase 3: The final phase of the Pradhan Mantri Awas Yojana will be implemented in the remaining cities between April 2019 and March 2022.
The Government will give flexibility to the State / UT Governments to select the best component out of the four to meet the mission on time and to meet the housing demands. Construction and approval of housing projects under PMAY will be done by the States / UTs for faster implementation of the scheme.
A technology sub-mission has also been incorporated with PMAY which will work on building green building technology, building materials for modern and innovative housing structures. The sub-mission will also help states / UTs in deploying disaster resistant and environmentally friendly technologies besides facilitating appropriate layout design and construction plans.
How to apply for Pradhan Mantri Awas Yojana
Online applications are being invited through the Pradhan Mantri Awas Yojana’s official website pmaymis.gov.in and through the Common Service Centers. Interested candidates can apply for the Pradhan Mantri Awas Yojana by any means online, however they will be selected on the basis of the scheme beneficiary. SECC-2011 date After proper verification of the candidate’s data by the Gram Panchayat.
Complete process to apply for PMAY Urban
Through the official website: pmaymis.gov.in
Through CSC: Apply online for PMAY-U through CSC
READ IN HINDI: How to apply for Pradhan Mantri Awas Yojana online – complete information
List of cities under PMAY-U
Out of 34 states and union territories, 3888 cities have been selected to be covered under Pradhan Mantri Awas Yojana Urban, out of which 666, higher cities are Tamil Nadu alone. Uttar Pradesh comes second in the number of 628 cities that fall under PMAY. View full List of cities under PMAY Which will be covered for affordable housing benefits.
Pradhan Mantri Awas Yojana Loan 2017
The interest subsidy for the Pradhan Mantri Awas Yojana has been revised and the government is now providing a subsidy of 4% on loans up to Rs. 9 lakhs and up to 3% on loans up to Rs. 12 lakhs for a maximum tenure of 15 years.
Full details of PMAY Home Loan Scheme 2017, subsidy and interest rates are available at the link given below.
Pradhan Mantri Awas Yojana Home Loan Interest Rates / Subsidy 2017.
Pradhan Mantri Awas Yojana Guidelines
Detailed guidelines of PMAY-U can be downloaded from the official website of PM Awas Yojana from the link given below.
For more information about the scheme, please visit the official website pmaymis.gov.in.
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