Pradhan Mantri Awas Yojana 2024
Pradhan Mantri Awas Yojana (PMAY) 2024 continues its venture to provide low priced housing for all with the aid of 2022, now extending efforts to make certain housing for extra beneficiaries. This initiative specializes in economically weaker sections, low-profits agencies, and middle-profits agencies, providing interest subsidies on domestic loans. The scheme consists of each city and rural components, selling sustainable and inclusive urbanization. Under PMAY 2024, the authorities aims to decorate housing first-class, accessibility, and affordability, riding towards the vision of 'Housing for All' with progressed residing standards throughout India.
Pradhan Mantri Awas Yojana 2024 is a credit-linked subsidy scheme by the Indian Government of India. It offers affordable housing to low and moderate-income residents of the country. It has a target of building 2 Crore or 20 Million affordable houses by 31st March 2022. They are:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
For rural areas, it is (PMAY –G or PMAY –R) PM Awas Yojana Gramin
The former is administered by the Ministry of Housing and Urban Affairs and later by the Ministry of Rural Development.
The scheme converges with others to ensure that there are toilets within houses. Saubhagya scheme for universal electricity connection and with access to drinking water and also with Jan Dhan baking facilities.
Ministry of Rural Development
Pradhan Mantri Awas Yojana Urban (PMAY-U) :
PMAY – U focuses on providing affordable houses to all eligible families. It is for beneficiaries who do not get pucca houses in cities and towns. All houses are under PMAY –U will get basic amenities such as a kitchen, water supply, electricity, and toilet.
This scheme promotes women's empowerment by providing house and land ownership in the name of female members or with joint names. Under this scheme, preferences are for senior citizens, SCs STs, OBCs, single women, transgender, minorities other weaker and vulnerable sections of society, I August 2022, the Union Cabinet approved a combination of PMAY-U that is up to 31st December 2024. As of July 15, 24, the total number of PMAY Yojana is sanctioned for 118.64 lakh houses. 84.7 lakh houses have been completed under this scheme.
Gramin Pradhan Mantri Awas Yojana:
Gramin Pradhan Mantri Awas Yojana provides pucca houses for all households. It is for those who live in kutcha houses and with people living in rural areas. The scheme combines with various other government schemes to provide basic amenities for houses. Some of them are electricity, clean and efficient cooking fuel, and drinking water. It has toilets, liquid and solid waste treatment, etc.
Under this scheme cost of unit, assistance gets shared between Central and State Governments. It is with a ratio of 60:40 in plain areas and 90:10 for North-Eastern states. Uttarakhand, Himachal Pradesh, Jammu, and Kashmir. As of 15 July 2024, there are 2 Crore 94 lakh houses have been sanctioned. 2 Crore 63 lakh houses are sanctioned under the scheme.
Benefits of PM Awas Yojana:
House: Beneficiaries get their own house with a minimum size of 25 sq m under PMAY-G. The beneficiaries may get own house of 30 sq m to 200 sq m carpet area. It depends on their category as EWS, MIG or LIG.
Assistance: The benefits under PMAY-G receive the assistance of Rs 12,000 for the construction of a toilet from the Swach Bharat Mission (G). They also receive a unit assistance of Rs 1.20 Lakh in plain area. In hill states of Ladakh, Jammu and Kashmir, North Eastern States, difficult areas and IAP/ worst affected Left-Wing Extremism (LWE) districts. The beneficiaries under the PMAY-U get Central assistance of Rs 1.5 lakh per EWS House.
Land ownership: The government provides government land or any other land (public land) for landless persons to construct houses under PMAY.
Women empowerment: The houses or land will be allotted with the name of a woman member or jointly with husbands, or wives of the household. It adds to empowering women in the country.
Interest subsidy: Beneficiaries of PMAY get interest subsidies with housing loans for the acquisition of new construction houses from primary lending institutions or PLIs.
Improved socio-economic status: the houses provided for homeless families will improve their socio-economic status and also with improvement of life’s quality. A house with all amenities leads to better health facilities, education, and overall well-being.
Reduction in slums: The PMAY-U will help reduce slums in towns and cities that also provide slum dwellers with pucca houses. It helps to bring slum dwellers to formal urban settlement areas.
Direct transfer: the financial assistance under the scheme is transferred to beneficiaries electronically to Bank or post office accounts that is linked to aadhaar. It reduces the chances of fraud and allows beneficiaries to receive funds.
Components of PM Awas Yojana: It comes with 4 major components.
In-site redevelopments: of slums that use the land as a resource with the participation of the private sector. The mission aims to leverage the potential and also get under slum areas by providing formal urban establishments to underprivileged and slum-dwellers.
Credit Linked subsidy: Under this scheme, the Government also provides an interest subsidy of 6.5% on housing loans for 15 years from the start of the loan. It makes housing affordable with net present value (NPV) or the interest subsidy. It gets calculated at a discount rate of 9%. The loan amount of Rs 6 lakhs is applicable with a credit-linked subsidy towards beneficiaries' accounts. It results in reduced EMI and a reduction in the housing loan amount.
Affordable Housing in Partnership: In partnership with the Public and private sector affordable housing provides economically weaker sections. The States or UTs either get with different industries can plan affordable housing projects.
Beneficiary-led house construction: Within this component, the beneficiaries are unable to avail advantages of the above three components. The mission assists families of the EWS category. It helps with constructing new houses and enhancing existing houses on their own to cover beneficiaries.
The families get financial assistance of Rs 1.50 lakh for reconstruction and re-development of houses. Any existing houses which needs to be reconstructed or new under-construction of houses are develop with it. The houses are made with eco-friendly techniques. The preferences are given to disabled people or old age with allotment of ground floors.
Who is eligible for the Pradhan Mantri Awas Yojana?
The following person can apply with PMAY-Urban
It is with 3 components for the economically weaker sections including the low-income group or LIG. MIG and EWS. These groups are considered beneficiaries of housing for all schemes. EWS has an annual income cap of three lakhs, LIG has a cap of Rs three lakh to six lakhs. MIGs get a cap from six lakh rupees to 18 lakh rupees. If you are within this eligibility area you can apply.
Slum dwellers: These include people who live in poorly built residences that are unhygienic, and unhealthy with poor sanitation facilities and drinking water.
Also Read :
These people can apply for PMAY-Gramin:
All those who are houseless or householders live in zero, one or two-room kutcha houses, kutcha walls, or kutcha roofs. It is defined as per SECC and Socio-economic and caste Census data. The following households can apply for this scheme:
Living within pucca houses
Having a motor as two-three or four wheelers.
Holds a Kisan credit card with a limit of Rs 50,000 and above.
Have mechanized three or four-wheeler agriculture equipment
Any member of the household as an employee
Has a non-agricultural enterprise registered with the Government
Pays professional tax or income tax
Either owns a refrigerator or a landline phone. It has 2.5 acres with irrigated land or 5 acres or more with irrigated land for two or more seasons. One irrigation equipment includes 7.5 acres of land or more.
Who are real-time beneficiaries of PM Awas Yojana:
The following are beneficiaries of PMAY-Urban
Labor and poor urban, industrial workers, and migrants that belong to EWS or LIG segments
SC or ST. OBCs are minorities that belong to LIG or EWS segments.
Widows belonging to EWS/LIG segments.
