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    Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme)

    This is a particular scheme by the Indian Government that takes limelight to make it better for homeless people in India.

    Some of the main facts that one should be aware of, is that the slum or homeless populations are growing at 34% and are expected to reach a whopping 18 million soon. Also, there are 2 million non-slum poor in urban cities that also need a home. Our PM Shri Narendra Modi has come up with the Pradhan Mantri Awas Yojana, which is a housing project for the 20 million people we just discussed earlier.

    If this scheme does work, it would at least help to reduce India's major contribution with one of the highest homeless populations in the World. Also it is essential to understand the different plans for rural and urban PMAY which improves the quality of life for urban people, regardless of their income groups

    Latest Updates on Pradhan Mantri Awas Yojana Scheme

    Central Government Extends Last Date To Avail Interest Subsidy For MIG To March 2019 On Home Loans Offered Under Pradhan Mantri Awas Yojana

    The Central Government of India recently announced that the validity of interest subsidy benefit for home loans under the Pradhan Mantri Awas Yojana is extended till March 2019 for Middle Income Group(MIG) beneficiaries. The subsidy benefit is about Rs.2.60 Lakh.

    In an APREA-NAREDCO summit, The Secretary of Housing and Urban Affairs, Durga Shankar Mishra, stated that this extension was given so that Middle Income Group beneficiaries have enough time to avail this interest subsidy. She further stated that they are doing everything they can to remove the obstacles which are adversely affecting housing construction activities and to meet the Housing For All target ny 2022. 

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    Aim of PMAY Housing Scheme for All By 2022:

    Under the Pradhan Mantri Awas Yojana (PMAY), the main proposal was to constrict 20 million homes for the those people belonging to the Low Income Families and Economically Weaker Sections in the identified urban and semi urban areas by 2022. The central government has already pushed the subsidy of INR 2 lakh crores for this. Housing for all 2022 has mainly four categories, which are:

    • Building and/ or enhancing the houses led by legatees
    • Reasonable housing via Credit Linked Grant
    • In-situ Slum Redevelopment with private sector participation using land as resource
    • Affordable housing in association with private and government funding

    As per these components, government aid will be an amount between INR 1 lakh and INR 2.30 lakhs based on the beneficiary's eligibility.

    Beneficiary of PMAY:

    The beneficiary of this scheme is defined as the following:

    • A family unit that includes a husband, a wife and children who are yet to be married.
    • He/she/they must not own a constructed house in the Indian subcontinent to avail this scheme.
    • He/she/they should be meeting the income requirements of the scheme.
    • Income Requirements of the Beneficiary for PMAY: The economically weaker sections consist of families with a yearly income of less than 3 lakhs. People who belong to annual income group of Rs. 3 lakhs and up to Rs. 6 lakhs will fall under lower income groups or LIG.

    Highlights of the Pradhan Mantri Awas Yojana (PMAY)

    Scheme Pradhan Mantri Awas Yojana
    Brief introduction about Pradhan Mantri Awas Yojana The Pradhan Mantri Awas Yojana aims to provide cost effective housing solutions for the economically weaker sections of the society. The objective is construct 2 crore houses across the country by 2022.
    Objective Affordable housing for all
    Target group Those who belong to the economically weaker sections of society and low income groups
    Areas where homes will be constructed Urban areas
    Launched by Prime Minister Narendra Modi
    Number of phases Three
    Date of launch June 25,2015
    Features
    • The scheme is mainly targeted at the urban poor in India
    • There will be no caste based discrimination while providing loans under this scheme
    • Facility will be available to scheduled castes and scheduled tribes
    Subsidy range Between Rs.1 lakh and Rs.2.30 lakh
    Eligibility criteria
    • Age - 70 years or lesser
    • Income range - less than Rs.3 lakh for economically weaker sections & between Rs.3 to 6 lakh for lower income groups
    Interest rate 6.5%

    Benefits and Basic Features About Urban PMAY

    • Subsidy interest rate is provided at 6.5% on housing loan for the term of 15 years to all the beneficiaries.
    • Differently abled and senior citizens get preference in allocation of ground floors under this scheme.
    • Sustainable and eco-friendly technologies would be used for construction.
    • The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
    • The credit linked subsidy aspect of the PMAY scheme gets implemented in India in all statutory towns from the initial stages itself.

    Objectives of the PMAY Scheme:

    Based on recent estimates, as of September 2016, the population of the urban dwellers in India increased at an alarming rate and is expected to see a greater rate of growth in the following years. It is said that by 2050, urban dwelling population will rise to 814 million people. The calculation predicted is almost twice the number that already reside in urban areas. The major challenges also include providing people with housing options that are affordable and other major related concerns such as sanitation along with sustainable development. The Ministry also has to ensure a sustainable and safe environment for the urban population.

    1. The main objective of the Pradhan Mantri Awas Yojana is housing that is affordable for all by the year 2022.
    2. It also intends to make it accessible to demographics that are specific such as economically challenged groups, women along people belonging to minorities such as Scheduled Castes and Scheduled Tribes.
    3. The Government's other goal is directly in association with some of the most ignored demographics which include widows, lower income group members, transgender and henceforth provide them with sustainable and affordable housing scheme.
    4. Special preferences for ground floor properties will be given to differently abled and senior citizens if required.
    5. Registration is mandatory to avail the benefits of this scheme which includes the strict beneficiary names to be mothers or wives.

    This scheme launch is intended to target urban areas of the following options to States or Union Territories as well as cities as mention earlier.

    Three Phases of Pradhan Mantri Awas Yojana (PMAY) Scheme

    The Pradhan Mantri Awas Yojana will be executed in three phases. Refer to the below tables for more details:

    Phase 1

    Start date April 2015
    End date March 2017
    Cities covered 100

    Phase 2

    Start date April 2017
    End date March 2019
    Cities covered 200

    Phase 3

    Start date April 2019
    End date March 2022
    Cities covered Remaining cities

    Eligibility of Beneficiaries for PMAY (Gramin)

    The Socio Economic and Caste Census of 2011 (SECC 2011) is going to be utilized to identify and select the list of beneficiaries under the Gramin plan of the PMAY.

    The village panchayats along with tehsils will be considered for consultation of beneficiaries before making the list under the rural housing scheme. This is going to be done in order to ensure transparency of the project and also make sure that only the deserving receive the aid in housing.

    Eligibility for the Pradhan Mantri Awas Yojana (Urban)

    The following demographics are eligible for the scheme:

    1. Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
    2. People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply.
    3. Scheduled tribes and castes will also be eligible.
    4. Senior citizens and differently abled will be given special priorities for ground floor housing.

    How to Apply Pradhan Mantri Awas Yojana

    Simply check whether you are eligible under the scheme and apply by completing the following instructions:

    1. First visit the PMAY official website: http://pmaymis.gov.in/
    2. Find the "Citizen Assessment" option from header menu section
    3. Enter your Aadhaar card number
    4. After this it will be landing you to the application page, make sure all the information filled are accurate.
    5. Then download the application form and print the page
    6. Submit the form at your nearest CSC office centres and financial insituation/banks along with the required documents.

    PMAY Home Loan Interest Rate:

    Home loan interest rate is around 9% at present. So, if 4% interest subsidy on a loan of up to Rs.9 Lakhs is applied, then the E.I.R (Effective Interest Rate) would be 5%, which will benefit the borrowers.

    Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme

    Eligibility Income Range Carpet Area Rate of Interest Subsidy Amount
    Economically weaker sections Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh
    Lower Income groups Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh

    Pradhan Mantri Awas Yojana EMI Calculator

    Pradhan Mantri Awas Yojana scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest. The rate of interest is comparatively much lesser than commercial rates, thus offering people subsidised loans.

    To calculate the EMI log on to the Pradhan Mantri Awas Yojana website and fill in the following details: http://pmaymis.gov.in/EMI_Calculator.aspx

    • The total loan amount in rupees
    • The rate of interest
    • The total loan period in months

    Once the following details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.

    PMAY Functions of Technology Sub-Mission:

    Pradhan Mantri Awas Yojna Technology Sub Mission will cover following:

    • Better Habitat Designing & Planning of the Buildings
    • Planning to Develope Environment Friendly Houses
    • Best Construction Practices
    • Arranging the Most Innovative Technologies
    • Picking the Most Suitable Materials

    How Does PMAY Work Through the Borrow's Bank:

    The bank from where the individual is taking the loan will claim the subsidy benefit for the eligible applicants from the National Housing Bank (NHB). The National Housing Bank will then check to investigate whether anyone is making multiple applications under the scheme. Once confirmed, the CLSS or subsidy amount will be given to the borrower's Bank. Once the amount is received, the money would be credited directly to the Loan Account.

    Housing Finance Companies Under PMAY

    IKF Housing Finance Private Limited
    Ummeed Housing Finance Private Limited
    West End Housing Finance Limited
    Viva Home Finance Ltd.
    Vastu Housing Finance Corporation Ltd
    USB Housing Finance Corporation Ltd
    Tata Capital Housing Finance Ltd.
    Swarna Pragati Housing Microfinance Private Limited
    Swagat Housing Finance Company Ltd.
    Supreme Housing Finance Limited
    Sundaram BNP Paribas Home Finance Ltd.
    SRG Housing Finance Ltd.
    Shubham Housing Development Finance Company Pvt. Ltd.
    Shriram Housing Finance Ltd.
    SEWA Grih Rin Ltd.
    Saral Home Finance Ltd.
    Sahara Housing Finance Corporation Ltd
    Repco Home Finance Ltd.
    Religare Housing Development Finance Corporation Ltd.
    Reliance Home Finance Ltd.
    RAAS Housing Finance (India) Ltd.
    PNB Housing Finance Ltd.
    Panthoibi Housing Finance Company Ltd.
    Orange City Housing Finance Ltd.
    North East Region Housing Finance Ltd.
    Nivera Home Finance Ltd
    New Habitat Housing Finance and Development Ltd.
    National Trust Housing Finance Ltd.
    Muthoot Housing Finance Company Ltd.
    Muthoot Homefin Ltd.
    Micro Housing Finance Corporation Ltd
    Mentor Home Loans India Ltd.
    MAS Rural Housing and Mortgage Finance Ltd.
    Manappuram Home Finance Pvt. Ltd.
    Manipal Housing Finance Syndicate Ltd.
    Mamata Housing Finance Company Pvt. Ltd.
    Mahindra Rural Housing Finance Ltd.
    Magma Housing Finance
    LIC Housing Finance Ltd.
    L&T Housing Finance Ltd.
    Khush Housing Finance Ltd.
    India Shelter Finance Corporation Ltd.
    India Infoline Housing Finance Ltd.
    India Home Loan Ltd.
    India Bulls Housing Finance Ltd.
    ICICI Home Finance Company Ltd.
    Housing Development Finance Corporation Ltd.
    Housing and Development Corporation Limited
    Home First Finance Company Ltd.
    Hinduja Housing Finance Limited
    HBN Housing Finance Ltd.
    Habitat Microbuild India Housing Finance Company Pvt. Ltd.
    GRUH Finance Ltd.
    GIC Housing Finance Ltd
    Fullerton Home Finance Company Ltd
    Fast Track Housing Finance Company Ltd.
    Equitas Housing Finance Pvt. Ltd.
    Edelweiss Housing Finance Pvt. Ltd
    DMI Housing Finance Pvt. Ltd.
    DHFL Vyasa Housing Finance Ltd
    Dewan Housing Finance Corporation Ltd.
    Cent Bank Home Finance Ltd.
    Capri Global Housing Finance Private Limited
    Capital First Home Finance Ltd.
    Can Fin Homes Ltd.
    AU Housing Finance Ltd.
    Aspire Home Finance Corporation Ltd.
    Aptus Value Finance Corporation Ltd.
    Aptus Value Housing Finance India Ltd.
    Akme Star Housing Finance Ltd.
    Aditya Birla Housing Finance Ltd.
    Aadhar Housing Finance Ltd.
    Vijaya Bank
    Central Bank of India
    State Bank of Patiala
    United Bank of India
    UCO Bank
    Syndicate Bank
    State Bank of Travancore
    State Bank of Mysore
    State Bank of Hyderabad
    State Bank of Bikaner & Jaipur
    Punjab National Bank
    Punjab & Sind Bank
    Oriental bank of Commerce
    Indian Overseas Bank
    Indian Bank
    Dena Bank
    Corporation Bank
    Canara Bank
    Bhartiya Mahila Bank Ltd.
    Bank of Maharashtra
    Bank of India
    Bank of Baroda
    Andhra Bank
    Allahabad Bank
    South Indian Bank Ltd.
    Nainital Bank Ltd.
    Lakshmi Vilas Bank
    J & K Bank
    Dhanlaxmi Bank Ltd
    City Union Bank
    Yes Bank
    The Federal Bank Ltd.
    Catholic Syrian Bank
    Tamilnad mercantile Bank Ltd
    Karur Vysya Bank Ltd.
    Karnataka Bank Ltd.
    ICICI bank Ltd.
    DCB Bank Ltd.
    Axis bank Ltd.
    Ellaquai Dehati bank
    Purvanchal Bank
    Vanachal Gramin Bank
    Uttarbanag Kshetriya Gramin Bank
    Telangana Grameena Bank
    Satlij Gramin Bank
    Sarva UP Gramin Bank
    Rajasthan Marudhara Gramin Bank
    Meghalaya Rural Bank
    Jharkhand Gramin Bank
    J& K Grameen Bank
    Bihar Gramin Bank
    Baroda Rajasthan Kshetriya Gramin Bank
    Bangiya Gramin Vikas Bank
    Chaitanya Godavari Grameena Bank
    Central Godavari Grameena Bank
    Sarva Haryana Gramin Bank
    Kaveri Grameena Bank
    Punjab GRamin Bank
    Baroda Uttar Pradesh Gramin Bank
    Gramin Bank of Aryavart
    Prathama Bank
    Uttar Bihar Gramin Bank
    Pandyan Grama Bank
    Kashi Gomti Samyut Bank
    Odisha Gramiya Bank
    Madhyanchal Gramin Bank
    Tripura Gramin Bank
    Chhattisgarh Rajya Gramin Bank
    Utal Grameen Bank
    Saurashtra Gramin Bank
    Pragathi Krishna Gramin Bank
    Narmada Jhabua Gramin
    Nagaland Rural Bank
    Mizoram Rural Bank
    Manipur Rural Bank
    Maharashtra Gramin Bank
    Madhya Bihar Gramin Bank
    Langpi Dehangi Rural Bank
    Kerala Gramin Bank
    Karnataka Vikas Grameena Bank
    Dena Gujarat Gramin Bank
    Baroda Gujrat Gramin bank
    Assam Gramin Bank
    Arunachal Pradesh Rural Bank
    Andhra Pradesh Grameena Vikas Bank
    Allahabad UP Gramin Bank
    Janta Sahakari Bank Ltd
    The Punjab State Cooperative Bank Ltd.
    Uttarakhand State Cooperative Bank Ltd.
    Shree Panchganag Nagari Sahakari Bank Ltd.
    Kerala State Co-Operative Bank Ltd.
    Karad Urban Co-operative Bank Ltd.
    Meghalaya Co-Operative Apex Bank Ltd
    Sangli Urban Co-Operative Bank Ltd.
    The Surat People’s Cooperative Bank Ltd.
    The Goa State Co-Operative Bank Ltd.
    Sikkim State Co-Operative Bank Ltd.
    Shikshak Sahakari Bank Ltd.
    Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.
    Odisha State Cooperative Bank
    Nutan Nagarik Sahakari Bank Ltd.
    Mizoram Cooperative Apex Bank Ltd.
    Mehsana Urban Co-Operative Bank Ltd.
    Mahanagar Co-Operative Bank Ltd.
    Kalupur Commercial Co-operative Bank Ltd.
    Jharkhand State Co-Operative Bank Ltd.
    J&K State Cooperative Bank
    Cosmos Co-operative Urban Bank Ltd.
    Cosmos Co-operative Urban Bank Ltd.
    Chhattisgarh Rajya Sahakari Bank Maryadit
    Bihar State Co-operative Bank Ltd.
    Jalgaon Janata Sahakari Bank Ltd.
    Sarvodaya Commercial Co- operative Bank
    Citizen Credit Co-op Bank Limited
    The Nawangar Co-operative Bank Ltd.
    The Greater Bombay Co- operative Bank Ltd.
    The Bharat Co-operative Bank (Mumbai) Ltd.
    The West Bengal State Co- operative Bank Ltd.
    The Kalyan Janata Sahakari Bank Ltd.
    The Gujarat State Co-operative Bank Ltd
    The Ahmedabad Mercantile Co- operative Bank Ltd.
    Shri Mahila Sewa Sahakari Bank Ltd.
    Rajkot Nagarik Sahakari Bank Limited
    Punjab & Maharashtra Co- operative Bank Ltd
    Prime Co-operative Bank Ltd.
    Bombay Mercantile Co-operative Bank

    By careful assessment, contemplation and debate, the government has chosen a list of cities and towns from the following states.

    • Kerala: 15 urban and semi-urban regions
    • Telangana: 34 urban and semi-urban regions
    • Gujarat: 30 urban and semi-urban regions
    • Maharashtra: urban and semi-urban regions
    • Madhya Pradesh: 74 urban and semi-urban regions
    • Orissa: 42 urban and semi-urban regions
    • Chhattisgarh: 75 urban and semi-urban regions
    • Jharkhand: 15 urban and semi-urban regions
    • Rajasthan: 40 cities/towns
    • Jammu and Kashmir: 19 urban and semi-urban regions

    Pradhan Mantri Awas Yojana Toll Free Helpline Number

    In case of any queries relating to the application process, interest rates and any other scheme related queries, customers can contact the Pradhan Mantri Awas Yojana toll free helpline number:

    • 1800-11-6163 (Urban, HUDCO)
    • 1800-11-3388 (Urban,NHB)
    • 1800-11-3377 (Urban,NHB)
    • 1800-11-6446 (Gramin)

    Those facing any issues related to the application process can contact the above toll free numbers according to the locations.

    PMAY Loan Amount Doubled - 2017

    On 2nd January, 2017, Narendra Modi, the Prime Minister of India, doubled the loan amount under Pradhan Mantri Awas Yojana (PMAY) that is eligible for interest subsidy for urban areas.

    Updates:

    The government will now provide the following under this scheme:

    • Loans of up to Rs.12 lakhs with up to 4% interest subvention.
    • If people borrow up to Rs.2 Lakhs for the purpose of purchasing a new home or for housing extension in rural areas, then they will get 3% interest subvention.
    • If people borrow loan of up to Rs.9 Lakhs in 2017, they will get 4% interest subvention.
    • If people borrow loan of up to Rs.12 Lakhs in 2017, they will get 3% interest subvention.

    Apart from the above, the government will create 2 new middle income categories in urban areas under PMAY.

    FAQs on Pradhan Mantri Awas Yojana:

    You still may have some questions, regarding some terms that you may not be familiar with or some queries that you may have about. Here are some of these most commonly asked questions about PMAY and PMAY Gramin:

    1. If I am a woman can I apply for this scheme?

      Yes, this scheme gives priority to women who are running a family within the lower income groups. However, if your husband, father or any other family member that you reside with has applied, your application will be rejected.

    2. I am a senior citizen and fall under the local income groups? While the PMAY scheme seems financially viable, as an elderly person I would prefer a housing in the Ground Floor. What should I do?

      You simply need to apply as a senior citizen, since all senior citizens are provided the priority for having access to Ground floor housing. However, ensure that you apply early since the priorities among senior citizens for ground floor is also shared with differently able beneficiaries as well.

    3. What does one mean by DBT?

      People refer to Direct Benefit Transfer as DBT. This means that the beneficiaries will receive the funds they are expected to receive, in the form of installments, under the scheme, directly in their bank accounts, instead of having to go through random offices and banks. The funds allocated for the rural housing scheme under PMAY will also be sent off to the beneficiaries through direct fund transfer to the bank accounts of the listed and identified beneficiaries. Labour allocation and labour training for the Awas Yojana

    4. Why will the Government geo tag the properties under the PMAY housing project?

      The importance of transparency in the whole housing project is essential, right from the scheme rules and regulations being created to the basic requirement of sanitation being implemented in the housing. All of that must be followed, which requires geo tagging, to have all information available for parties involved, whenever needed. Geo tagging, basically means adding meta data to a photograph or map of your home located in the map. It also helps retain updated satellite imagery of the progress of the project. This helps to remotely monitor each unit, without having to be there in person.

    5. How long will the PMAY project last?

      The PMAY project is supposed to last until 2022. But, this is the date, which ensures that all the regions in India have beneficiaries, who can avail the scheme. The construction and ultimately the beneficiaries moving in may take longer.

    6. How Do I Find out whether my town or city is part of the first phase?

      Simply go online, and check for the list of cities in the the first Phase of the PLAY project.

    7. Transgenders are also a part of the Indian society. As a transgender can I apply?

      Transgenders often belong to low income groups and economically challenged groups. As long as they also cover all the other eligibility requirements, such as documentation or a single applicant from a family, this demographic will not be ignored by this scheme. However if you are not in the income groups required by the schemes, you will not be eligible for the scheme.

    8. What is the maximum annual income should I have to be eligible for PMAY?

      Your annual income should not be more than Rs. 6 lakhs. However, there are no lower limits for the PMAY income requirement.

    9. Why would sustainable and eco-friendly technologies be used for construction in the housing projects under the PMAY? Are they not making it more expensive that way?

      Eco-friendly projects do not mean that the PMAY constructions will make the ultimate housing price expensive. It only means that it will ensure that the environment is not harmed in anyway. It is essential to ensure that people in the future and that too in the near future do not perish due to environmental hazards, considering that global warming is a real phenomenon and is hitting our country, more than we realize.

    10. What is a Central Nodal Agency when we are talking about PMAY?

      These are basically nodal agencies that are identified by the Ministry or Government to function as bodies which implement Credit linked subsidy.

    11. What does one mean, by carpet area in lieu with Pradhan Mantri Awas Yojana?

      Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls

    12. How does the housing project ensure that there is enough labour for construction for the housing under the PMAY in rural regions?

      The Mahatma Gandhi National Rural Employment Guarantee Act enables the Government to hire enough labour for construction of homes under PMAY in the rural regions. The beneficiaries under the P M Awas Yojana will have access to unskilled labour for 90 days through MGNREGA. Already 30,000 masons have been trained for the purpose as of September 2016.

    13. What is FAR when it comes to PMAY?

      Let us take a look at the equation to quickly understand what FAR means:

      • Floor Area Ratio = Total covered area on all the floors x 100 divided by Plot area.
      • However, some cities or towns may have varied definitions. The definitions that have been promoted by the region will be considered under such conditions to remove any sort of confusion.
    14. What is Implementing Agencies and how are they different from Central Nodal Agencies (CNA)?

      These agencies comprise of any Urban Local Bodies, Housing Boards, Development Authorities, etc., unlike nodal agencies that have been picked by State Government or SLSMC for the purpose of implementing Housing for PMAY missions.

    15. What is TDR or Transfer of Development Rights?

      This term simply ensures the availability of a particular amount that is additional on the built up with respect to the surrendered or relinquished area of land which allows the owner to use an added built up area for himself/herself in some other land.

    16. Who is the scheme for?

      Anyone who belongs to the economically weaker section of the society and does not own a ‘pucca’ house

    17. Who is a beneficiary family?

      The individuals availing the benefit under the scheme are referred to as the beneficiary family

    18. Is the scheme for non-resident Indians?

      Yes

    19. Are there any further subsidies/discounts provided on this scheme?

      No

    20. What is the term of the loan?

      20 years to avail subsidy. If extended, subsidized rates will not be applicable

    21. Is it a must for a woman to own the property?

      Yes, it is so for lower income groups and economically weaker sections of society

    22. Can this be availed in rural areas?

      No. The scope of the scheme is limited to urban areas.

    News About Pradhan Mantri Awas Yojana

    • Pradhan Mantri Awas Yojana Boosting Home Buyers

      Under the Pradhan Mantri Awas Yojna, the government has recently extended the interest subsidy of approximately Rs. 2.6 lakh on home loans till March 2019. This has come up as a major boost to MIG beneficiaries.

      As reported by the senior officials of ministry of housing and urban affairs, nearly 54,000 homebuyers have availed the interest subsidy under the Credit Linked Subsidy Scheme (CLSS) as of now. Out of this, 2300 were from middle income group (MIG). This scheme is permissible to only those families where not a single member own a pucca house i.e. an all-weather dwelling structure in their name across India. While CLSS for MIG-1 is for constructing a house with a carpet area of 90 sq meters, MIG-11 is for building a house with a carpet area of 110 sq meters. The house must have basic civic infrastructure like sanitation, water, electricity, and others. The aim to offer the subsidy is to bolster government’s target of ‘Housing for All’ by 2022.

      19th October 2017

    • The Jaypee Fiasco may Derail Affordable Housing Plans

      After insolvency proceedings against Jaypee Infratech after defaulting an amount of Rs.526 crore, the government had lent a hand to home-buyers who filed their claim as creditors by amending the Insolvency Resolution Process for Corporate Persons Regulations, 2016. 

      Developers on the verge of bankruptcy have short-changed several home-buyers. In many cases, these buyers have paid 90% of the cost of the house but have not received possession documents.

      An estimated 10 lakh crore people have been looted off their money without having received possession of their house. This has caused a stir in the economy and caused the people to refrain from purchasing unfinished housing. This may very well impact the affordable housing plan set-up by the government a few years ago.

      11th October 2017

    • Global Expertise Invited by the Centre for Housing Scheme

      Companies across the globe will be invited by the Centre to showcase different construction techniques. The ones who get selected will be building affordable homes for the poorer sections of the society. This initiative is being taken under the PMAY or Pradhan Mantri Awas Yojana that targets at building ‘pucca’ houses by 2022 for the poor families.

      Currently, the shortage of homes in the urban areas stand at 1.2 crores. This data has been offered by D.S. Mishra, Secretary of Housing and Urban Affairs. He added that the organisations that will be selected to build the houses will do it in minimum time and at a minimum cost.

      6th October 2017

    • Income Subsidy Scheme for the Middle Income Group extended to March 2019

      The interest subsidy benefit on Home Loans of around Rs.2.60 lakh has been extended by the central government to March, 2019. The beneficiaries are from the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana that was rolled out a couple of years back. This extension has given the beneficiaries an additional 15 months from the earlier stipulated 1-year period that was bound to end this December.

      Durga Shanker Mishra, Secretary (Housing & Urban Affairs), said, “We are looking to extend all possible support to overcome the hurdles adversely impacting housing construction so as to meet the target of Housing for All by 2022.”

      26th September 2017

    • Just 8,000 Applications Received for the Allotted 11,000 LIG Flats

      The Delhi Development Authority (DDA), after allotting 11,000 flats for the lower income group (LIG), happened to receive only 8,000 applications. The cut-off date for the submissions is only 4 days away.

      The affordable housing scheme meant for the inhabitants of Delhi and the neighbouring metropolitan zones saw only 20,000 applications in total, as opposed to over 10 lakh applications that was received the last time the scheme was published in September 2014.

      The main objective of the affordable housing scheme was to deliver ‘pucca’ housing with electricity, toilets, water connection, and road connectivity for all the families in the urban area.

      While DDA removed the five-year lock-in period this time around and has maintained the same prices as that of the 2014 scheme, not many potential homebuyers are keen on applying. Even the house owners in prior schemes asserted that the maintenance and inferior quality of the houses are chief problems of the affordable housing scheme.

      20th September 2017

    • Pradhan Mantri Awas Yojana (Urban) to Approve 41,173 Additional Houses to UP

      Pradhan Mantri Awas Yojana (Urban), a much-needed central government’s scheme for affordable housing, has endorsed over 26 lakh houses with an anticipated spending of Rs 139,621 crore as per the official releases.

      The Ministry of Housing and Urban Affairs has recently taken a call to sanction 41,173 more houses to Uttar Pradesh, which is one among six states listed for additional approvals. Andhra Pradesh is far ahead of Maharashtra, Assam, Jharkhand and Gujarat with 120894 additional houses endorsed under the housing scheme.

      6th September 2017

    • Reserve Bank of India exhorts the states for a single window clearance of the affordable housing projects

      The Governor of Reserve Bank of India, Urjit Patel called for a single window for the clearance of the affordable housing projects. This step has been taken as several are stuck at the state government bodies.

      He added that the affordable home requires a better focus. It also comes with a multiplier impact on growth. The Government of India is aiming at housing for all by 2022 under the Pradhan Mantri Awas Yojana. The segment of affordable housing is booming with the Government’s push.

      21st August 2017

    • Yogi Adityanath to build 10 lakh households in 2017

      Yogi Adityanath is the Chief Minister of Uttar Pradesh. He stated that Government intends to offer shelter to all the people of Uttar Pradesh. He added that 10 lakh houses will be built by the State Government within a period of 1 year. This will be done under the Pradhan Mantri Awas Yojana. In UP, 48 lakh people do not have homes to stay. This initiative is being taken to reduce that number.

      Rajiv Pratap Rudy stated that the Central Government will ensure that employment opportunities increase in Uttar Pradesh in the next 5 years. This will happen via skill development of the people in UP. Yogi Adityanath added that 10 lakh people will be inducted in the skill development programme this year. In 5 years, the State Government of Uttar Pradesh aims at training 70 lakh youngsters.

      1st August 2017

    • Textile and beedi workers to profit from the affordable housing scheme

      Approximately, 30 thousand people working in textile and beedi factories will be benefited under the Pradhan Mantri Awas Yojana. As per reports, these people are going to be the first ones to enjoy the benefits under this scheme. The Pradhan Mantri Awas Yojana aims at building the houses that can be easily affordable for the people.

      Housing and Urban Affairs Ministry approved the project and offered an assistance of Rs.450 crore. The building proposition for these 30,000 affordable houses has been kept forward by the Raynagar Cooperative Housing Federation. The members of the federation include textile and beedi factory workers. The other members of this group come from the economically weaker sections of the society. This particular project will encounter an expenditure of Rs.1,811 crore. A funding of Rs.300 crore has been offered by the Maharashtra Government.

      31st July 2017

    • CLSS on housing loan under the MIG category has few takers

      Though the interest subsidy scheme on home loans was announced earlier this year, so far there are only 250 people who have availed the credit-linked subsidy scheme (CLSS) for the middle-income group (MIG). It was discovered in one of the recent reviews which has resulted in the government directing the National Housing Bank (NHB), the Housing and Urban Development Corporation Limited (HUDCO), and the public sector banks (PSBs) to promote CLSS on housing loan. The government is aiming at providing at least 2 lakh home loans under this initiative by end of this year.

      20th July 2017

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