Affordable Housing development under (PMAY)-2017 scheme is an attempt to boost the demand for houses in the affordable and middle income category, the government has announced an interest subvention for home loans taken under the Pradhan Mantri Awas Yojana (PMAY) in 2017. Prime Minister Narendra Modi, doubled the quantum of loan amount eligible for interest benefits under this scheme.
When the ‘Housing For All’ scheme was launched in 2015, beneficiaries were offered an interest subsidy at the rate of 6.5 percent, for a loan of upto 6 lakhs. The scope of scheme has now been revised. Henceforth, borrowers will be offered an interest subvention of 4% on loans of upto 12 lakhs.
Four Modes of Implementation :
1.In-situ / Slum Re-Development
2.Credit Linked Subsidy Scheme (CLSS)
3.Affordable Housing in Partnership (AHP)
4.Beneficiary Led Construction (BLC)
The beneficiaries for PMAY Urban Poor including slum dwellers (A slum is a compact area of at least 300 people or about 60 – 70 households, poorly built and people living in un-hygienic surroundings with poor infrastructure and no proper sanitary and drinking water facilities)
The Economically Weaker Section (EWS) and Low-Income Groups (LIGs)
The annual income cap is up to Rs 3 Lakh for EWS and Rs 3-6 Lakh for LIG. (need to submit certificates/affidavit as proof of income)
Now extended to MIG-1 & MIG-2 (Middle Income Groups) (Rs 6-12Lakh & Rs 12-18 Lakh)
A recipient family should include husband, wife, unmarried sons and/or unmarried daughters.