Observing the increase in pauperism and homelessness in India, the Ministry of Housing and Urban Poverty Alleviation, in 2015, introduced an interest subsidy scheme called the Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana. This scheme is based on the idea of providing affordable housing to the urban poor section aims to ultimately eradicating homelessness by the year 2022. The scheme provides housing solutions for the purpose of purchase, construction, extension, improvement of a home and caters to the: Economical Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG), driven by the projected growth of urbanization and consequent housing demands of India.
In order to ideally cater the needs of the people of India, the scheme is timely updated with necessary additions. Some of those are listed down below:
- As the housing scheme is moving at a slow pace, allotting surplus funds is likely to help it achieve its agreed goals. The Pradhan Mantri Awas Yojana is expected to get a 50% increase in the upcoming budget allocation this year. The government plans to build more than two Crore houses in the urban and rural areas which will require this surge in the budget allocation.
- The PMAY scheme is classified into two components namely, rural and urban. The government plans to build 1 Crore new housing units by the end of March, 2019. A similar target is also set for urban housing units as well.
- To achieve its target, the Ministry of Rural Development is working along with the government of various states. Also, month-wise objectives have been set up to complete the construction of the houses.
We hope that this blog answered all your questions regarding the recent updates on Pradhan Mantri Awas Yojana. The mentioned points will be helpful in making an informed decision in case you plan to apply for this highly beneficial scheme.
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