Pradhan Mantri Awas Yojana (PMAY) – General Studies [ Detailed Analysis - Economics ]
A primary needs are food, shelter and clothes. Having a roof on head ensures a sense of security. Pradhan Mantri Awas Yojana is a social welfare program, started by Indian government on June 25, 2015. It was previously known as “Housing for all scheme”.
Classification of Program
- This program is targeted to complete in 2022.
- 2 crore homes in a period of 7 years.
- Reduction in EMI (equated monthly statement)
- For all LIG (low income groups) and EWS(economically weaker sections)
- Affordable houses for every Indian resident.
Blue Print of Program
The PMAY is divided into 3 phases and they would take place simultaneously.
The PMAY phase 1 started on April 2015. 100 cities are targeted under this provision and these 100 cities would be the 1st to enjoy the benefit of this scheme.
The phase 2 would last from April 2017 to March 2019 and 200 cities would be developed during this time.
The phase 3 would start from April 2019 to March 2022 and during this left over cities would be covered and developed.
Features of the Program
- A subsidy on loan interest will be granted to people from LIG and EWS segments of urban population. This would allow people to buy a house under PMAY scheme. The subsidy will range between 1 lakh and 2.30 lakh.
- Female members would be preferred for the allotment of houses under this scheme. This, this scheme would also be a pro- women scheme.
- The houses would be developed with eco-friendly technology. In addition, all the measures would be taken to build a strong house.
- The ground floor would be reserved for physically disabled persons and for the people of old age.
Disadvantages of PMAY Carpet Area Limitation
- According to PMAY scheme, there would be limited Carpet area for economically backward class, that of 323 sq.ft. while, lower income group would get 700 sq.ft. of total area.
- There is certain limit to repay the loan. If the loan is 6 lakh or less then repayment term would be 15 years but if the loan is more than 6 lakh then limit to repay the loan would be less than 15 years.
- According to the scheme government has set limit of 6 lakhs rupees loan to get the subsidy that means the interest subsidy will be given to the loan amount of 6 lakh only.
- Published on: September 22, 2016
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