Through this mission, the Government of India aims at building affordable houses which will be built in selected cities and different towns using eco-friendly construction methods for the urban poor population of India. Also, through the Credit Linked Subsidy Scheme, the beneficiaries under PMAY will be eligible for interest subsidy if they opt for a loan to purchase or construct a home. Through the Pradhan Mantri Awas Yojana the customers get a subsidy interest rate at 6.5% on housing loan for the term of 15 years to all the beneficiaries. The construction of all the houses are done with sustainable and eco-friendly technologies. This scheme will cover entire urban areas in the country that will include 4041 statutory towns with the first priority that is given to 500 class 1 cities. This will be done in 3 phases. The credit linked subsidy aspect of the PMAY will get implemented in India in all the statutory towns from their initial stages itself. The Pradhan Mantri Awas Yojana is in partnership with public and private sectors and it will cover basic civic amenities such as water, road, sanitation, electricity and basic hygiene considerations. For the credit-linked subsidy and beneficiary led house, the care for the basic civic amenities will be provided by the urban local body.
The Pradhan Mantri Awas Yojana is a mission that was introduced in the year 2015 by the Government of India. Pradhan Mantri Awas Yojana is an initiative that is provided with the aim to provide affordable housing to the urban poor and tackle the problem of homelessness in the country with affordable housing and good facilities. The goal of this initiative is to provide affordable housing to the ones who cannot afford housing by the year 2022. The PMAY initiative aims at assisting the groups who cannot afford good housing facilities and provide them with good housing facilities. The mission of the PMAY scheme is to build 2 crore houses targeting all eligible poor families and beneficiaries across all states and union territories. The states and the union territories have been given the liberty to formalize and execute the scheme as per the guidelines of the mission.
4 reasons why Pradhan Mantri Awas Yojana was introduced:
The PMAY mission was launched with the aim of providing affordable housing solutions for the individuals who do not have the finances to afford them. Through the Pradhan Mantri Awas Yojana individuals will be able to afford good houses with far better facilities. Thus, through the PMAY scheme the poorer sections of the urban india can live under a roof of their own.
One of the main objectives of the Pradhan Mantri Awas Yojana mission is to provide financial assistance to the people who cannot afford the entire cost of building a residential property or who cannot buy a flat of their own.
To offer housing solutions to the economically weaker sections of the society.
- To bring both public and private sector together in an attempt to improve the fate of the nation’s urban poor population.