Earlier this week, Centre approved the construction of over two lakh houses in six states across the country under its flagship housing for all scheme- Pradhan Mantri Awas Yojana (PMAY). The proposed target of 2,15,083 housing units will take the total count of houses funded under the scheme to 62,53,731. This year marked the four years of the scheme, and as per the media reports the government is short of its proposed target.
According to the scheme, the Modi government promised to construct as many as one crore houses in the urban areas. However, the data revealed by housing and urban affairs ministry revealed that the government has only been able to achieve 15% of the set targets.
Let’s understand what is PMAY all about.
Pradhan Mantri Awas Yojana or PMAY is a credit linked subsidy scheme launched by India’s Prime Minister Narendra Modi in 2015. The programme provides housing loans at cheap rates so that even the economically weaker section of society has a roof over their heads.
PMAY looks to provide an affordable solution for housing to all economically challenged families in India. The initiative’s goal is to ensure that every family in India has a house by 2022. PMAY scheme is targeted toward Economically Weaker Section (EWS), Low Income Group (LIG) and Middle-Income Group 1 and Middle-Income Group 2 (MIG).
The financial help is offered for the purchase of a new property or a resale. In some cases, the subsidy is also applicable for loans on construction of a house. If you already own a house and want to improve or extend it, you can apply for a PMAY. For instance, if you want to improve the condition of your kitchen, bathrooms or rooms, you can seek a PMAY subsidy on your loans.
Several documents are required for the application of the scheme:
If the government manages to meet the proposed targets by 2022, then many people in the country will own their houses.