Generally, people thinks that anyone can not avail the benefits of Pradhan Mantri Awas Yojana (PMAY) if he have a house. But it is not right. If you have a house and because of the increase in the number of family members, you can also take a loan under Pradhan Mantri Awas Yojana for the expansion of the house, in this way you will get interest subsidy and you will get the benefit of 2 to 3 lakh rupees. That means saving you so much money in building a house.
The Central government has issued an advisory to the general public after a spate of cases were reported of potential buyers being cheated by fraudsters who took money from them for affordable homes under the Pradhan Mantri Awas Yojana (PMAY) under the pretext of registration. The union housing and urban poverty alleviation ministry has appealed that the general public should not pay any money to any private company or individual for registering in order to buy affordable homes under PM Awas Yojana.
After the initiation of the National Housing Policy and establishment of the National Housing Bank in the 80s, numerous housing programmes for the underprivileged have been initiated by the governments both at the Centre and in the States. Many of the schemes were visionary and yet the targets seldom saw the finishing line.
Pradhan Mantri Awas Yojana
The Central Government of India has made some changes to its ambitious scheme Pradhan Mantri Awas Yojana (PMAY). Now the people living in mud houses or kuchha houses can avail the benefits of the scheme because some changes has been made in the rules of the Pradhan Mantri Awas Yojana
PM Awas Yojana Credit Linked Subsidy Scheme
The PM Awas Yojana Credit Linked Subsidy Scheme provides subsidy on home loans for EWS and LIG categories under Pradhan Mantri Awas Yojana. The scheme was announced by our Honourable Prime Minister Narendra Modi and envisages the vision of housing for all by the year 2022.
PM Awas Yojana – HFA
According to a report, the pure-play affordable housing finance companies are poised to grow at a CAGR of 40 percent over the next four years, mainly on the back of the initiatives taken by the government to give a boost to the sector under its housing for all by 2022 program.
PMAY Credit Linked Subsidy Scheme (CLSS)
PM Awas Yojana (Urban), an ambitious program of the Indian Government is providing subsidy on home loans to Middle Income Group (MIG) other than Economically Weaker Section (EWS) & Low Income Groups (LIG) under the Credit Linked Subsidy Scheme (CLSS). Under CLSS for MIG, housing loan subsidy of up to Rs. 2.30 Lakh is being provided on home loans taken in 2017 by the people belonging to MIG Section of the society.
The Central Government has sanctioned construction of one lakh more affordable housing units for the urban poor under the Central Government’s ambitious initiative ‘PM Awas Yojana’. It will invest Rs 4,200 crore on this.