The news in the channels is breaking in a way to reach to every individual that the bill to construct 2.15 Lakh houses under the PMAY scheme is approved.

Interesting facts about the Pradhan Mantri Awas Yogana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) is launched by the Prime Minister Narendra Modi in June 2015. The target of this launched scheme is to assure “Housing for all by 2022” which is a slogan of this scheme. The focused groups of this scheme are the EWS, LIG, MIG and MIG 2. The above-mentioned group is classified based on the level of income earned per annum. EWS are the Economically Weaker Sections whose income is within 3 Lakhs per annum, LIG are the Lower Income Groups whose income is with 3.01 to 6 Lakhs per annum, the MIG 1 are the Middle-Income Groups 1 whose income is with 6.01 to 12 Lakhs per annum and finally the MIG 2 are the Middle-Income Groups 2 whose income is with 12.01 to 18 Lakhs per annum.

Pradhan Mantri Awaas Yojana

            Whilst the above is the list of the divided categories based on the income yearly income levels, now let’s walk into the precise details of PMAY scheme which is offering subsidy. It offers a subsidy from1 Lakh to 2.67 Lakhs. LIG will get a subsidy of 2.67 Lakhs, MIG 1 will be offered with a subsidy of 2.35 Lakhs and for the MIG 2category will be offered with a subsidy of 2.30 Lakhs. The declared amount will be added to the beneficiary account by the government. Additionally, there is also certain per centage of interest rates. They are 6.5 %, 4% and 2% for the LIG, MIG 1 and MIG 2 respectively for a period of 20 years. And the bank’s interest rates are up to 9%.

Central government approved the bill for the construction of 2.15 Lakh houses

The central government approved the bill which was requested for the construction of 2.15 Lakh houses in 6 states by the year 2022under the scheme of Pradhan Mantri Awas Yojana (PMAY). The scheme is launched with passion in order to provide homes to the homeless in the six states by the deadline and can be sensed by its designed tagline which says “Housing for All”.

The important points of this approved scheme are:

Housing and Urban Affairs Ministry Secretary

  • The Housing and Urban Ministry Affairs passed a bill requesting for the construction of 2.15 Lakh houses for the poor under the scheme of Pradhan Mantri Awas Yojana (PMAY).
  • The Central Government approved the bill passed by the HUMA and also allowed for the construction of 2,15,083 houses across the country which will be funded by the PMAY scheme
  • Added with approved 2.15 Lakh houses, the total number of houses across the country would be approximately 62,53,731 houses.
  • The approved bill is specified for homeless, needy and the poor people of the 6 states. They are West Bengal with 1,00,704 housing units, Uttar Pradesh with 50,271 housing units, Andhra Pradesh with 41,707 housing units, Maharashtra with 20,499 housing units, Nagaland with 1425 housing units and finally the Dadra and Nagar Haveli with 477 housing units.
  • The overall cost of the launched 334 projects would cost approximately 8,559 crores and central assistance with 3,226 crores is allocated which was held under the chairmanship of Housing and Urban Ministry Secretary Durga Shanker Mishra.
  • The construction period is 7 years. The scheme launched in the year 2015 and declared deadline is 2022 to complete the construction of housing units.

The initiative by the PMAY and the central government is to ensure a happy and comfortable living in the 4 recorded states, PMAY took thi initiative for the construction of certain number of housing units constructions by 2022.