Pradhan Mantri Awas Yojana - Affordable Accommodation Scheme for Urban People

Pradhan Mantri Awas Yojana known as housing for all was introduced by the Prime Minister of India Mr. Narendra Modi in June 2015. With an aim that everyone earning less than six lakh should have an own house, this plan was brought into existence to offer affordable accommodation to urban people. According to Pradhan Mantri Yojana, central government has to build 2 crore houses by the year 2022 for people who are not financially solid. Central government is supporting the affordable housing scheme by providing rupees 2 trillion.

Affordable Housing Scheme is prominently considering reasonable homes with all basic and necessary facilities like water supply, proper sanitation facilities, electricity supply and a complete access to all other needs. Everyone will be equally treated without any discrimination on the basis of caste and religion under Pradhan Mantri Awas Yojana. Further, first preference will be given to female applicants and ground floors of the houses will be given to senior citizens as well as differently abled people on priority.

Pradhan Mantri Yojana will work in a way to benefit the buyers. Under Awas Yojana, Government will provide the buyers with subsidy up to 2.30 Lakh. Generally, home loan providers charge 10.5% interest rates but under this scheme, buyers will be required to pay only 6.5% interest on their loan which is 4% below the market rate and the loan period can last for 15 years from the date of purchase.

Latest techniques will be adopted by the central Government to build homes to be allotted under the scheme. A technology cell will be established by the central government which will be contemporary, innovative and environmental friendly. These adapted technologies will be earthquake and other disasters resistant and will adopt all the necessary concepts for proper ventilation.

The Pradhan Mantri Awas Yojana is working in Three Phases.

In the first phase, from April 2015 to March 2017, hundred cities will be developed by constructing houses.

In the second phase, April 2017 to March 2019, 200 or more cities will be covered.

The third and the final phase of this scheme will be from April 2019 to March 2022 in which remaining cities of the scheme will be developed.

 

Pradhan Mantri Awas Yojna, ‘Housing for all’ scheme is a very important and beneficial step taken by the Government. It will be launched for those, who are unable to own a house due to financial limitations. The Pradhan Mantri Awas Yojana is a flawless housing solution for the urban people under selected income group.