Pradhan Mantri Awas Yojana

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Precisely what is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana was published with the aim to grant housing at a reasonable cost towards weaker people the society, less earning group people, suburban poor, and countryside poor. The Yojana involves Preparation of approximately 2 Crore houses cheaply by 31st March 2022. The Program is receiving financial help of USD 31 billion through the Central Authority.
This Housing Scheme contains two elements:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)



Main Components of Pradhan Mantri Awas Yojana
In-Situ Redevelopment of slums using land as a resource, with all the participation of the non-public sector. This Program targets leveraging the potential for land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government will give you an interest subsidy of 6.5% on housing loans for 15 years from the start of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy will probably be calculated inexpensively rate of 9%. The loan amount of Rs 6 lakhs is only applicable for the credit-linked subsidy scheme and any amount beyond Rs 6 lakh doesn't attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts resulting in reduced Equated Monthly Installment (EMI) and reduced housing loan.

Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing might be provided for the economically weaker sections. The States or Union Territories, either with diverse agencies or even in partnership with different industries can plan affordable housing projects.

Enhancement and construction of beneficiary led house - Under this element, the beneficiaries who are not able to avail the key benefits of the above three components will be benefited. This mission provides assistance to families of EWS category to develop new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will receive central assistance of Rs 1.50 lakh to enhance their existing houses or construct new houses. Under the Pradhan Mantri Awas Yojana, the houses will be made with eco-friendly technology and preference will be presented with to old and disabled while allotting ground floors.Great news for Beneficiaries : Now, the Government is Providing the Facility to Search for Candidate Names in PMAY List