Pradhan Mantri Awas Yojna, a step closer to affordable housing in India
In 2015, the public was introduced to- Pradhan Mantri Awas Yojna- a project that aims to provide affordable housing to the economically weaker sections in the urban areas. The scheme plans to build affordable and economical houses in particular cities and town. The focus of the scheme is to use eco-friendly construction methods. PM Awas Yojna is introduced to help the real estate sector in India to grow and carter the needs of families who belong to the Economically Weaker Sections (EWS) and Middle Income Groups.
With this scheme on the run, the dream to have a house, can become a reality for the majority of people. There is also a special category, in this scheme that focus on the ‘Gramin’ sector. People who are homeless or preside in one to two room kutcha houses.
IMPORTANT FEATURES OF THE PRADHAN MANTRI AWAS YOJNA
- PM Awas Yojna scheme charge 6.50% interest rate per annum on the loan term of 20 years.
- Special arrangements for differently abled and senior citizens – the ground floors will be allocated to these groups.
- In construction of the houses sustainable and eco-friendly material will be used.
WHO ALL CAN BENEFIT UNDER THE PRADHAN MANTRI AWAS YOJANA?
The targeted group under the scheme include women, people who belong to SC/ST category, economically weaker section, and low and medium income group.
Another important aspect of the scheme is that beneficiaries can fill up a form available at Common Service Center (CSC) which cost around Rs. 25 (including GST). Individuals can also apply online by visiting the online portal at the official website.
RATIONALE BEHIND THE POLICY
Launched with the objective of “Housing for All” under the scheme the Government of India plans to boost the affordability of houses. Another objective is to fasten the sluggish movement of the real estate sector. The scheme is not limited to make housing accessible but also generate employment in the real estate sector. PMAY and RERA, till now have collectively created about 6.07 crore jobs across the nation.