PMAY Current Affairs - 2019
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The Minister for Housing and Urban Affairs Hardeep Singh Puri has said that the loan subsidy for the middle-income group under Pradhan Mantri Awas Yojana, (PMAY) has been extended till 31st March 2020.
The Minister said that more than Rs 6900 cr interest subsidy on housing loans has been disbursed to over 3.14 lakh beneficiaries of Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (Urban).
Credit Linked Subsidy under PMAY-Urban
The Credit Linked Subsidy Scheme (CLSS) is a component under the PMAY-Urban. Under the scheme, the central government provides interest subsidy or purchase/construction/extension/improvement of a house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Groups (MIG).
The CLSS is being implemented by two central nodal agencies in India, namely Housing Urban Development Corp and National Housing Bank. The CLSS is planned as a demand-side intervention to expand institutional credit flow to the housing needs of the urban poor.
The CLSS is the only central scheme under the PMAY-Urban and the remaining ones are implemented as sponsored schemes.
For Middle-Income group
CLSS for Middle-Income group covers two income segments in the MIG viz. Rs.6,00,001 to Rs.12,00,000 (MIG-I) and Rs.12,00,001 to Rs.18,00,000 (MIG-II) per annum.
For MIG-I, an interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh and for MIG-II, an interest subsidy of 3% has been provided for loan amount up to Rs.12 lakh. Housing loans beyond Rs. 9 lakh and Rs. 12 lakh will be at non-subsidized rates.
The Union Ministry of Housing and Urban Poverty Alleviation has inked MoU with Common Services Centre (CSC), a SPV of Ministry of Information Technology for enabling online submission of applications under Pradhan Mantri Awas Yojana (Urban).
The MoU was signed in the presence of Union Minister for Housing and Urban Poverty Alleviation M Venkaiah Naidu and Union Minister for IT Ravi Shankar Prasad.
What is significance of the MoU?
- It will enable online submission of applications by the urban poor for affordable houses under PMAY (Urban).
- About 60 thousand CSCs located in urban areas will enable online submission of applications at a nominal cost of 25 rupees per application.
- CSCs will also facilitate printing of the acknowledgement receipt with beneficiary photograph which helps applicants in tracking application status.
About Pradhan Mantri Awas Yojana
- Union Government had launched Pradhan Mantri Awas Yojana in June 2015 in line with its ambitious Housing for All by 2022 Mission.
- Under this scheme government plans to build two crore houses for the poor in urban areas by year 2022, which coincides with 75 years of Independence.
- The scheme has four basic components viz. slum rehabilitation, affordable housing, credit linked interest subsidy and beneficiary-led individual house construction or enhancement.
- Intended beneficiary will be poor people (BPL) and people living under EWS and LIG categories in urban establishments of the country.
- Under this scheme, the ownership of houses will be in the name of woman or jointly with husband.