Pradhan Mantri Awas Yojana 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 & Urban Affairs has approved construction of another 1.5 lakh affordable houses under Pradhan Mantri Awas Yojana (Urban) for benefit of urban poor. Decision in this regard was taken at 34th meeting of Central Sanctioning and Monitoring Committee. It approved investment of Rs 7,227 crore with Central assistance of Rs 2,209 crore.
Of the 1.5 lakh sanctioned affordable houses, Andhra Pradesh tops the list of houses with 56,512 units, followed by Uttar Pradesh (26,060), Madhya Pradesh (17,920), Jharkhand (14,526) and Maharashtra (13,506). With this, cumulative houses under PMAY(U) would be 47,52,751 houses. Since the launch of the scheme in 2015, over 45 lakh affordable houses have been approved for construction from 2015 to 2018.
Pradhan Mantri Awas Yojana (Urban)
PMAY(U) aims provide houses to all poor in urban areas by 2022. It is new version of Prime Minister’s Housing For All by 2022 vision. Its objective is to construct two crore houses across nation. It covers entire urban area consisting of 4041 statutory towns with initial focus on 500 Class I cities.
Intended beneficiaries of scheme are Poor people (BPL) and People living under Economically Weaker Sections (EWS) and LIG (Low income Group) categories in urban establishments of country. It also targets people living under MIG (middle income Group). Government will provide subsidy ranging between 1 lakh to 2.30 lakh to people from above categories in order to make them secure.