The Pradhan Mantri Awas Yojana is an initiative that targets affordable housing to the urban poor by 31st March 2022. It aims to provide 20 million houses under this scheme. It is divided into two components viz. Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin).
The Ministry of Housing and Urban Poverty alleviation had introduced the CLSS in the month of June 2015. It is an interest subsidy plan known as the credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana Housing for all. It subsumes all housing-related needs like construction, purchase, extension, and improvement and provides financial assistance for the same. This scheme will cater to the:
- EWS (Economically Weaker Section) with an annual income not exceeding INR 3 lakh
- LIG (Lower Income Group) with an annual income not exceeding INR 6 lakh
- MIG (Middle Income Group)
With the PMAY scheme, the government has envisaged a future of affordable households with adequate water facility, sanitation, and electric supply. It aims to:
- Transform slum areas by developing it in collaboration with private builders
- Provide a credit-linked subsidy to the economically weaker section EWS, the middle-income group MIG and the lower-income group LIG
- Facilitate an interest subsidy of 3% – 6.5% for loans up to INR 12 lakh (15-year tenure).
- Facilitate an interest subsidy on loans of up to INR 12 lakh is 3%
- The government will provide financial assistance for better implementation of the ‘Housing for all’ projects.
- It has declared direct financial help of INR 1.5 lakh to the applicants belonging to the economically weaker section (EWS).
- Women must be the co-owner of the household.
- There will be no processing fee charged for the applicants of CLSS.
- Only people who have given the application before 1st January are eligible for the scheme.
What Are the Eligibility Criteria for the Pradhan Mantri Awas Yojana Rajasthan?
To be eligible for the Pradhan Mantri Awas Yojana Rajasthan, you need to keep in mind the following:
- The applicants and his/her family shouldn’t possess a Pucca house in India.
- Applications from married couples will be treated as joint ownership and subject to single eligibility.
- The applicant’s family shouldn’t have, in the past, availed any housing plan assistance from the Government of India.
Who Are the Beneficiaries of the PMAY Scheme in Rajasthan?
The beneficiaries of the family will include the wife, husband and the unmarried children. Any adult member who is earning will be considered as a different household.
What Is the Coverage under This Housing for All Schemes?
The coverage of the Pradhan Mantri Awas Yojana Rajasthan includes all constitutional towns as given by Census 2011.
In a Nutshell
The PMAY scheme in Rajasthan mandates the possession of an Aadhaar. The subsidy amount will be credited to the beneficiary’s account through the NBFC, which will significantly reduce the EMI (Equated Monthly Instalment). Moreover, the NPV (Net Present Value) will be calculated at a discounted rate of 9% for the interest subsidy. Any additional loan will not be subsidized. Also, there will be no cap on the property cost.