Housing Schemes in India that You Should Know About
Jan 08, 2018 Real Estate News
Needless to say that proper arrangement of housing is very much important for the growth of any country. And Governments of almost all the countries keep trying to solve housing problems with the help of various initiatives. In a country like whether the population is growing day by day, the dream of owning a home is getting far. But some schemes by the government to provide housing to everyone bring a ray of hope.
So here are some of the prevalent housing schemes in India that everyone should know.
Pradhan Mantri Awas Yojana (PMAY): Also known as Housing For All Scheme, the Pradhan Mantri Awas Yojana was launched by honourable Prime Minister Narendra Modi in the year 2015. As per the mission, it aims to provide homes to homeless by 2022. The government has also announced subsidy on the home loan interest rate for the first time home buyers in the urban areas. As per the scheme, for a home loan amount up to Rs 9 lakh and Rs 12 lakh, the government will give a subsidy of 3 to 4 percent.
Pradhan Mantri Gramin Awaas Yojana: Previously it was known as Indira Awas Yojna. This Yojana aims at providing pucca houses along with basic amenities to the homeless families. The scheme has an objective to build 1 crore houses of 25 square metres by 2022. As per the Pradhan Mantri Gramin Awaas Yojana, the government shares the construction cost in the ratio of 60:40 in the plain areas and 90:10 in northeastern and hilly areas with the state.
People who are eligible for this scheme are:
1. Tribal groups
2. Manual scavengers
3. Destitute/living on alms
4. Households without shelter
5. Legally released bonded labours
Rajiv Awas Yojna (RAY): With an aim to make India slum free while encouraging states and union territories to make all illegal constructions within a formal system, Rajiv Awas Yojana was launched in 2009. In order to increase the number of housing stock under the scheme, the Centre has the Centre has approved the Affordable Housing in Partnership (AHP) scheme to be the part of the Rajiv Awas Yojna. Moreover, the scheme also provides Rs 75,000 to per economically-weaker sections (EWS), Dwelling Units (DUs) having the size of 21 to 40 square metre. As of now, under the RAY scheme, 37,000 houses have been made and Rs 1,398 crore has been spent.
So here are some of the prevalent housing schemes in India that everyone should know.
Pradhan Mantri Awas Yojana (PMAY): Also known as Housing For All Scheme, the Pradhan Mantri Awas Yojana was launched by honourable Prime Minister Narendra Modi in the year 2015. As per the mission, it aims to provide homes to homeless by 2022. The government has also announced subsidy on the home loan interest rate for the first time home buyers in the urban areas. As per the scheme, for a home loan amount up to Rs 9 lakh and Rs 12 lakh, the government will give a subsidy of 3 to 4 percent.
Pradhan Mantri Gramin Awaas Yojana: Previously it was known as Indira Awas Yojna. This Yojana aims at providing pucca houses along with basic amenities to the homeless families. The scheme has an objective to build 1 crore houses of 25 square metres by 2022. As per the Pradhan Mantri Gramin Awaas Yojana, the government shares the construction cost in the ratio of 60:40 in the plain areas and 90:10 in northeastern and hilly areas with the state.
People who are eligible for this scheme are:
1. Tribal groups
2. Manual scavengers
3. Destitute/living on alms
4. Households without shelter
5. Legally released bonded labours
Rajiv Awas Yojna (RAY): With an aim to make India slum free while encouraging states and union territories to make all illegal constructions within a formal system, Rajiv Awas Yojana was launched in 2009. In order to increase the number of housing stock under the scheme, the Centre has the Centre has approved the Affordable Housing in Partnership (AHP) scheme to be the part of the Rajiv Awas Yojna. Moreover, the scheme also provides Rs 75,000 to per economically-weaker sections (EWS), Dwelling Units (DUs) having the size of 21 to 40 square metre. As of now, under the RAY scheme, 37,000 houses have been made and Rs 1,398 crore has been spent.
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