Pradhan Mantri Awas Yojana: Narendra Modi’s scheme gets Rs 5,075 crores for FY 2016-17

Published Date - 08 September 2017 04:56:30 Updated Date - 25 October 2017 06:24:49

PM Modi’s Big Speech: an Explainer about the Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana has been given a massive boost in the Union Budget for the financial year 2016-17.

The government has earmarked Rs 5,400 crore for the Housing and Urban Povery Alleviation (HUPA) ministry which is up 277 per cent against the revised estimate of Rs 1,952 crore in 2015-16.

Budget 2016-17, presented by Finace Minister Arun Jaitley in Parliament, earmarked Rs 5,075 crore for the Pradhan Mantri Awas Yojana (Urban), a massive hike from the Rs 1,231 crore revised estimate for 2015-16.

The Credit Linked Subsidy component of the Yojana received allocation of Rs 475 crore in 2016-17 against Rs 200 crore in 2015-16.

Under the Pradhan Mantri Awas Yojana (Urban), the government aims to deliver affordable homes to about 2 Crore families by the year 2022.

 

Prime Minister Narendra Modi’s eagerly awaited New Year speech had a big push towards constructing low-cost housing under the Pradhan Mantri Awas Yajana. News18 provides a quick explainer about what the Prime Minister said and what the scheme is about.

 What Modi said?

• Two new schemes announced for urban poor availing loans under the scheme

• People taking a loan of Rs 9 lakh will get a rebate of 4%

• A loan amount of Rs 12 lakh will get a rebate of 3%

• 33% more houses will be constructed in rural areas

• Lower middle class and middle class in rural areas who want to build a house under the scheme can avail of a 3% rebate on a loan of Rs 2 lakh

What the Scheme is?

The PM Awas Yojana aims to build 2 crore low cost houses across the country by 2022

Who is Eligible?

Basically, families from economically weaker sections. Any family which does not own a pucca house is eligible under the scheme

What is the budget?

Finance Minister Arun Jaitley earmarked Rs 5,075 crore for the PM Awas Yojana (Urban) for FY 2016-17

What will be the size of houses constructed?

Houses of upto 30 square meter carpet area with basic civic infrastructure can be constructed. States will have the flexibility to determine the size of house and other facilities in consultation with the Ministry of Housing and Urban Poverty Alleviation but without any enhanced financial assistance from Centre.


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