The Union Cabinet has approved a new scheme for promotion of Rural Housing in the country.
It will enable people in rural areas to construct new houses. It will also add to their existing pucca houses to improve dwelling units.
Under it, Government will provide interest subsidy to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen)-PMAY(G).
Features of the SchemeIt will be implemented by National Housing Bank (NHB).
Under the scheme, the beneficiary will be provided interest subsidy for loan amount upto INR. 2 Lakhs for taking loan.
GoI will provide net present value of interest subsidy of 3% to NHB upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.).
Government will also take necessary steps for proper convergence of the scheme with PMAY-G including technical support to beneficiary through existing arrangements.
It will improve housing stock in the rural areas, and create employment opportunities in rural housing sector.
All About Pradhan Mantri Aawas Yojana- Scheme Launch Date: 25 June, 2015
- Objective: Affordable Housing for Indian citizens
- Year of Ending: March 2017
- Number of Houses: 2+ crore
- Target: LIG, EWS communities
