Government will soon increase the coverage of PMAY subsidy scheme

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Government is planning to increase the coverage of subsidy scheme for first time home buyers under Pradhan Mantri Awas Yojana (PMAY) in urban areas. According to sources, the guidelines will be redesigned in order to bring properties fall under any part of all development authorities including villages, industrial belts, and even special development authorities to be eligible for interest subsidies.

As per the guidelines, coastal cities which are under port development authorities will also be covered. However, the interest subsidy is available only for buying the first houses in urban areas. According to sources, these changes are done following reports of the banks not approving loan applications under interest subsidy scheme in certain areas in urban localities.

There have been instances when banks have raised questions about the agency or authority issuing approvals for housing projects other than the notified development authorities. Since the intention is to extend the benefit to maximum people, work in progress to modify the guidelines that will benefit more and bring more clarity. But the projects to be qualified for this will need to get the requisite approvals
said a government official.

Despite the fact that the housing ministry had reconstructed the guidelines to extend the interest subsidy scheme to more houses falling under area notified by development authorities such as Noida or Greater Noida, the problem still persist.

Under Pradhan Mantri Awas Yojana (PMAY), any household with total annual income of Rs. 6 lakh to Rs. 18 lakh can apply for the scheme. The applicants are also allowed to include the income of the spouse at the time of applying for this scheme. It is also important to note that under PMAY, beneficiaries are allowed to purchase only a new house. People who already own a house are not eligible to apply for this scheme.

Pradhan Mantri Awas Yojana is a Government initiative with the aim of “Housing for All 2022”, launched on 25th June 2015 by the Honourable Prime Minister Shri Narendra Modi. PMAY is an effort to provide homes to the needy.

To know more about Pradhan Mantri Awas Yojana, read https://rupeenomics.com/pmay-pradhan-mantri-awas-yojana/

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