File image of PM Narendra Modi. (Image: PTI)
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.