4 Lakh People to Get Homes under the PMAY

• 01 Feb 2025

Why in News?  

Under the Pradhan Mantri Awas Yojana (PMAY), the people of Jharkhand are now going to get their own homes.  

• Initially, the central government had announced housing for 1.13 lakh homeless people in the state, but this number has now been increased to 4,19,947. 

 Key Points 

• Pradhan Mantri Awas Yojana (PMAY): 
  • About:  
    • It is a major scheme launched by the Government of India with the aim of providing housing to the poor and low-income groups in the country.  
    • This scheme was initiated in 2015, with the main goal of providing a roof over everyone's head by 2022. 
      • However, the government missed this target and in August 2022 extended the deadline to ensure “housing for all” to December 2024. 
    • Under the PMAY, the government has planned to build millions of new houses across the country.  
    • This scheme has been particularly important for the rural and urban poor, as many people did not have their own homes.  
    • It is especially beneficial for those living in temporary shelters or slums. 
  • Benefits of Pradhan Mantri Awas Yojana:  
    • Affordable Loans: Under PMAY, affordable loans are provided to the poor and lower-middle-class people to buy houses. This is known as the Credit Linked Subsidy Scheme (CLSS).  
      • Under this, a subsidy of up to ₹2.5 lakh is given, which provides a reduction in the interest rate on loans for buying a house. 
      • Women, Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBC) are given priority. 
    • Subsidy: This scheme also provides cash subsidies, which are useful for the construction, repair, or renovation of houses.  
    • There are different schemes for rural and urban areas under PMAY.  
      • In rural areas, a subsidy of up to ₹1.2 lakh is provided for building or improving houses, while in urban areas, a subsidy of up to ₹2.67 lakh is given. 
    • Quality and Design of Houses: Special attention is given to the quality of houses built under PMAY. 
      • Efforts are made to make these houses durable and safe. Additionally, the design of the houses is made in such a way that they are suitable for all weather conditions and comfortable for all family members. 

Credit Linked Subsidy:  

• People from Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Groups (MIG-I and MIG-II) can get interest subsidies of 6.5%, 4%, and 3% on housing loans up to Rs. 6 lakh, Rs. 9 lakh, and Rs. 12 lakh respectively for buying or building houses.