Pradhan Mantri Awas Yojana – Urban Scheme increases its area

By posted on May 29, 2019 7:54AM

Pradhan Mantri Awas Yojana (Urban) scheme is increased its area for the home eligible.for the interest subsidy under credit linked subsidy scheme. This scheme will benefit the Middle Income Group under the Pradhan Mantri Awas Yojana (Urban). Meanwhile, the main purpose of this scheme is, first of all, to make every Indian citizen bring under shelter in an urban area. As a result, Pradhan Mantri Awas Yojana is launched by the Ministry of housing and urban poverty alleviation under the mission of providing a house for everyone till 2022. Finally, the nation completes its independence 75 years.

The mission includes the following steps:-
1. In addition to promoting the housing for poor people under the credit linked subsidy.
2. In addition to providing housing in participate with the private and public sector.

Union Cabinet approved the following beneficiary under the scheme:-
1. Increase the area of Middle-income group-I. And under credit linked subsidy scheme from 90 sq. Meter to 120 Square Meter.
2. 4% interest provided to persons whose annual income is between 6-12 lakh.
3. And on loan of up to 9 lakh.
4. Most of all increase the area of Middle-income group-ll under credit linked subsidy scheme from 110 sq. Meter to 150 Square Meter.
5. 3% interest provided to persons whose annual income is between 12-18 lakh.
6. And on loan of up-to 1200000.

Effect on increase the area from 90 to 120 and 110 to 150(square meter) is very welcomed by the MIG-1 and MIG-II categories. Now they can buy the flats of a bigger area and affordable prices under schemes. Also now the sale of these houses will also increase. The Pradhan Mantri Awas Yojana-urban will complete in three phases which are:-
Phase- I – From 2015-2017 which cover the 100 cities of India.
Phase-II- From 2017 to 2019 which cover the 200 cities of India.
Phase-III- From 2019 to 2022 which cover the remaining cities of India.

Background:-
In conclusion, credit linked subsidy scheme is launched for the middle-income group by the ministry of housing and urban affairs under the Pradhan Mantri Awas Yojana – Urban scheme. So due to PMAY-U scheme government will build houses in 500 cities till March 2022. In addition, the name of House will be in the name of woman aur combined with the Husband.

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