The Government of India has launched Pradhan Mantri Awas Yojana-Urban (PMAY-U) with the objective of assisting the beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG) categories of urban area in new construction/purchase or up-gradation/enhancement of existing house for their use. There is also provision of interest subsidy on home-loan for Middle Income Group (MIG-I) and Middle Income Group (MIG-II) categories. The PMAY(U) is divided into following four major verticals:
In view of weak financial position of most of the urban poor, the State Govt. has decided to provide State Financial assistance @ 40% in proportion to Central assistance to all the eligible beneficiaries. Thus, the total financial assistance under different components may be availed by beneficiaries as under: (Rs. in Lac)
|Sr. No.||Component||Central Share (60%)||State Share||Max. Financial Assistance per Dwelling Unit (DU)|
|1||“In situ” Slum Redevelopment-Using land as a resource with private participation||1,00,000/-||66,667/-||1,66,667/-|
|2||Affordable Housing in Partnership||1,50,000/-||1,00,000/-||2,50,000/-|
|3||Subsidy for beneficiary-led individual house construction (New)||1,50,000/-||1,00,000/-||2,50,000/-|
|Subsidy for beneficiary-led individual house construction (Enhancement)||1,50,000/-||Nil||1,50,000/-|
|4||Credit Linked Subsidy scheme|| Home-loan uptoRs. 6.00 lakhs at subsidized interest @ 6.50% Per
Annum for EWS & LIG.
Home-loan uptoRs. 9.00 lakhs at subsidized interest @ 4.00% Per Annum for MIG-I Category.
Home-loan uptoRs. 12.00 lakhs at subsidized interest @ 3.00% Per Annum for MIG-II Category