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Pradhan Mantri Awas Yojna, a common man’s boon to fulfill the dream of a home

Pradhan Mantri Awas Yojna, a phenomenal affordable housing scheme to fulfill the dreams of many urban poor families in their attempts of owning a home. It is the vision of the India’s beloved Prime Minister Mr. Narendra Modi to get every urban poor person under the benefit of the scheme by making him/her own a decent home in turn enhancing the lifestyle of urban areas of the country.

The Yojna has an agenda to construct five crore  pukka houses under this ‘housing to all’ scheme. The prime minister hopes to achieve this feet by 2022.

The fundamentals of the scheme have been the following aspects:

  • The management would give an interest of 6.5% on the house loans availed by the beneficiaries of the scheme up to 15 years from the starting of the loan.
  • The female person of the family gets the house on her name under the Pradhan Mantri Awas Yojna . Apart from this, the first priority would be given to female beneficiaries to enhance women empowerment.
  • Also, the first priority would be given to differently able people and senior citizens while distributing the ground floors in all the housing plans of the PMAY.
  • A huge sum of Rs.1.5 lakh would be handed over to all the skilled poor from the urban areas to help them in building their homes.

The Government has teamed up with the renowned ICICI bank and the bank will give home loans at financed rates of 6.5% annually for an amount of Rs.6 lakh (maximum). The National housing bank is the regulatory authority of the entire housing scheme and all the loans given are in association with the said bank. As per the authority, the maximum loan period to get the amount is 15 years.


Completion phases:

The scheme has been brought into existence with a focus on constructing above two crore houses across the nation with in seven years from the beginning. The beneficiaries of the plan would be poor individuals below the poverty line. There are all together three phases of the plan.

Phase 1: The first stage would be starting from April 2015 to March 2017 and covering at least 100 urban regions.

Phase 2: The second stage would be starting from April 2017 onwards and should complete by March 2019 to cover 200 more urban areas.

Phase 3: The third and final stage would start by April 2019 to be completed by March 2022 and would cater to the rest of urban areas.

Thus, the action plan has been initiated for the effective execution to avoid any hurdles in the implementation part.

Beneficiaries: The plan’s beneficiaries have women, economically weaker sections of the society, scheduled tribes and Scheduled castes. The management will give finances between 1lakh to 2.30lakh to beneficiaries from upper classes as well to help them build their dream home.

The wonderful attempt from the central Government is sure to make the beneficiaries upgrade their lifestyle and this in turn would enhance the economic scale of the entire nation amidst of the international community.


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