Pradhan Mantri Awas Yojana: Finance Minister Nirmala Sitharaman has made a big announcement regarding PM Awas Yojana. The government has decided to increase the expenditure on PM Awas Yojana. The Finance Minister announced in the budget that the expenditure on PM Awas Yojana would be increased by 66 percent. After which the expenditure on PM's residence will increase to Rs 79,000 crore. This is good news for those people of the low-income group who want government helps to build their house.
Who is getting benefits
The objective of PM Awas Yojana is to provide home loans at affordable interest rates to fulfill the dream of owning a home of the people.
Under PMAY-U, individuals who fall under MIG-I and have an annual income between Rs 6 lakh and Rs 12 lakh were eligible for a 4% interest subsidy on home loans up to Rs 9 lakh. Similarly, people whose income is between Rs 12 lakh to Rs 18 lakh and who come under MIG-II were eligible for a 3% interest subsidy on loans up to Rs 9 lakh.
Scheme Extend till December 2024
The Pradhan Mantri Awas Yojana-Urban (PMAY-U) was extended till December 2024 with all verticals except Credit Link Subsidy (CLSS) on August 17, 2022. The credit link subsidy ie CLSS for EWS and LIG was till March 31, 2022.
A sizeable number of beneficiaries
If we talk about the last financial year 2022-23, then during that time an allocation of Rs 48 thousand crore was made by the Finance Minister for the PM Awas Yojana. At the same time, now it has been increased to more than 79 thousand crore rupees. At present, there is a good number of people joining the PM Awas Yojana. For building houses under the scheme, wherein the hilly areas, an amount of Rs 1 lakh 30 thousand is given to the beneficiaries by the government, while in the plains this amount is Rs 1 lakh 20 thousand.