PM Modi says Govt to soon launch scheme to provide relief in bank loans for first-time homebuyers

Prime Minister Narendra Modi while addressing the nation on the occasion of the 77th Independence Day on Tuesday said that the government will soon be launching a scheme to provide relief in bank and home loans to prospective homebuyers who dream of buying their own house in cities.

Addressing the nation from the ramparts of the Red Fort, Prime Minister Modi said that his government will soon bring a scheme for middle-class families living in cities that do not own a house.

The prime minister had launched the Pradhan Mantri Awas Yojana — Urban (PMAY-U) — a flagship Mission of the Central government — on June 25, 2015.

The Housing and Urban Affairs Ministry has been implementing the PMAY-U scheme.

Pradhan Mantri Awas Yojana – Urban (PMAY-U): Salient points

PMAY-U is a flagship programme that is being run by the Government of India under Ministry of Housing and Urban Affairs (MoHUA). 

It aims to provide all-weather ‘pucca’ houses to all the eligible beneficiaries in the urban areas of India through states, or Union Territories, or via Central Nodal Agencies. 

As per the official website, PMAY-U scheme covers the entire urban area of the country — all statutory towns as per Census 2011 and towns notified subsequently, including notified planning or development areas. 

The PMAY-U scheme is being implemented through four verticals: 
a) Beneficiary Led Construction/ Enhancement (BLC), 
b) Affordable Housing in Partnership (AHP), 
c) In-situ Slum Redevelopment (ISSR), 
d) Credit Linked Subsidy Scheme (CLSS). 

Some of the basic amenities provided in the houses built under PMAY-U include facilities like toilet, water supply, electricity and kitchen. And it promotes women empowerment by providing the ownership of houses in name of female member or in joint name. 

under the scheme, preference is also given to differently abled persons, senior citizens, SCs, STs, OBCs, minorities, single women, transgender and other weaker and vulnerable sections of the society. 

The government’s mission states that a PMAY-U house is aimed at ensuring dignified living along with sense of security and pride of ownership to the beneficiaries. 

According to the ministry, around 1.18 crore houses have been sanctioned under PMAY (Urban) till July 31 this year, out of which 76.02 lakh have been delivered to the beneficiaries.

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