The Union Cabinet on 8th December 2021 has approved the proposal of the Department of Rural Development for continuation of Pradhan Mantri Awaas Yojana – Gramin (PMAY-G) beyond March 2021 wherein financial assistance is to be provided for the construction of the remaining 155.75 lakh houses, as on 31st March, 2021 under the scheme within total target of 2.95 crore houses.
The continuation of scheme till March, 2024 ensures that the remaining 155.75 lakh households within overall target of 2.95 crore houses under PMAY-G would be provided assistance for construction of Pucca houses with basic amenities to achieve the objective of “Housing for All” in rural areas.
This scheme is meant for people who do not own a house and people who live in kutcha houses or houses which are severely damaged. At present, the minimum size of the houses to be built under the PMAY-G scheme has been increased to 25 sq. mt. from 20 sq. mt.
Under the scheme, beneficiaries can avail a loan of up to Rs.70,000 from financial institutions.
- Interest subsidy is 3%
- The maximum principal amount for the subsidy is Rs.2 lakh
- The maximum amount of subsidy that can be availed is Rs.38,359 for the EMI payable
- Beneficiaries are identified using parameters from Socio-Economic and Caste Census (SECC) and verified by Gram Sabhas. Payments are made electronically directly to bank accounts or post office accounts that are linked to Aadhaar.
