Rs. 2.3 lakh to Rs. 2.4 lakh cash under PMAY-Rural
Construction of two crore affordable houses in the next five years
Rs. 60,000 crore for interest subsidy
If the Modi government comes to power for the third time after the Lok Sabha elections, it will bring key changes to the housing scheme. The new scheme will be launched within 100 days after assuming power. In the next five years, steps will be taken towards fulfilling the dreams of the poor and middle-class people. To this extent, huge allocations are likely to be made in the 2024–25 budget. Sources revealed that changes have already been made in the housing scheme so that it can be implemented immediately after coming to power for the third time.
At present, under the Pradhan Mantri Awas Yojana Rural Scheme, Rs. 1.2 lakh to Rs. 1.3 lakh is being given for each unit. It will be increased from Rs. 2.3 lakh to Rs. 2.4 lakh in the new scheme. This decision was taken in light of increased construction costs. Also, the government will build two million affordable houses in the next five years. Besides, keeping in view the increased interest rates and construction costs, an interest subsidy scheme of Rs. 60,000 crore will also be introduced. Under this, for the next five years, the urban poor and middle-class people will be given a subsidy of 3 to 6 percent in interest rates on home loans under Rs. 50 lakh. In the past, interest concessions were given for home loans under Rs. 18 lakh; this time, they will be increased to Rs. 50 lakh. Besides, a 6.5 percent interest subsidy will be given on home loans of less than Rs. 6 lakh to the people of weaker sections. This applies to houses with a carpet area of 30 to 60 square meters. 4 percent interest subsidy is available on home loans from Rs. 6 lakh to Rs. 12 lakh for MIG-1 (160 square metre carpet area) houses and Rs. 12 lakh to Rs. 18 lakh for MIG-2 (200 square metre carpet area) houses. The Centre launched the Pradhan Mantri Awas Yojana-Rural Scheme on April 1, 2016 under the Housing for All Scheme in Rural Areas. Under this, 2.95 crore houses have been sanctioned to the states. Of these, 2.6 million houses have been completed so far.
