PM Awas Yojana Expands Eligibility in 2024: New Categories Included!

Reportedly, the Centre is planning to expand and enhance the Pradhan Mantri Awas Yojana (PMAY), a key component of the 'Housing for All' initiative. According to CNBC-TV18, the scheme is set to include shopkeepers, traders, and self-employed individuals, broadening its reach to a more diverse group.

The proposed changes may also involve linking home loan subsidies to factors like the price and size of the house, as indicated by the report.

The PMAY, launched in 2015, aimed to ensure housing for all citizens in India. It offered subsidies on loans through the credit-linked subsidy scheme (CLSS) and categorized beneficiaries into economically weaker sections (EWS), lower income groups (LIG), and middle income groups (MIG).

The original deadline for PMAY – Housing for All was March 2022, later extended to December 2024. In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a 66% increase in the outlay for PMAY, exceeding Rs 79,000 crore.

During her Budget speech, Sitharaman highlighted the ongoing implementation of PM Awas Yojana (Grameen) despite COVID challenges, nearing the target of three crore houses. The next phase aims to cover an additional two crore houses in the next five years to accommodate the growing number of families.

PMAY includes two categories: PM Awas Yojana Urban and PM Awas Yojana Rural. The urban program focuses on EWS, LIG, and MIG in over 4,000 towns and cities, aiming for comprehensive coverage by December.

PM Awas Yojana Grameen, on the other hand, targets housing for citizens in rural areas. It operates on a cost-sharing model between the Centre and state governments, with varying cost-sharing ratios depending on the region, ensuring equitable housing development across different geographies.

April 29, 2024 11:04 p.m. 133

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