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Wednesday, June 17, 2020

Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana 

She also announced a Rs 5,000-crore special credit facility for street vendors by providing them with working capital of up to Rs 10,000, she said adding this would support 50
For farmers, she announced a Rs 30,000-crore additional emergency working capital funding through the National Bank for Agriculture and Rural Development (NABARD)
Union Finance Minister Nirmala Sitharaman on Thursday announced the second tranche of the Centre’s Rs 20 lakh crore stimulus package, aimed at lifting the economy from the virus impact. According to

the government, the extension of the deadline will lead to investments worth over Rs 70,000 crore in the housing sector, help in fulfilling the ambitious ‘Housing for All by 2022’ project,
Extending the scheme will benefit 2.5 lakh middle-income families during 2020-21,” Sitharaman said.
CLSS for the Middle Income Group was operationalized from May 2017, where eligible borrowers can avail home loans from banks and housing finance companies at a subsided interest rate.According to

Pradhan Mantri Awas Yojana (Rural)

Anuj Puri, chairman of ANAROCK Property Consultants, the extension will further aid many more families to avail housing under this scheme

As per ANAROCK research, there are currently 15.62 lakh under construction units across the top seven cities in the country, of which nearly 39 percent are in the affordable
the segment, priced below Rs 40 lakh.“The Rs 70,000 crore boost to the housing sector and middle-income group through the extension of CLSS is a critically important move.
It eliminates the uncertainty surrounding the timelines for construction of 50 million new housing units by 2022 under the Pradhan Mantri Awas Yojana, of which 30 million units are likely
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to be set up in rural areas, and the rest in urban areas,” said Avneesh Sood, director of Eros Group. The Centre said it will also launch a scheme to build

Continuing with its relief measures to combat the financial challenges of the Covid-19 pandemic, the government has announced an Rs.70,000 crore boost for the housing sector and the extension of
The government has extended the credit-linked subsidy scheme also known as Pradhan Mantri Awas Yojana for middle-income households with an annual income of Rs
The scheme, which was operationalized from May 2017, is available under the Pradhan Mantri Awas Yojana-Urban for first-time homebuyers.
Official Website Gujarati information  click here

Availing this scheme allows first-time affordable home buyers an upfront interest subsidy of up to Rs.
2.67 lakh against the interest on their home loans.
This scheme is implemented under four categories: Economically Weaker Sections (EWS), Lower Income Group (LIG), Middle Income Group 1 (MIG1) and Middle Income Group 2 (MIG2) with a different set
And while the EWS and LIG categories can avail the CLSS benefits until March 31, 2022, the other two categories – MIG 1 and MIG 2 – can do

so only if their home loan gets sanctioned before March 31, 2021.
The extension of the scheme may provide a much-needed fillip to the real estate sector by boosting the sentiments of first-time home seekers.
If you fall under the MIG1 or 2 categories and are planning to take a home loan, you might want to get the loan sanctioned before March 31, 2021,

However, considering the challenges of Covid-19 crisis, the government should also focus on how any form of credit will be delivered to customers.

Due to ongoing health risks, it’s no longer feasible for credit-seekers to visit banks and expose themselves to the flu.
Therefore, loans should now ideally be delivered in a contactless and paperless manner.
The best way to do this would be through greater use of Aadhaar e-KYC, Video KYC, and CKYC.

Earlier, the government had announced the extension of registration and completion dates of all projects under RERA expiring on or after March 25, 2020, by six months without individual applications from developers.
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The relief measure for the real estate sector was announced under the “Atmanirbhar Bharat” (Self-reliant India) initiative, which has decided to treat the Covid-19 pandemic as a “force majeure”

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