NEW VERSION OF PMAY-G

Why in the News:

Government plans to launch a new version of Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) for the next five years.

Current Status : Current assistance stands at Rs 1.2 lakh in plains and Rs 1.3 lakh in hilly states.

Source: MyGov.in

About New Version of PMAY-G :

The revamped scheme may offer 85% higher financial assistance per beneficiary, averaging Rs 2.39 lakh per housing unit.
Expected savings of around Rs 18,000 crore in the current fiscal year for PMAY-G due to some states not meeting eligibility conditions.
Anticipated launch of a revamped urban affordable housing scheme with a Rs 60,000 crore interest subsidy offering 3-6% interest subvention on home loans up to Rs 50,00,000.

About PMAY-G

· Restructured from the rural housing scheme Indira Awaas Yojana (IAY) on April 1, 2016.

· Ministry Involved: Ministry of Rural Development.

· Objective: Achieving “Housing for All” by providing pucca houses with basic amenities to rural families by March 2022.

· Beneficiaries: SCs/STs, freed bonded labourers, widows, disabled persons, and more.

· Selection Process: Validation through Socio Economic Caste Census 2011, Gram Sabha, and geo-tagging.

· Cost Sharing: Central and State Governments share costs in different ratios based on the region.

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