On the merry occasion of the 77th Independence Day celebration, PM Narendra Modi declared that he was about to introduce a new housing scheme for the urban poor.
On the ramparts of Red Fort, while hosting the whole nation, PM Modi announced on August 15 that he was about to introduce a new housing scheme for the urban middle, lower middle, and backward classes of India. For urban families who want to have a “house of their own” but are forced to live in rented houses, chawls, and slums.
He said, “The weaker sections living in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, slums, chawls, and unauthorised colonies. If they want to build their own houses, we will assist them with relief in interest rates and loans from banks that will help them save lakhs of rupees.”
This scheme is likely to be an extension of the earlier housing scheme, Pradhan Mantri Awas Yojana (Urban), launched in 2015. The termination period of the earlier scheme, PMAY-U 2015, itself has been extended from March 2022 until the end of December 2024.
The PMAY-U scheme, launched in 2015, would provide eligible families with financial aid plus an interest subsidy from the Center for building their own house. The extension in this scheme has been made in order to complete already sanctioned houses without any alteration in funding or implementing methodology.
As per the updates of today, the PMAY-U portal of the Ministry showed 118.9 lakh houses to be sanctioned and 76.25 lakh of them completed.