Introduction
Rajiv Awas Yojana the scheme is ran for the period of 2009 to 2014. The main aim of the project is to secure urban poor and dweller to have house. The background of the scheme proposed is to, more than 50% of the population in india are still don’t have a proper house due to their financial status and expecting a better livelihood residence planning. Due to lack of support from the state or central governments to encourage such population most of the people are still suffering to secure sufficient amount for the construction of their dream home. The same scenario is happening in rural villages with a different issue like many of them are belongs to below poverty line and the main earning source is agriculture and also the communication and information on various is very less.
In Rajiv Awas Yojana there are some look points where the scheme review for better improvements. Even though the scheme aim is to reduce the poor population who are don’t have any house for living, the rate of 4 and has less people ratio remains same even after 5 years period. The main reason is due to lack of monitoring and sale in provide benefits to the right ocean. By considering all the factors and reviewing the pros and cons of the existing scheme a new implementation started in the year 2015 as mentioned below.
Details
Focusing on poor category of country, the central government launches the Rajiv Awas Yojana scheme in 2009 which was run successfully during the period of 2009 to 2014. Many of the people benefited under the scheme with the benefits like providing not null costing in the manner of interest for the loan amount. Inlet on stages the scheme named as ‘ Pradhan Mantri Awas Yojana (pmay)’. Again this scheme splitted into 2 sections namely pradhan mantri awas yojana for urban and Pradhan Mantri Awas Yojana for rural. The main objective of the scheme is a same but differ in the form of principles and guidelines for the locality.
Coming to Pradhan Mantri Awas Yojana for urban locality from the day the scheme name changes like 2015 this the date 2019 around 40 lakh auburn population or secured the benefits of the scheme. Under the scheme the applicant can get the subsidy rate of interest on the amount of 2. 5 lacs for a period of 20 years in monthly emi base. As a first initiative scheme started with only 100 cities and from 2018 to 2020 another 200 cities will cover under the scheme and by 2022 all the cities across india will come to avail the scheme benefits.
Properties of the scheme
Under the scheme apart from government sector banks and private banks, there are few more private loan providers who are also providing the credit benefit discussed under the scheme to the beneficiary. The overall contribution by the government is cutting of rate of interest in the amount of 2.5 lacs which have to repay by the beneficiary with a duration of 20 years.
Pradhan Mantri Awas Yojana for gramin is aiming for constructing 20 million houses across india which are affordable by the rural population with having all the amenities like drinking water, electricity, subsidy gas connection and proper roads and communication system. The above-mentioned all will cover in related schemes which will support Pradhan Mantri Awas Yojana for gramin. By depositing a nominal amount people can avail the scheme benefits and get a house under an affordable price.
Benefits and objective
The main benefits of the schemes are to facilitate additional benefits to the population who are economically middle and below middle class. To encourage those people who are planning for a house construction or buying a home through the loan. This is beneficiary to the people who are place in urban locality and also to the people who lives in rural locality as well.
The difference in scheme implementation and benefits may vary to rural and urban.
- Urban locality people only have 2 check the availability of house or apartment available in the locality then proceed with the documentation process which needs to submit in a respect to bank where the applicant looking for a housing loan. Based on the document verification and proceedings, the beneficiary will get the information about weather he or she comes under the eligibility criteria or not. Depending upon the eligibility criteria only the applicant can get the benefits of the scheme and can avail the reduction in rate of interest for the amount of 2.5 lacs.
- In rural locality, under the scheme Pradhan Mantri Awas Yojana grameen constructs houses for the locality people by giving all the facilities which they need to have in a particular house. The other amenities and facilities will cover under various other schemes which are associated with the scheme. Typing in nominal amount the applicants can get the benefits of the scheme irrespective of their current economical status.
Eligibility criteria
- The eligibility criteria for availing the scheme is just by providing necessary documents like,
- The location of the house or apartment exist
- The number of houses or apartments in the locality
- Checking the basic amenities and facilities like, drinking water, electricity supply, communication system, transportation system, and importantly government authorised area
- The applicants complete information along with the submission of repayment mode and the eligibility.
- By validating all the information the update on the eligibility will be decided by the respective bank or home loan provider within 15 days time.
- In rural localities the applicant have to provide the basic documents of his or her along with the detail in about the family.
- In case of any disability or additional disadvantages then those applicants considered as a special case
- A nominal amount like 10 to 20% of the total house construction have to deposit for prior booking
- The basic amenities and facilities will be provided by the scheme associated benefits providing schemes
- The duration of project completion and allotment will be scheduled according to the possibilities and will give complete details at the earliest
Conclusion
Steam is majorly focusing on improving the livelihood of the human beings, specifically the population around 40 to 60% who are still struggling to secure their living space. To avoid financial circumstances and encouraging people who are looking for additional benefits or support from the government to purchase a house in rural or urban locality. Difference in the eligibility and benefits, both the schemes pradhan mantri awas yojana for urban and pradhan mantri awas yojana for rural aims to increase the numbers like on house or residence exist population in india.
According to the targets more than 40 lakh people avail the scheme benefits in 2015 to 2017 inaba locality and it is extending to all the corners of urban localities in a phase by phase manner which will completely run across india by 2022.forgetting details about the scheme and to avail the benefits there is no need of approaching here and there, directly while applying for housing loan with a maximum of 20 years duration the applicant will get the benefits of pradhan mantri awas yojana urban and will have 0% rate of interest for the amount of rupees 2.5 lakh.
Compare with the previous scheme this one is purely transparent and there is no need of bothering about miss usage of scheme benefits.
