New Scheme for promotion of Rural Housing in the country
Good News under Pradhan Mantri Awas Yojana (Gramin)
– A new scheme has been approved by Union Cabinet chaired by the Prime Minister Shri Narendra Modi ” for promotion of Rural Housing in the country”. Main aim of this scheme is to provide interest subsidy . Also Interest subsidy would be available to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).
Benefits Of Scheme for promotion of Rural Housing in the country
Under this scheme
- People in rural areas will be able to construct new houses.
- People will be able to add to their existing pucca houses to improve their dwelling units
- The beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount upto Rs. 2 Lakhs.
- Under this scheme housing stock will also improve in the rural areas
- This scheme will also create employment opportunities in rural housing sector.
National Housing Bank would implement the scheme.
The Government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly installment (EMI) for the beneficiary would be reduced.
- Under the scheme, the Government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements.
News Source: http://www.business-standard.com/article/government-press-release/cabinet-approves-a-new-scheme-for-promotion-of-rural-housing-in-117012400514_1.html