The Union Cabinet headed by Prime Minister Narendra Modi on Friday approved the proposal of the Rural Development Department for the construction of two crore additional houses under the Pradhan Mantri Awas Yojana (Rural). The Cabinet approved the implementation of Pradhan Mantri Awas Yojana (Rural) during the financial year 2024-25 to 2028-29. At the same time, the Cabinet has also approved the Pradhan Mantri Awas Yojana (Urban) 2.0. Under this scheme, 1 crore urban poor or middle class families will be helped to buy or build houses.
The scheme will continue till 2029
According to the statement, there is a provision for construction of more than two crore houses at the existing per unit assistance of INR 1.20 lakh in the plains and INR 1.30 lakh in the states of the North-East region and hilly states of Himachal Pradesh, Uttarakhand, Union Territories of Jammu and Kashmir and Ladakh. The Cabinet approved the continuation of the scheme from April 2024 to March 2029.
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10 crore people will get benefit
A total expenditure of INR 3,06,137 crore has been arranged for the period up to the year 2028-29. This will include a central share of INR 2,05,856 crore and a state share of INR 1,00,281 crore. It said that the incomplete houses of the previous phase of PMAY-G till March 31 this year will also be completed during the financial year 2024-25 at the current rates. The statement said that about 10 crore people are expected to benefit from the proposed two crore houses.
Modi government also announced subsidy
The government has also announced an interest subsidy scheme. Middle class people will get the benefit of this scheme. Suppose a person is taking a loan of INR 25 lakh for a house worth INR 35 lakh, then he will have to pay only 4 percent interest on the first loan of INR 8 lakh. A maximum subsidy of INR 1.8 lakh can be availed.