We live in a society where we have numerous expenses and it is strenuous to survive. To live, basic needs are food, water and shelter, but is this all we need? It is the 21st century and we need a lot more than that. We all need a place to live, a place where we can be ourselves, a place where we feel safe and we call it a home. In this world of luxury yet expensive, we all want a house where we take a delight of luxury, splendor and peace but at an affordable price.
If we look upon the population growth rate of India, it is 1.2% annual change (2015) and the population growth rate of the Delhi is 5.80% (2017) and among them not everyone owns a house, reason being the price. Keeping this in mind, our government has introduced some schemes such as, Pradhan Mantri Awas Yojna (PMAY), National Urban Livelihoods Mission (NULM), Rajiv Awas Yojna (RAY), Jawaharlal Nehru National Urban Renewal Mission and others.
The recent scheme is Pradhan Mantri Awas Yojna (PMAY), implemented during 2015-2022 and the chief assistance to Urban Local Bodies. PMAY has some chief functions such as:
- Credit Linked Subsidy
- Affordable Housing in Partnership
- Subsidy for beneficiary-led individual house construction/enhancement
Credit Linked Subsidy: Our government has introduced this feature is PMAY and it works as a prime one. It mainly focuses to expand institutional credit flow to the housing needs of the urban poor. Credit Linked Subsidy is implemented as Central Sector Scheme while, other components as Centrally Sponsored Scheme (CSS). This subsidy will be credited to the loan account of the recipient, which will results reduced Equated Monthly Installment (EMI).
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This mission has been introduced to fulfill every citizen’s needs by offering them convenient options to afford a house with advanced facilities. Affordable Housing is a plan which is positively offering people an affordable option and in the future, it will grow as further.