central government. A new condition has been imposed on availing home loan subsidy for houses under the Pradhan Mantri Awas Yojana (PMAY). Now all those people who have bought new houses under PMAY housing scheme will not be able to sell their house (property) before 5 years. The government has introduced a provision of a “lock-in period” of 5 years for houses under the Pradhan Mantri Awas Yojana (both rural and urban).
Ministry of Housing Affairs, Central Govt. Earlier it had given its in-principle approval for the provision of lock-in period. The official announcement for the same was made by the Union Cabinet. This notification will ensure that the PMAY scheme will benefit only those people who want to buy a house for their own use.
This provision will avoid any misuse of this Government. “Housing for All” scheme. The main objective of PMAY scheme is to provide houses to the needy and poor people.
Homes under PMAY will have a lock-in period of 5 years
Some people buy these homes to get income tax exemption or to invest in properties. There are some apprehensions that people buy properties under the PMAY housing scheme and sell their properties at higher rates to earn profits. This is because people get subsidy in the form of loans at affordable rates to buy property under PM Awas Yojana.
Everyone can take advantage of the PMAY scheme, including those who want to sell properties at higher rates. If people buy a house under PMAY at cheap loan rates and sell it to any property dealer at market value, then the purpose of the scheme is not served. This will help in avoiding the lock-in period and dealing with such situation. The primary objective is to provide every homeless person with their own roof. That’s why people are being given such huge amount of subsidy for construction and renovation of houses.
The provision of lock-in period of 5 years is an important and necessary step to avoid any misuse of Pradhan Mantri Awas Yojana.
Government takes initiative to increase coverage of Pradhan Mantri Awas Yojana
central government. To increase the scope and coverage of PMAY, various measures have been taken, the old rules have been changed and new rules have been implemented. If the annual income of a person is Rs. 18 lakhs, then he can avail subsidy on houses up to 2150 square feet under the Pradhan Mantri Awas Yojana (PMAY). Any person belonging to MIG category will get interest subsidy on home loan on buying a house and can save up to Rs. 2.3 to 2.35 lakhs.
There are various provisions for affordable housing in urban areas including a credit linked subsidy scheme. The carpet areas of the houses have been increased under the CLSS component of PMAY U. CLSS has now been expanded to include Middle-Income Group (MIG) covering two income categories:-
Central Government Schemes 2021Popular Schemes in the Centre:Pradhan Mantri Awas Yojana 2021PM Awas Yojana Rural (PMAY-G)Prime Minister Awas Yojana
|Class||Annual Income||interest subsidy||Carpet Area (Effective 1 Jan 2017)|
|MiG-I||Annual income between Rs. 6 lakh and Rs. 1.2 million||Interest subsidy of 4% for loan amount up to Rs. 9 lakh||The carpet area for MIG-I has also been increased to 160 square meters from the existing 120 square metres.|
|MiG-II||Annual income between Rs. 12 lakh and Rs. 18 lakhs||Interest subsidy of 3% for loan amount up to Rs. 1.2 million.||The carpet area for MIG-II has also been increased to 200 square metres.|
By 11 June 2021, the Central Govt. About 112.52 lakh houses have been approved under PMAY. Over 82.46 lakh houses are under various stages of construction and over 48.31 lakh houses have been completed. Central assistance Rs. 1.81 lakh crore out of which Rs. 96,067 crores have already been released. The total investment under PMAY Housing Scheme is around Rs. 7.35 lakh crore.
Progress of Pradhan Mantri Awas Yojana (PMAY) Urban Progress
central government. Under the Pradhan Mantri Awas Yojana (PMAY-U), the target is to construct 1 crore houses in a period of 7 years i.e. from 2015 to 2022. The progress of Pradhan Mantri Awas Yojana (Urban) is shown below:-
– 1.12 crore houses have been approved
– 82.46 lakh houses are on the land for construction
– 48.31 lakh houses have already been occupied
This data is as of 11 June 2021. Now there is a lock-in period of 5 years for PMAY households. This will avoid misuse of CLSS under PMAY Housing Scheme.
For more details PMAY lock in period, click on the link – https://pmaymis.gov.in/