PM's urban housing scheme launched
Loans with subsidy can be availed of by people with Rs 3 lakh and Rs 6 lakh annual income.
KOZHIKODE: Mayor V K C Mammed Koya on Tuesday launched the Pradhan Mantri Awas Yojana (PMAY) - House for All Scheme (Urban) - which grants residents of urban areas a range of housing options.
Addressing the gathering, Mayor said the administration had already expedited the procedures of the scheme by completing the training programme for officials, surveyors and councillors.
PMAY has been launched aiming at constructing about two crore houses by 2022 in the country.
The welfare project is implemented through four schemes such as 'In situ' slum redevelopment, affordable housing through credit-linked subsidy, affordable housing in partnership and subsidy for beneficiary-led individual housing construction.
Of the total cost of Rs.6.5 lakh to Rs.7 lakh to be spent for construction of every housing unit, Rs.1 lakh to Rs.1.5 lakh will be availed from PMAY, the beneficiary will contribute up to Rs 1.5 lakh and the rest will be allotted from the city Corporation through the State Government fund.
Loans with subsidy can be availed of by people with Rs 3 lakh and Rs 6 lakh annual income.
This loan will be 6.5 per cent less than what banks are offering for a period of 15 years.