PM Narendra Modi had declared an interest waiver scheme of up to Rs 12 Lakhs on housing for all scheme. Such a move was made under the flagship program which was kick- started especially for the poor. The scheme referred as Pradhan Mantri Awas Yojana (PMAY) is a step initiated to make sure that there is availability of a concrete shelter for everyone. Thus, giving correct impetus to this project and making it a successful in the longer run.
Like any other new law, this rule which is being monitored by Union housing and urban poverty alleviation program, there is a presence of a Caveat Emptor (Let the buyer be aware), it states that the people who come in the “middle income category” can only avail the benefit of this scheme for a period of only one Year. Many experts believe that such a time frame was being levied as the allocation of money was confined to just Rs. 1,000 crore. To give support to the above mentioned figure officials had declared that, this was just a trial run and once a positive feedback will be received, next stage or phase of work will be carried out.
On 31st December Honorable Prime Minister Modi had announced about Credit-Linked Subsidy under the pre-existing “Housing for All”, that people earning an annual earnings of Rs.12 Lakhs will be given 3% interest subsidy, on a loan amounting to Rs. 9 Lakhs. On the other side, people’s annual earnings of Rs.18 Lakhs are subject to 4% interest subsidy, on a loan of Rs. 12 Lakhs.
Well the new formulation of the law states that only those people who don’t own a pucca dwelling can avail this benefit. In case the construction of the house measuring 968 sq. ft. and 1184 sq. ft. also come under this scheme. In the meanwhile, the Pradhan Mantri Awas Yojana (PMAY) somehow could not cover the middle class completely.