PM announces new housing scheme for urban poor; low interest rate loans on offer

Source: The post is based on the article “PM announces new housing scheme for urban poor; low interest rate loans on offer”  published in The Hindu on 16th August 2023.

What is the News?

The Prime Minister has said that the government would soon launch a new scheme to help those living in rented houses in cities to build their own homes.

Under this scheme, they will receive relief in interest rates and loans taken from banks to construct their houses.

What is the existing scheme for housing shortage for urban poor?

Government already has a scheme to address the housing shortage for the urban poor called the Pradhan Mantri Awas Yojana Urban (PMAY-U).

PMAY-U was launched in 2015 by the Ministry of Housing and Urban Affairs.

The mission aims to address the urban housing shortage among the economically backward sections, including the slum dwellers by ensuring a pucca house to all eligible urban households by 2022.

The scheme period though now has been extended up to December 2024 to complete all the houses sanctioned.

Progress of PMAY-U Scheme: A total of 75.51 lakh houses have been completed out of which 71.39 lakh have been occupied till now under the PMAY-U.

– Uttar Pradesh had the largest number of houses followed by Gujarat and Andhra Pradesh.

What are the other schemes announced by the Prime Minister?

The Prime Minister has also announced that the Vishwakarma scheme will also be launched soon.

Aim of the scheme: To improve the quality, scale and reach of products and services of artisans and craftspeople and to integrate them with the domestic and global value chain. 

– This would result in the economic empowerment of such workers, especially those belonging to the Scheduled Castes, Scheduled Tribes, Other Backward Communities, women, transgender and other weaker sections of the society.