Component wise details of PMAY-Urban
1. In-situ sum redevelopment using land as resources
· By involving private players, slums to be redeveloped with proper amenities- water ,electricity etc
· The contribution of beneficiary slum dwellers will be decided by state/UTs governments.
· To make project financially viable for private partners, additional funds can be provided by state/UT governments.
2. Credit –linked subsidy scheme
· Eligible EWS or low income group families can avail subsidized loan for constructing or purchasing house.
· The rate charged on loans will be 6.5% with a repayment period of 15 years.
· The maximum loan amount under subsidy is 6 lakh.
· Housing and urban development cooperation (HUDCO) and National housing bank (NHB) have been selected as nodal agencies to channelize subsidy for housing under PMAY- Urban.
· For example, if State Bank of India gives a home loan on 9% then under PMAY-urban, eligible EWS or LIG family can take loan from SBI at 6.5 % only. Thus the loss of 2.5 % incurred by SBI on interest will be repaid by HUDCO and NHB.
3. Affordable housing in partnership (AHP)
· Financial assistance will be provided for House being built for EWS under partnerships of state/UT governments with private players.(i.e. public private partnership)
· A central assistance will be released at Rs 1.5 lakh per EWS house built under PPP model.
· States /UT government will decide the prices of such EWS housing units manufactured.
4. Beneficiary led individual house construction or enhancement
· Under the component any EWS wish to construct or extend existing house on his own, will be provided financial assistance.
· Financial assistance will be 1.5 lakh per family.
· A slum dwelling family can also avail assistance if they wish construct a Pucca house.
5. Technology sub-mission
· There is a sub-mission within the PMAY-urban to involve modern and green material and technologies for constructing houses.
· Technology submission will also help to design layouts and building plan according to geo-climatic regions.
· IIT,NIT and planning and architecture institutes will be roped in to develop technology solutions and capacity building of states/UTs.