Housing For All | J&K gets Rs 106 crore central assistance under PMAY-U

Housing For All | J&K gets Rs 106 crore central assistance under PMAY-U
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Srinagar, June 20: In order to provide houses to economically weaker sections in urban areas, the Central government has allocated Rs 106.23 crore to Jammu and Kashmir under Pradhan Mantri Awas Yojana-Urban (PMAY-U).

“Release of central assistance, sanction is hereby accorded to the release of Rs 106.23 crore as 40 percent under BLC component of PMAY-U,” reads an order issued by the Principal Secretary, Housing and Urban Development Department, Dheeraj Gupta.

In March 2021, the LG administration approved the proposal of the Housing and Urban Development Department to provide interest-free loan up to Rs. 2 lakh to the urban houseless economically weaker section beneficiaries under Beneficiary Led Construction (BLC) component of the PMAY-U.

"The beneficiaries under BLC component of PMAY (U) have experienced the difficulty in mobilizing their contribution as they come from economically weaker sections and have to contribute higher share as compared to other States/UTs, as a result of which the construction of dwelling units under this component of PMAY (U) could not achieve the desired targets," said an official of HU&UD.

He said beneficiaries of this component have demanded enhancement of assistance in their favour so that they can complete their houses within the targeted date of the mission.

"In view of practical difficulties faced by the beneficiaries in arranging financial resources, the government agreed to provide an interest subsidy to all the eligible beneficiaries."

The interest-free loan will be an additional benefit, over and above the financial assistance of Rs. 1.66 lakh being provided to the beneficiaries under the Pradhan Mantri Awas Yojana-Urban; with this the beneficiaries can now avail Rs.3.66 lakh for construction of their dwelling units under this component of PMAY (U).

Earlier the UT of J&K has also provided 25% as mobilization advance to the beneficiaries under this component, so as to ensure commencement of construction work of their dwelling units.

The tenure of the BLC interest-free loan has been fixed at ten years and includes a moratorium of six months, repayable through monthly installments of Rs. 2500. At present the scheme will benefit 41992 beneficiaries under this component.

It is aimed to provide affordable housing to the economically weaker section of the society and provides supplementary financial assistance so as to realize the vision of the Prime Minister by providing Housing For All by 2022.

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