37.57 lakh houses sanctioned for Economically Weaker Section under PMAY-U

Under ISSR and AHP vertical of PMAY-U, the private partnership is envisaged for construction of affordable houses for EWS category and under CLSS vertical interest subsidy is provided on housing loan.


Devdiscourse News Desk | New Delhi | Updated: 28-07-2021 16:15 IST | Created: 28-07-2021 16:15 IST
37.57 lakh houses sanctioned for Economically Weaker Section under PMAY-U
Representative Image Image Credit: ANI
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During the last two years, under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), 37.57 lakh houses were sanctioned for Economically Weaker Section (EWS) under three verticals, viz. “In-situ” Slum Redevelopment(ISSR), Affordable Housing in Partnership (AHP) and Beneficiary Led individual house Construction or Enhancement (BLC), of which 28.99 lakh have been grounded for construction and 18.50 lakh houses have been completed. Besides, under the Credit Linked Subsidy Scheme (CLSS) vertical of PMAY-U, 5.81 lakh EWS beneficiaries have availed the benefit of interest subsidy.

Under ISSR and AHP vertical of PMAY-U, the private partnership is envisaged for the construction of affordable houses for the EWS category and under CLSS vertical interest subsidy is provided on housing loans.

            In order to boost affordable housing, the Union Government has taken various initiatives such as granting of infrastructure status to affordable housing to enable cheaper loans, reduction in Goods and Services Tax on under-construction affordable housing projects from 8% to 1% without Input Tax Credit, increase in priority sector lending for affordable housing project from ₹28 lakh to ₹35 lakh in metros and from ₹20 lakh to ₹25 lakh in non-metros, setting up of Affordable Housing Fund in National Housing Bank, additional income tax deduction of ₹1.5 lakh on account of home loan interest in addition to the deduction of ₹2 lakh for affordable housing, an extension of 100% deduction on profits for construction of affordable housing projects under section 80-IBA of the Income Tax Act till 31.03.2022 and widening the scope of section 80-IBA from 30 to 60 square meters in metro and 60 to 90 square meters in non-metro cities.

This information was given by the Minister of State in the Ministry of Housing and Urban Affairs, Shri Kaushal Kishore, in a written reply in the Rajya Sabha today.

(With Inputs from PIB)

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