The Pradhan Mantri Awas Yojana (PMAY) scheme, a flagship initiative aimed at providing affordable housing to urban residents, could be facing a major revamp. Government sources suggest a potential reduction in the income eligibility for beneficiaries categorized under the Middle Income Group (MIG).
Currently, the annual income limit for MIG stands at Rs. 18 lakh. This might be slashed to Rs. 10 lakh, effectively tightening the eligibility criteria and ensuring the program reaches those who genuinely need assistance.
Furthermore, the way interest subsidies are disbursed under PMAY-Urban for MIG beneficiaries might also see changes. Instead of the current system of a one-time lump sum payment, the government is considering spreading the subsidy payout over five years. This revised structure could potentially enhance financial monitoring and ensure the funds are utilized effectively.
These proposed changes, if implemented, would mark a significant shift in the targeting of PMAY-Urban’s MIG category. By lowering the income cap and altering the subsidy payout structure, the government aims to achieve two key objectives – first, to direct the program’s resources towards those most in need of affordable housing solutions in urban areas, and second, to ensure better oversight and accountability for the disbursed funds.
