This scheme will enable people in rural areas to construct new houses or add to their existing pucca houses to improve dwelling units.
Scheme:
- Government will provide interest subsidy to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen)-PMAY(G).
- It will be implemented by National Housing Bank (NHB).
- Under the scheme, the beneficiary will be provided interest subsidy for loan amount upto Rs. 2 Lakhs.
- Government will provide net present value of interest subsidy of 3% to NHB upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.)
- Government will also take necessary steps for proper convergence of the scheme with PMAY-G including technical support to beneficiary through existing arrangements.
- It will improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.