All about Indira Gandhi Awas Yojana Scheme - Loan Trivia


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Thursday 26 August 2021

All about Indira Gandhi Awas Yojana Scheme

Indira Gandhi Awas Yojana
The Indira Awas Yojana (IAY) is an earlier launched housing scheme of the Central Government of India. It is named after former Indian Prime Minister, Late Indira Gandhi. 

The Indira Gandhi Awas Yojana was relaunched as the Pradhan Mantri Awas Yojana (PMAY- Gramin/Rural) in 2016. It is a Central Government housing scheme that intends to construct affordable housing for all in rural regions of India. 

Let’s know more about the Indira Awas Yojana!

What is the Indira Awas Yojana?

As discussed, the focus of the recently relaunched Pradhan Mantri Awas Yojana – Rural is to provide affordable housing for all by 2022. The PMAY – G is a part of the Pradhan Mantri Awas Yojana Urban scheme launched by Narendra Modi in 2015.

The Indira Gandhi Awas Yojana is renamed the Pradhan Mantri Awas Yojana – Rural. 

Besides constructing a pucca home for people living in kutcha homes, the IAY scheme also offers a home loan interest subsidy. 

What are the key features of the Indira Awas Yojana?

  1. 1 crore families living in kutcha homes are to be offered pucca homes. The minimum carpet area of the home will be 25 sq mt. The homes will have basic amenities like kitchens and electricity. 

  2. The previous cost of each unit was Rs.1 lakh. It has been amended to Rs.1.2 lakh for plain areas. It is Rs.1.3 lakh for hilly regions and integrated action plan districts. 

  3. In plain areas, the expenses will be shared in 60:40 and 90:10 in the mountain and difficult to reach areas. 

  4. The union territories, including Ladakh, will be founded by the Central Government on the whole. 

  5. Receiving the money in an Aadhaar linked bank account or post office account has been made possible. 

  6. Stage 1 of the home needs to be completed within 9 months of getting the money. You will get 9 months to complete the final stage also. 

  7. It is possible to check your name in the IAY list online on the PMAY – G website if you have already applied. 

If you live in a rural kutcha home and want to live in a pucca home, you can apply for the Indira Awas Yojana scheme.   

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