The programme is aimed at rehabilitation of slum dwellers and promotion of affordable housing for the economically weaker sections (EWS) through credit-linked subsidy.
The scheme will cover the entire urban area consisting of 4,041 statutory towns with initial focus on 500 class I cities and it will be implemented in three phases as follows - Phase-I (April 2015 - March 2017) to cover 100 cities to be selected from states/UTs as per their willingness; Phase - IIA (April 2017 - March 2019) to cover additional 200 cities and Phase-III (April 2019 - March 2022) to cover all other remaining cities.
Under the credit-linked interest subsidy component, interest subsidy of 6.5 percent on housing loans availed up to a tenure of 15 years will be provided to economic weaker sections/lower income group (EWS/LIG) categories, wherein the subsidy pay-out on net present value (NPV) basis would be about Rs.2.3 lakh per house for both categories
The central assistance at the rate of Rs.1.5 lakh per house for the EWS category will be provided under the affordable housing in partnership and beneficiary-led individual house construction or enhancement.
State governments or their state run organistions like housing boards can take up projects of affordable housing to avail the central government grant
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