Indira Awas Yojana changed to Pradhan Mantri Awas Yojana by Center Government

Latest News –  Center government has now declared old flagship rural housing scheme Indira Awas Yojana (IAY) which was started by former Prime Minister Rajiv Gandhi as new Pradhan Mantri Awas Yojana (PMAY), which will be launched in October.

All the decision has been approved by central government. Under this new scheme, the government is aiming to construct one crore houses by 2019, according to sources.

What was in IAY –

Under IAY, previous  government has set a target of constructing 38 lakh houses by end of the current financial year (2015-16), out of which 10 lakh have been completed so far . IAY was launched by Rajiv Gandhi in 1985. IAY is now in the 60:40 ratio, except in the case of North-Eastern states and Union Territories (UTs).

What  is new in PMAY

Under the new modified PMAY scheme, the sharing pattern between the center and states is same  i.e in a ratio of 60 by 40, but new change is that  the grant will be transferred directly into the bank account of beneficiaries, who have been selected on the basis of socio-economic caste census of 2011.

Note  – Also those who are living in plains will receive a grant of Rs 1.20 lakh, with Rs 1.30 lakh for those living in hilly areas.

Also Read :  ICICI Bank to offer Credit Linked Subsidy Scheme on Pm Awas Yojana

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