Government disburses Rs.414.15 bn interest subsidy under PMAY-U

The Central Government has disbursed an interest subsidy of Rs.414.15 bn to 17.68 lakh beneficiaries under the PMAY-U scheme. The PMAY-U scheme was launched by Prime Minister Narendra Modi in June 2015, with the aim to ensure 'housing for all by 2022' by providing financial assistance to all beneficiaries. Hardeep Singh Puri, Minister of Housing and Urban Affairs (MoHUA), has been reportedly quoted saying that the subsidy of Rs.53.2 bn has been disbursed as on date under the Credit Linked Subsidy Scheme (CLSS) in FY22. During financial year 2021-22, Rs.80 bn was allocated for the PMAY-U scheme in Budget Estimates, which has now enhanced to Rs.270 bn, including Rs.120 bn for the CLSS component at the Revised Estimates stage  in consultation with the Ministry of Finance (MoF).