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Government to offer loan to help complete houses under PMAY-G

Published on August 26, 2022
Current Context: Government will offer a 70,000 loan to help complete houses under PMAY-G.
Government to offer loan to help complete houses under PMAY-G
  • The credit guarantee scheme is for beneficiaries in rural areas who are struggling to complete the construction of pucca houses under the government's Pradhan Mantri Awas Yojana (Gramin).
  • The rural development ministry has finalized to give financial support of Rs 70,000 per beneficiary in rural areas. This scheme is introduced as several beneficiaries are struggling to complete the construction of sanctioned houses because of the increasing cost of construction materials.
  • The scheme will involve a network of self-help groups (SHGs) in rural areas. The SHGs will act as guarantors for a beneficiary who wants to take a loan of Rs 70,000 from the bank.
  • Under PMAY-G government has targeted to complete 2,71,92,795 pucca houses by March 2024. According to the rural ministry data, 1,96,62,963 houses have been completed. The target is now to complete 75,29,832 pucca houses in 16 months. PMAY-G is implemented since April 1,2016 and provides assistance of Rs 1.20 lakh in plains and 1.30 lakh in hilly areas to rural households for the construction of houses. The cost is shared on a 60:40 ratio between the center and state governments.

Question: 

Q.1 How much amount of the loan will be provided by the government to help complete houses under PMAY-G?
a. 50,000
b. 60,000
c. 90,000
d. 70,000
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