The Punjab government will provide about 25,000 flats for economically weaker sections (EWS) and lower income group (LIG) – at a cost of Rs 4 lakh and Rs 6 lakh respectively -- in a phased manner under Pradhan Mantri Awas Yojana, chief secretary Sarvesh Kaushal said on Thursday.
Presiding over a state-level bankers’ committee meeting, Kaushal asked all banks and financial institutions to voluntarily participate and raise loan facilities for the beneficiaries. Primary lending institutions were asked to collaborate in the implementation of the scheme. The maximum loan of Rs 6 lakh will be given at the annual rate of 6.5% to both the categories.
The attendees were told that the land for construction of these flats is already in possession of the housing department. The dwelling units will be constructed as ground-plus-three-storey structures.
Punjab Urban Planning and Development Authority (Puda) is the nodal agency for implementing the scheme launched by Prime Minister Narendra Modi in June 2015. Puda chief administrator Manvesh Sidhu said of the 41,119 applications received, 12,000 will be selected in the first phase. The beneficiaries who will be provided dwelling units will have to deposit an earnest money of Rs 10,000 and Rs 25,000 for EWS and LIG units respectively.