Cabinet approves Rs 60,000-crore fund for urban housing scheme

Tribune News Service

New Delhi, February 20

The Union Cabinet today approved the creation of National Urban Housing Fund (NUHF) with Rs 60,000 crore in its kitty. An official statement said this fund would be situated in Building Materials and Technology Promotion Council (BMTPC), an autonomous body registered under the Societies Registration Act, 1860 under the Ministry of Housing and Urban Affairs.

The Ministry has so far sanctioned 39.4 lakh houses under Pradhan Mantri Awas Yojana (Urban).

There is a very good response from the states/UTs and nearly 2-3 lakh houses are being sanctioned every month. More than 17 lakh houses have been grounded and about 5 lakh houses have been completed, the statement said.

Under Credit Linked Subsidy Scheme (CLSS), wherein housing for EWS, LIG and MIG beneficiaries is being sanctioned by the banks and HFCs to the eligible beneficiaries under the PMAY (Urban), the responses have grown significantly.

Nearly 87,000 housing loans have been sanctioned in past eight months under the Scheme and over 40,000 applications are under consideration for approval. The target is to cater to the demand of housing shortage of nearly 1.2 crore and make available housing to all by 2022, when the country celebrates its 75th anniversary of Independence, the statement added.