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Pradhan Mantri Awas Yojana (PMAY)

What is Pradhan Mantri Awas Yojana (PMAY)?

The PMAY is a Government backed Credit Linked Subsidy Scheme (CLSS) wherein the mission is to provide affordable housing for all by the year 2022. Originally committed to providing housing for the Economically Weaker Section (EWS) and the Low Income Group (LIG), the scheme was further expanded on 1st January, 2017, to include the Middle Income Groups (MIGs) as well.

PMAY Features/Benefits and Objectives

The following are the main features or benefits of the PMAY scheme –

  • Subsidy Benefit 

Perhaps one of the most significant benefits of the PMAY scheme is the Pradhan Mantri Awas Yojana subsidy that can be availed up to Rs. 2.67 lakhs. Individuals meeting PMAY eligibility can enjoy partnerable affordable housing, subsidised individual house construction or improvement, and rehabilitation of slum dwellers, in-situ basis. 

  • Extended Loan Tenure

PMAY offers its beneficiaries with a loan tenure that extends up to 20 years. As a result, beneficiaries can enjoy low repayment instalments. 

  • No Loan Limits

 The PMAY scheme does not give a specified limit on the loan amount that can be borrowed. Hence, beneficiaries can take a housing loan as per their need provided they will be able to repay it by the end of its term. 

  • Option of Additional Loan

Beneficiaries that need housing loans above and beyond what offered under PMAY can apply for additional loans. The important thing to note here is that such loans will be given at non-subsidised rates and the lender will charge a normal processing fee. 

  • Benefits for Women and Minorities 

The PMAY scheme makes female home ownership or co-ownership of the property a mandatory clause under the EWS and LIG categories and an optional clause under the MIG I and MIG II categories. Moreover, preference provisions are available for salaried women, widows, transgender, the disabled, and senior citizens. For example – If a senior citizen applies under this scheme, they can be assured of ground floor accommodation. 

  • Eco-Friendly Construction

The houses built under the PMAY scheme are done so using eco-friendly construction technology and materials. This will lower environmental pollution and ensure minimal damage in and around the site of construction. 

Pradhan Mantri Awas Yojana - Urban (PMAY-U)

Launched in 2015, Pradhan Mantri Awas Yojana (Urban) or PMAY (U) is a scheme by the Central Government with the mission of providing affordable housing for all income groups in urban areas within 2015 to 2022. 

Here are some important facts about PMAY-U –

  • Number of houses sanctioned – 88 lakhs

  • Number of houses built – 26 lakhs  

  • Number of houses occupied – 24 lakhs