Pradhan Mantri Awas Yojana [PMAY] - Housing for All Scheme

By : Neha Dhyani

Updated : Apr 19, 2022, 6:38

The Pradhan Mantri Awas Yojana (PMAY) was launched to deliver "Housing for All" by 2022 to solve the urban housing scarcity among the Economically Weaker Section (EWS) / Lower Income Group (LIG) and Mid-Income Group (MIG) categories.

The government launched many programs as part of the mission, one of which is the Credit Linked Subsidy Scheme (CLSS), which aims to provide subsidies on home loans taken out for:

  • Purchasing a new or used residential property.
  • A residential residence is being built.
  • Purchase of property and construction of a dwelling unit
  • The present residential unit will be extended.

Pradhan Mantri Awas Yojana PMAY Scheme - Features and Benefits

  • All beneficiaries of the PMAY Scheme receive a subsidized interest rate of 6.50 percent per annum on housing loans for 20 years.
  • Ground-floor allocation will be prioritized for differently-abled and senior residents.
  • Construction would be done with environmentally friendly and sustainable technologies.
  • The project encompasses the entire country's metropolitan areas, including 4041 statutory towns, with 500 Class I cities receiving first consideration. This will be accomplished in three stages.
  • The credit-linked subsidy component of the PM Awas Yojana has been implemented in all statutory towns in India from the beginning.

Pradhan Mantri Awas Yojana Scheme Eligibility

The government will identify and choose PMAY recipients using the Socio-Economic and Caste Census of 2011 (SECC 2011). Before making the rural housing plan list, the village panchayats and tehsils would be considered for beneficiary consultation. This will be done to ensure the project's transparency and ensure that only the most deserving individuals receive housing assistance.

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Pradhan Mantri Awas Yojana [PMAY] Schemes

The PMAY program is broken into two sub-sections, each focusing on a different area:

  1. Pradhan Mantri Awas Yojana Gramin Previously known as the Indira Awas Yojana, the Pradhan Mantri Awas Yojana Gramin (PMAY-G) was renamed PMAY-G in 2016. The plan aims to provide eligible recipients in India's rural areas with inexpensive and accessible dwelling units (excluding Chandigarh and Delhi). The Government of India and the different state governments split the cost of housing development in the ratio of 60:40 for plain regions and 90:10 for North-Eastern and hilly areas under this plan.
  2. Pradhan Mantri Awas Yojana Urban (PMAYU) - As the name suggests, the Pradhan Mantri Awas Yojana Urban (PMAYU) is aimed at India's urban areas. There are currently 4,331 towns and cities recognized under this scheme. The scheme is put up to work in three different phases:
  • Phase 1: From April 2015 to March 2017, the government aimed to reach 100 cities in various states and UTs under Phase 1.
  • Phase 2: From April 2017 to March 2019, the government aimed to cover 200 more cities in various states and UTs under Phase 2.
  • Phase 3: The government aimed to cover the cities that were left out of Phases 1 and 2 by the end of March 2022 to complete the project by the end of March 2022.

The Pradhan Mantri Awas Yojana (PMAY) aims to fulfil the fundamental right of shelter for the economically weaker and marginalized sections of society.

Unlike previous schemes, PMAY (U) has made it necessary for the female head of the family to be the owner or co-owner of the house. This aligns with the government's aim to empower women from the EWS and LIG.

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FAQs on Pradhan Mantri Awas Yojana [PMAY]

Q.1. Who is eligible for the Pradhan Mantri Awas Yojana [PMAY] program?

Your annual income must not exceed Rs. 18 lakhs to be eligible for the PMAY Scheme. PMAY benefits cannot be used on a home that has already been constructed. Your family should not have received any housing assistance from the Indian government at all.

Q.2. Is the Pradhan Mantri Awas Yojana Scheme open to current house loan borrowers?

Existing house loan borrowers can take advantage of the PMAY programme if they meet the eligibility requirements. As a result, it's critical to double-check your eligibility for subsidy benefits before submitting an application.

Q.3. When did the government announce the Pradhan Mantri Awas Yojana [PMAY] program?

On June 17, 2015, Honourable Prime Minister Shri Narendra Modi announced the PMAY initiative.

Q.4. What is the maximum period for which the Pradhan Mantri Awas Yojana plan subsidy is available?

The loan under the Pradhan Mantri Awas Yojana CLSSS has a 20-year repayment period.