PMAY (Pradhan Mantri Awas Yojana)

What is this Scheme?

The PMAY scheme, created by the Indian government, aims to provide affordable housing for people who are living in urban areas but don't have a lot of money. This plan was proposed by Mr.Narendra Modi, the Prime Minister of India, on June 1, 2015.

The main goal is to make sure that everyone has a home by the year 2022, which is a special year because it marks 75 years of India being independent. The plan also wants to make sure that certain groups of people, like those who are struggling financially, women, and minorities (including Scheduled Castes and Scheduled Tribes), can get homes.

For the execution part of this plan, the Government will build affordable houses in specific cities and towns using eco-friendly construction methods. Individuals who qualify for the PM Awas Yojana can also get help with the interest subsidy under the Credit Linked Subsidy Scheme on their loans if they have taken a loan to buy or build a house.

Who are the beneficiaries of this scheme?

• The wife, husband, single daughters, and/or unmarried sons constitute the beneficiary family.
• A beneficiary family is not allowed to own a pucca house in any region of the nation (India), either in their own name or on behalf of a family member.

Features of PMAY

• Subsidized Interest Rate: Those individuals who receive housing loans under the PMAY Program will pay an interest rate for 20 years at a lower interest rate of 6.50% annually.
• Priority for Senior Citizens and Disabled: Older people and those with disabilities will be given preference for homes on the ground floor.
• Safe and Eco-Friendly Construction: The houses will be built using technology that's good for the environment and safe for everyone.
• Coverage: The PMAY covers all urban areas in the country, including 4041 towns where laws are made. The first priority is to provide housing in 500 big cities, and this will be done in three phases.

Subsidy Introduced Early: The credit-linked subsidy feature of PMAY starts right from the beginning in all towns where laws are made.