What is Pradhan Mantri Awas Yojana and what is its purpose? - Loan Trivia

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Wednesday, 24 November 2021

What is Pradhan Mantri Awas Yojana and what is its purpose?

PMAY eligibility

 Pradhan Mantri Awas Yojana is a flagship programme of the Indian Government that aims to provide affordable housing to the weaker section of society, lower-income groups, and rural and urban poor. This affordable housing scheme has two components. These are,

  • Pradhan Mantri Awas Yojana Urban (PMAY-U)

  • Pradhan Mantri Awas Yojana Gramin (PMAY-G)

These two components cover the urban and rural populations, respectively. In addition, individuals can take a home loan under PMAY at a subsidised interest rate. 

However, to avail the interest subsidy through the Credit Linked Subsidy Scheme (CLSS), individuals/beneficiaries have to fulfil Pradhan Mantri Awas Yojana eligibility. Below is discussed the beneficiaries and the required eligibility.

  • A beneficiary family includes husband, wife, unmarried daughters and/or unmarried sons.

  • The beneficiary family should not own a pucca house in their name or any other family member’s name in any part of the country.

  • Beneficiaries need to belong to either of four income groups as Economically Weaker Section (ESW- with an annual income of Rs. 3 lakh), Lower Income Group (LIG- with an annual income of Rs.3 lakh to Rs.6 lakh), Middle Income Group-I (MIG-I with an annual income of Rs.6 lakh- Rs. 12 lakh), Middle Income Group-II (MIG-II- with an annual income of Rs.12 lakh-Rs. 18 lakh). 

  • Individuals should not have availed any central assistance.

  • Senior citizens, differently-abled persons, transgender, scheduled castes and tribes are eligible for this government-backed PMAY scheme.     

However, before applying for PMAY, individuals must know its features to reap the benefits offered under the scheme.

  • PMAY offers a 6.5% interest subsidy on home loan for a tenure of up to 20 years. One must note that the interest subsidy varies depending on the income slabs of beneficiaries.

  • This scheme allows senior citizens and differently-abled persons to acquire ground floor accommodation.

  • PMAY mandates using eco-friendly materials and technology for constructing houses; hence, it has a commendable approach to revolutionising India’s housing sector.

  • Pradhan Mantri Awas Yojana scheme encourages female ownership.

With the affordable housing scheme of PMAY, eligible beneficiaries can realise their dreams of owning a concrete home.


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