What is Pradhan Mantri Aawas yojna?

Pradhan Mantri Awas Yojana (PMAY) is a government initiative launched by the Government of India in 2015 to provide affordable housing to the urban and rural poor. The scheme aims to ensure “Housing for All” by the year 2028, but it has been extended in various forms.

Key Features of PMAY:

1. Target Groups:

°Economically Weaker Sections (EWS)

°Low Income Groups (LIG)

°Middle Income Groups (MIG-I & MIG-II)

Slum dwellers

2. Subsidy on Home Loans:

°Under the Credit Linked Subsidy Scheme (CLSS), beneficiaries can get interest subsidies on home loans.

°The subsidy ranges from 3% to 6.5%, depending on the income group and loan amount.

3. Two Components:

°PMAY-Urban (PMAY-U) – for urban areas.

°PMAY-Gramin (PMAY-G) – for rural areas.

4. Eligibility Criteria:

°The applicant or family must not own a pucca house anywhere in India.

°Income criteria vary depending on the category (EWS, LIG, MIG).

°The beneficiary family must include husband, wife, and unmarried children.

5. Women’s Empowerment:Female ownership or co-ownership of the house is encouraged or mandatory in many cases.