Pradhan Mantri Awas Yojana (PMAY) is a ‘housing for all’ scheme aimed at providing affordable houses to Indians.
The scheme has two components -
Pradhan Mantri Awas Yojana (Gramin) under the Ministry of Rural Development.
Pradhan Mantri Awas Yojana (Urban) under the Ministry of Housing and Urban Affairs.
The sole objective of this flagship scheme is to allocate around 2 Crore houses by the Financial Year 2022. Through this scheme, home loans can be availed conveniently at a subsidized rate from authorized financial institutions.
Who will benefit from PMAY?
To benefit from the PM Awas Yojana, aspiring home buyers must meet the following eligibility requirements. The requirements have been categorized under 3 segments, based on the annual household earnings.
- EWS category
Under the Economically Weaker Section (EWS), the annual household income must not exceed Rs. 3 Lakh. The interest subsidy for the EWS section is up to 6.5%.
- LIG category
Under the lower-income group, the annual household earnings of beneficiaries must be between Rs. 3 to 6 Lakh. Applicants of the LIG category can seek subsidies of up to 4%.
- MIG- I and MIG-II categories
The annual household income of the Middle Income Group (MIG-I) category must range between Rs. 6 to 12 Lakh.
For MIG-II section applicants, the annual household earnings must be within Rs. 12 to 18 Lakh. For both cases, the interest subsidy is up to 3%.
The PMAY scheme focuses strongly on women making full female ownership or co-ownership mandatory in some cases.
Additional Read: How the PMAY Scheme Will Help People to Get Home?
