The Pradhan Mantri Awas Yojana (PMAY) scheme was launched by the Government of India in 2015 with the objective of providing affordable and proper housing to the middle and lower-income groups. It aims at achieving the construction of 2 Crore residential properties by the end of 31^st March 2022. The Union Government will provide financial assistance of Rs. 2 trillion towards the fulfillment of the project.

The Government launched the scheme to meet the lack of proper housing for a large section of society. PMAY is merged with other governmental schemes that are set to fulfill some necessities of individuals such as sanitation, electricity, clean water, and banking facilities. Other schemes include –

• Swachh Bharat Abhiyan.
• Saubhagya Yojana.
• Ujjwala Yojana.
• Pradhan Mantri Jan Dhan Yojana.

PMAY is bifurcated into the Pradhan Mantri Awas Yojana (Urban) and the Pradhan Mantri Awas Yojana (Gramin).

Facts about the PMAY  

• Nearly 1.53 Crore housing properties have been constructed till February 2019 under this scheme.
• It covers 4,331 cities and towns.
• In Budget 2019, the scheme was allocated Rs. 25, 853 Crore.
• A total of 940 projects with an estimated cost of Rs. 22,492 Crore were sanctioned in January 2019.

The scheme is divided into 4 major components – in-situ slum development, credit-linked subsidy, affordable housing through private and public sector participation, and beneficiary led housing development.

Who can avail the PMAY scheme?

As per the scheme, applicants or their immediate family members cannot own housing property. In case you concur with this condition, you can apply for the PMAY scheme. It is vital to know the PMAY eligibility criteria, viz. –

Eligible applicants are classified into two categories – income gradient-based candidates and applicant slum dwellers.

The income-based classification is as follows –

1. Economically Weaker Section (EWS) – To be eligible under this category, the individual needs to have an annual family income of up to Rs. 3 Lakh.
2. Lower Income Groups (LIG) – Individuals with annual family income in the range of Rs. 3 Lakh to Rs. 6 Lakh are considered under this group.
3. Middle Income Group (MIG) – The Middle Income Group further has two distinctions – MIG 1 and MIG 2. MIG 1 constitutes individuals with annual family income within Rs. 6 Lakh and Rs. 12 Lakh. Individuals with annual income of up to Rs. 18 Lakh fall under the MIG 2 category.

The scheme is also extended to women from income groups EWS and LIG. Individuals from SC/ST and OBC categories are also eligible to enjoy the benefits of PMAY scheme. This list is irrespective of whether an individual belongs from an urban region or a rural area.

How to apply for PMAY?

The step-by-step guide of PMAY application process is discussed below –

1. Visit the official website of Pradhan Mantri Awas Yojana (PMAY.)
2. Click on the applicable type – for slum dwellers or benefits under the other 3 components – under the citizen assessment drop-down menu.
3. Enter your Aadhaar Card or Virtual ID card number and your name as mentioned in your Aadhaar.

This concludes your PMAY registration. Once you are registered, you can continue with the application process, as demonstrated below –

1. Fill in the necessary details.
2. After you complete filling the details, click on “Save.”
3. Enter the CAPTCHA code.

When you are providing your details in the first step post-registration, ensure to double verify such details with respective documents. Any misinformation might lead to the cancellation of your application.

The Pradhan Mantri Awas Yojana has had considerable success in its venture for so long. Successful construction, as well as habitation, is achieved in the states of Maharashtra, Tamil Nadu, West Bengal, Andhra Pradesh, Uttar Pradesh, etc. PMAY eases your way of becoming a homeowner and provides shelter to your family.

What are the benefits of Pradhan Mantri Awas Yojana?

The PM Awas Yojana has adopted multiple objectives for a holistic upliftment of all strata of the society. The PMAY benefits are –

Interest subsidy

Eligible individuals can avail interest subsidy on home loans from reputed financial institutions such as Bajaj Finserv.

The subsidy benefits applicable to different income groups are as follows –

• EWS and LIG – Interest subsidy up to 6.5% for a repayment tenor of 20 years.
• MIG 1 – Interest subsidy up to 4% on a maximum of Rs. 9 Lakh as a loan under PMAY for a period of 20 years.
• MIG 2 – Interest subsidy of up to 3% on a maximum loan amount of Rs. 3 Lakh for a repayment tenor of 20 years.

Already Applied for PMAY Scheme? Check your name in the PMAY LIST.

Housing for all

The main objective of the Pradhan Mantri Awas Yojana scheme is to provide proper shelter to every Indian citizen. It will allow the real estate sector to grow in the urban and rural areas as well as allow cleaner surroundings and an improved standard of living.

Eco-friendly housing

The Ministry of Housing and Urban Affairs has repeatedly mentioned the usage of environmentally friendly and scientific methods of construction to ensure limited damage.

This is all you need to know about the PMAY scheme and its benefits. The government and the RBI are also taking additional measures such as reductions in repo rates to improve the credit market as well as the real estate sector.