The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which
aims at providing affordable housing to the urban poor by the year 2022.
The scheme was first launched on 1 June 2015.
The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure
of up to 20 years.
The deadline for availing the PMAY CLSS scheme for the MIG-I and MIG-II categories has
been extended to 31 March 2021. The same has been extended to 31 March 2022 for the
LIG and EWS categories.
Under PMAY Scheme, subsidy interest rate is provided at 6.50% p.a. on housing loan for the
term of 20 years to all the beneficiaries.
Differently abled and senior citizens will be given preference in allocation of ground floors.
Sustainable and eco-friendly technologies would be used for construction.
The scheme covers entire urban areas in the country which includes 4041 statutory towns
with the first priority given to 500 Class I cities. This will be done in 3 phases.
The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all
statutory towns from the initial stages itself.
The Pradhan Mantri Awas Yojana - Urban scheme caters mainly to the housing requirements
of the urban poor. The scheme also caters to the housing requirement of slum dwellers
residing in confined areas of slums with inadequate infrastructure, poor sanitation and
drinking facilities.
Beneficiaries of PMAY-U mainly include Middle Income Groups (MIGs), Low-income Groups
(LIGs) and Economically Weaker Section (EWS).
While the beneficiaries from the EWS category is eligible for complete assistance under the
scheme, beneficiaries from LIG and LIG categories are only eligible for the Credit Linked
Subsidy Scheme (CLSS) under PMAY.
In order to be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is
required to submit an affidavit as income proof to the authority.
