Pradhan Mantri Awas Yojana or PMAY is an Indian Government initiative to offer affordable housing to the urban poor. This scheme was initially started in the year 2015. The rate of interest for the PMAY begins from 6.50 per cent per annum and can be taken up for a repayment tenure of as high as twenty years. The implementation tenure of the PMAY Urban program is extended till 2024. This decision was made by the Union Cabinet post receiving the request from the states and union territories. Previously, the goal was to offer houses by the year 2022.
How to apply for Pradhan Mantri Awas Yojana?
To apply for the Pradhan Mantri Awas Yojana, you must visit the concerned official website i.e., https://pmaymis.gov.in/. Go to the loan application form and fill out as required.
| Official site | https://pmaymis.gov.in/ |
| Launched | 2015 |
| Completion of this scheme expected | By 2024 |
| Suggestions or complaints | [email protected] |
| Toll-free number | 1800-11-6163, 1800 11 3388, & 1800 11 3377 |
| Email ID | [email protected] |
What are the important benefits and features of the PMAY scheme?
∙ As per the Pradhan Mantri Awas Yojana scheme, a subsidiary of the rate of interest is offered at 6.50 per cent per annum on the home loan for a repayment tenure of twenty years to all beneficiaries.
∙ Eco-friendly and sustainable technologies would be utilised for construction.
∙ Differently abled as well as senior citizens would be provided preference in the allocation of the ground floors.
∙ This scheme covers the urban regions which involve 4041 statutory towns.
PMAY (Pradhan Mantri Awas Yojana) beneficiaries –
Beneficiaries as per the PMAY scheme are mentioned below –
| Beneficiaries | Annual income |
| EWS (economically weaker section) | Up to Rs 3 lakh |
| LIG (lower income group) | Between Rs 3 lakh and Rs 6 lakh |
| MIG I (middle-income group II) | Between Rs 12 lakh and Rs 18 lakh |
| MIG II (middle-income group I) | Between Rs 6 lakh and Rs 12 lakh |
Additionally, people belonging to the scheduled tribes, scheduled castes, other backward class categories and women belonging to LIG and EWS income groups even are eligible for the Pradhan Mantri Awas Yojana scheme.
Identification as well as a selection of the beneficiaries as per the PMAY scheme –
PMAY (Pradhan Mantri Awas Yojana) – This is an urban scheme that caters for the housing needs of the poor in the urban location. The scheme even meets the housing needs of the slums residing in a confined region with inadequate infrastructure, drinking water facilities and poor sanitation.
Beneficiaries of the Pradhan Mantri Awas Yojana Urban involve the MIGs or Middle-Income Groups, LIGs or Low-Income Groups and the EWS or the Economically Weaker Section.
While the beneficiaries from the EWS category qualify for the thorough assistance as per this scheme, beneficiaries from the LIG categories just qualify for the CLSS (Credit Linked Subsidy Scheme) as per the PMAY.
For being recognised as the EWS or LIG beneficiary as per the scheme, you as an applicant must submit an affidavit as proof of income to the concerned authority.
Key PMAY scheme highlights –
| Particulars | Beneficiaries |
| Highest loan repayment tenure | EWS – 20 years, LIG – 20 years |
| Eligible home loan proceeds for interest constituent subsidy | EWS – As high as Rs 6 lakh, LIG – As high as Rs 6 lakh |
| Dwelling unit carpet area | EWS – up to 30 square meters, LIG – Up to 60 square meters |
| Discounted rate for the computation of NPV (net present value) of interest subsidy | EWS – 9 per cent, LIG – 9 per cent |
| Woman ownership or co-ownership | Not required in the case of existing property and is compulsory for the new acquisition |
| Scheme’s duration | EWS – Up to 2024, LIG – Up to 2024 |
| Applicability of zero pucca house | Not for renovation or upgradation |
| Quality of home construction or flat construction | National building code, BIS codes and the NDMA guidelines |
| Amount paid as lumpsum payment for every sanctioned home loan application | EWS – Rs 3,000, LIG – Rs 3,000 |
| Maximum interest subsidy fund | EWS – Rs 2.67 lakh, LIG – Rs 2.67 lakh |
| Basic civic infrastructure (sewerage, sanitation, road, electricity, water, etc.) | EWS – mandatory, LIG – mandatory |
| Approvals for building designs | EWS – mandatory, LIG – mandatory |
What are the kinds of PMAY schemes?
There are majorly two sub-sections of a PMAY scheme. These are as follows –
∙ Pradhan mantri awas yojana gramin –
Pradhan mantri awas yojana gramin also known as PMAY G was earlier called Indira Awas Yojana. The scheme aims at providing accessible and affordable housing units to beneficiaries in rural areas of India. As per this scheme, the Indian Government and the state governments share the development expense of the housing unit in a 60:40 ratio for the plain areas and a 90:10 ratio for the hilly and northeastern regions.
∙ Pradhan mantri awas yojana urban –
Pradhan mantri awas yojana urban as suggested by the name focuses on urban regions of India. Presently, there are over 4,000 cities and towns, which are listed under this PMAY scheme. The scheme is fixed to function in three distinct phases. These include –
Phase no. 1 –
As per phase 1, the Indian government is targeted to cover a hundred cities in distinct union territories, and states throughout the country between 2015 and 2017.
Phase no. 2 –
As per phase 2, the Indian government is targeted to cover two hundred more cities in distinct union territories and states throughout India between 2017 and 2019.
Phase no. 3 –
As per phase 3, the Indian government is aimed at covering the cities that are left in phases 1 & 2 and to attain its target by 2024.
PMAY subsidy calculator
PMAY scheme has the goal to simplify the procedure of buying homes for the weaker and urban poor sections of society via EMIs at reasonable interest rates. The interest rate is comparatively lesser than the commercial interest rates, thus providing a subsidized loan. To compute your loan EMI on the Pradhan Mantri Awas Yojana scheme, you can visit its official website and use its online calculator.
