What Is PMAY? Benefits Under Pradhan Mantri Awas Yojana

What Is PMAY? Pradhan Mantri Awas Yojana (PMAY) is a flagship housing scheme launched by the Government of India in 2015 with the goal of providing affordable housing to all, especially the economically weaker sections, low-income groups, and middle-income groups. The mission aims to construct \"Housing for All\" by 2024, focusing on urban and rural areas. Key Components of PMAY PMAY-Urban (PMAY-U): Focuses on affordable housing in urban areas, targeting slum dwellers, poor families, and others. PMAY-Gramin (PMAY-G): Focuses on rural housing, providing subsidies and support to build pucca houses for rural families. Credit Linked Subsidy Scheme (CLSS): Provides interest subsidies on home loans for eligible urban buyers. Benefits Under Pradhan Mantri Awas Yojana (PMAY) Benefit Details Interest Subsidy on Home Loans Up to 6.5% interest subsidy on home loans for eligible groups (EWS, LIG, MIG) reducing EMI burden. Affordable Housing Financial support to build or buy homes at affordable prices. Subsidy on Loan Amount Subsidy applies to home loans up to ₹6 lakh (EWS/LIG) and ₹12 lakh (MIG). Increased Credit Access Makes it easier for low-income families to get home loans. Focus on Economically Weaker Sections Helps poor and marginalized groups gain homeownership. Rural Housing Support (PMAY-G) Grants for building durable houses in rural areas. Improvement in Living Standards Encourages development of basic amenities and infrastructure. Encouragement of Green and Sustainable Homes Some schemes promote eco-friendly construction practices. Eligibility Criteria (Summary) First-time homebuyers Income limits for different categories: EWS: Up to ₹3 lakh annual income LIG: ₹3 lakh to ₹6 lakh annual income MIG-I: ₹6 lakh to ₹12 lakh annual income MIG-II: ₹12 lakh to ₹18 lakh annual income Property size limits apply Should not own a pucca house in any part of India How to Apply? Apply online via the official PMAY website or through your bank/lender Provide necessary documents: income proof, identity proof, property papers, etc. Select the applicable scheme (urban/rural) and subsidy option