Pradhan Mantri Awas Yojana (PMAY), an initiative started by the Government of India, aims to provide affordable housing to the poor, with a target of constructing 20 Million affordable houses by 31 March 2022. This scheme has two components: Pradhan Mantri Awas Yojana (Urban)(PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) for the rural poor. The mission of this initiative is “Housing for All”.
The scheme was first launched on 1 June 2015. The tenure of PMAY can be up to 20 years, and the interest rate for the PMAY scheme begins at 6.50% p.a. Moreover, the deadline for opting the PMAY CLSS scheme for the MIG-I and MIG-II categories has extended to 31 March 2021. The same has also been extended to 31 March 2022 for the LIG and EWS categories.
Following are some of the benefits and features of PMAY Scheme:
To all PMAY beneficiaries, the subsidy interest rate is given at 6.50% p.a. on the housing loan for the term of 20 years.
For the senior citizens and differently-abled, they'll be provided preference in the allocation of ground floors.
For the construction of these houses, sustainable and eco-friendly technologies will be used.
The PMAY covers the urban areas of India that includes 4041 statutory towns, and first priority is given to the 500 Class I cities. This will be achieved in 3 phases.
Right from the initial stages, the Pradhan Mantri Awas Yojana's credit linked subsidy aspect gets implemented in all statutory towns.