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: