Pradhan Mantri Awas Yojana (PMAY)

Objective of PMAY Scheme

• Slum rehabilitation of Slum Dwellers with participation of private developers using land as a resource. (Slum is a compact area of at least 300 populations or about 60-70 households of poorly built congested tenements, in unhygienic environment usually with inadequate infrastructure and lacking in proper sanitary and drinking water facilities)
• Promotion of affordable housing for weaker section through credit linked subsidy.
• Affordable housing in partnership with Public & Private sectors.
• Subsidy for beneficiary-led individual house construction or enhancement.

PMAY Scheme Beneficiaries

• Mani focus of the schemes is woman, economically backward groups of Indian society.
• To protect transgender and widows, members of the lower income groups and urban poor.
• Scheduled Castes and Scheduled Tribes shall be granted preference when they try to avail the affordable housing scheme.
• Older and Differently abled persons will be given preference in the allotment of ground floors under the Pradhan Mantri Awas Yojana scheme.

Benefits under PMAY Scheme

• Interest subsidy of 6.5 percent on housing loan will be provided for 15 years to the beneficiaries.
• Eco friendly and sustainable technologies will be used during the construction process.
• 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.

PMAY Scheme Subsidy