Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY) is a flagship housing initiative launched by the Government of India with the goal of providing affordable housing to the urban and rural poor. The mission aims to achieve “Housing for All” by the year 2022 through financial assistance and subsidies.

Under PMAY, beneficiaries can receive interest subsidies on home loans for the purchase, construction, extension, or improvement of houses. The scheme supports various income groups including the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Groups (MIG-I & MIG-II).

Key Features of PMAY:

• 1. Credit Linked Subsidy Scheme (CLSS) – Interest subsidy on housing loans for eligible beneficiaries.
• 2. Affordable Housing in Partnership (AHP) – Financial support for housing projects developed in partnership with public/private sectors.
• 3. Beneficiary-Led Construction (BLC) – Assistance for individuals to construct or enhance their existing homes.
• 4. In-situ Slum Redevelopment (ISSR) – Redevelopment of slums using land as a resource with private sector participation.
• 5. Empowering Women – Female ownership or co-ownership of houses is mandatory under the scheme.