The Pradhan Mantri Awas Yojana (PMAY) is a government of India initiative, which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 1 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years. The last date for availing the PMAY Credit Linked Subsidy Scheme (CLSS) for the Economically Weaker Section (EWS) and Low Income Group (LIG) categories has been extended to 31 March 2022.
Pradhan Mantri Awas Yojana(PMAY) Beneficiaries List:
|Middle Income Group I (MIG I)||Rs.6 lakh to Rs.12 lakh|
|Middle Income Group I (MIG II)||Rs.12 lakh to Rs.18 lakh|
|Lower Income Group (LIG)||Rs.3 lakh to Rs.6 lakh|
|Economically Weaker Section (EWS)||Up to Rs.3 lakh|
Identification and Selection of Beneficiaries under PMAY:
- The urban scheme caters mainly to the housing requirements of the urban poor. The scheme also caters to the housing requirement of slum dwellers residing in confined areas of slums with inadequate infrastructure, poor sanitation and drinking facilities.
- Beneficiaries of PMAY-U mainly include Middle Income Groups (MIGs), Low-income Groups (LIGs) and Economically Weaker Section (EWS).
- While the beneficiaries from the EWS category is eligible for complete assistance under the scheme, beneficiaries from LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.
- In order to be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is required to submit an affidavit as income proof to the authority.
Type of PMAY Scheme:
There are two sub-sections of the PMAY scheme which are divided on the basis of the area on which they focus:
Pradhan Mantri Awas Yojana Gramin
The Pradhan Mantri Awas Yojana – Gramin (PMAY-G) was previously known as the Indira Awas Yojana and was christened as PMAY-G in 2016. The scheme is aimed at the provision of affordable and accessible housing units to eligible beneficiaries in rural regions of India (excluding Chandigarh and Delhi). Under this scheme, the Government of India and the respective state governments share the cost of development of housing units in the ratio of 60:40 for plain regions and 90:10 for North-Eastern and hilly regions.
Pradhan Mantri Awas Yojana Urban
The Pradhan Mantri Awas Yojana – Urban (PMAYU), as the name suggests, is focused on the urban areas in India. At present, there are 4,331 towns and cities which are enlisted under this scheme. The scheme is set to function under three different phases:
- Phase 1: Under Phase 1, the government targeted to cover 100 cities in different states and UTs across the country from April 2015 to March 2017.
- Phase 2: Under Phase 2, the government targeted to cover 200 more cities in different states and UTs across the country from April 2017 to March 2019.
- Phase 3: Under Phase 3, the government targeted to cover the cities which have been left out in Phase 1 and Phase 2 and attain the target by the end of March 2022.
The PMAY scheme will be executed in three phases. Refer to the below tables for more details:
|Stage||Phase 1||Phase 2||Phase 3|
|Cities covered||100||200||Remaining cities|
The top 10 banks in India which offer loans under the PMAY scheme are listed below:
- Bank of Baroda
- State Bank of India
- Axis Bank
- IDFC First Bank
- Bandhan Bank
- Bank of India
- HDFC Bank
- IDBI Bank
- Punjab National Bank
- Canara Bank