The Pradhan Mantri Awas Yojana is a flagship mission undertaken by the government in 2015 under the “Housing for All” mission to increase homeownership among the eligible population. Under the PMAY scheme, potential first-time homebuyers can use subsidies on home loans for building, buying, renovating, or making any other extensions. You need to check out the essential eligibility criteria that potential beneficiaries must meet to avail the benefits of the PMAY scheme.
Benefits and features of PMAY
- Under the PMAY scheme, the beneficiaries get subsidy interest at 6.50% per annum on housing loans for a maximum duration of 20 years.
- Preference of ground floor allocation is given to senior citizens.
- The housing is made using sustainable and eco-friendly materials.
- The scheme covers 4,041 statutory towns in which 500 Tier-1 cities are given the first priority.
- The PMAY scheme is implemented as a combination of central and state government funding, as well as private-sector participation (PPP).
- Under the PMAY program, subsidies on home loans, financial assistance for building houses, in-situ rehabilitation of slum dwellers and credit-linked subsidies (CLSS) linked subsidies are provided
Also read about the PM Uday Scheme
Types of PMAY
There are two types of PMAY namely PMAY-Urban and PMAY- Grahmin.
PMAY-Grahmin (PMAY-G)
While it was previously known as the Indira Awas Yojana, it was renamed as PMAY-G in 2016. Under this affordable and accessible housing units are provided to eligible beneficiaries in rural regions. This scheme excludes Chandigarh and Delhi. Under this, the centre will give 60% of the development costs and the state will give 40%. In hilly regions and north-east regions, the centre will give 90% costs and 10% will borne by the state.
The union finance minister in her interim Budget speech 2024 mentioned that over 70% houses under the PM Awas Yojana in rural areas are given to women as sole or joint owners.
Also, the government in its interim Budget 2024 has taken up a target of constructing two crore PMAY G houses in five years. This is in line with addressing the housing needs of growing families in India.
PMAY Urban
This scheme focuses on providing affordable houses in India’s urban areas. This includes around 4,331 towns and cities. PMAY-U is implemented in three phases.
Phase 1 was from April 2015 to March 2017 where 100 cities from different states and union territories were covered.
Phase 2 was from April 2017 to March 2019 where an additional 200 cities across different states and union territories were covered.
Phase 3 will include all cities that were not covered in Phase 1 and Phase 2 and is aimed to be completed by December 2024.
Implementation of the PMAY scheme
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- The Pradhan Mantri Awas Yojana Urban (PMAY-U) is implemented in urban areas the economically weaker section(EWS) and lower income group (LIG) are the target audience.
- Pradhan Mantri Awas Yojana Gramin (PMAY-G) is implemented in rural areas . People living in Kutcha houses are the target audience.
- Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY-CLSS). This scheme is implemented in both urban and rural areas and the middle income group (MIG) is the target the audience.
Primary beneficiaries of PMAY
- EWS
- LIG
- MIG – I
- MIG – II
Applicants from SC, ST and OBC categories and women from EWS and LIG income groups can also apply for PMAY eligibility.
See also: All you need to know about PMAY CLAP
PMAY eligibility 2024 for EWS and LIG
| Particulars | EWS | LIG |
| Annual Income | Rs 3 lakh | Rs 3 lakh – Rs 6 lakh |
| Maximum Housing Loan Amount For Interest Subsidy | Up to Rs 6 lakh | Up to Rs 6 lakh |
| Maximum Loan Period | 20 years | 20 years |
| Net usable house area | Up to 30 sqm | Up to 60 sqm |
| Woman Ownership/Co-ownership | Compulsory for a new possession | Compulsory for a new possession |
| Lump Payment Amount for Each Approved Housing Loan Application | Rs 3,000 | Rs 3,000 |
| Approvals for the building design and Availability of Basic Civic Amenities Like Water, Electricity, Sewerage, Sanitation, Road, etc | Mandatory | Mandatory |
| Maximum Interest Subsidy Amount | Rs 2.67 lakh | Rs 2.67 lakh |
- The annual household income of the applicant must be Rs. 3 lakh for Economically Weaker Section (EWS) and Rs. 3 lakh – Rs. 6 lakh for Lower Income Group (LIS).
- The applicant will be given a housing loan amount of up to Rs. 6 lakh for interest subsidy for a maximum duration of 20 years. Non-subsidised rates will be applicable on any exceeding amount.
- The dwelling unit carpet Area (sq.m.) would be up to 30 sq.m. for EWS and up to 60 sq.m. for LIS.
- The scheme will not allow the upgradation or renovation of a pucca house.
- Ownership/co-ownership of women is not required for an existing property but is compulsory for a new possession.
- Rs. 3,000 will be paid in lump payment for every approved housing loan application.
- A maximum subsidy of Rs. 2.67 Lakh will be provided to every eligible applicant
- The beneficiary should not have undertaken any financial help from India’s Central or State Government.
- Having an Aadhar card is a must for every applicant.
See also: All about PMAY LIG eligibility
Pradhan Mantri Awas Yojana Eligibility 2024 for MIG-I and MIG-II
| Particulars | MIG – I | MIG – II |
| Annual Income | Rs 6 lakh – Rs 12 lakh | Rs 12 lakh – Rs 18 lakh |
| Maximum Housing Loan Amount For Interest Subsidy | Up to Rs 9 lakh | Up to Rs 12 lakh |
| Maximum Loan Period | 20 years | 20 years |
| Net usable house area | Up to 160 sqm | Up to 200 sqm |
| Woman Ownership/Co-ownership | Not Mandatory | Not Mandatory |
| Lump Payment Amount for Each Approved Housing Loan Application | Rs 2,000 | Rs 2,000 |
| Approval for the building design and Availability of Basic Civic Amenities Like Water, Electricity, Sewerage, Sanitation, Road, etc | Mandatory | Mandatory |
| Maximum Interest Subsidy Amount | Rs 2.67 lakh | Rs 2.67 lakh |
- The annual household income of the applicant must be Rs 6 lakh-Rs 12 lakh for Middle Income Group-I (MIG – I) and Rs 12 lakh-Rs 18 lakh for MIG-II.
- The applicant will be given a housing loan amount of up to Rs 9 lakh (MIG – I) and up to Rs 12 lakh (MIG – II) for interest subsidy for a maximum period of 20 years. Non-subsidised rates will be applicable for any extra amount.
- The dwelling unit carpet area (sqm. would be up to 160 sqm for MIG-I and up to 200 sqm for MIG-II.
- Women’s ownership/co-ownership is not mandatory.
- Rs 2,000 will be paid in lump payment for every approved housing loan application instead of a processing fee.
- A maximum subsidy of Rs 2.67 lakh will be provided to every eligible applicant
- Having an Aadhaar card is a must for every applicant.
FAQs
Who is eligible for PMAY 2024?
People who own a kutcha houses and not pucca houses anywhere in India are applicable for PMAY 2024. Also, the annual income of the applicant should not be more than Rs 18 lakh. Finally, family members should not have availed any other housing scheme given by the government.
Is PMAY extended for 2024?
Yes, PMAY scheme is extended till December 2024.
Is govt employee eligible for PMAY?
Government employees are also eligible for PMAY scheme as long as they fulfil all eligibility criteria.
How can I get PMAY subsidy?
To receive the PMAY subsidy, the property should be constructed in the city or a town that has been notified by the Ministry of Housing and Urban Affairs. The notification can be checked on http://mohua.gov.in/cms/credit-linked-subsidy-scheme.php. Post this you can apply for the PMAY subsidy.
What is the new update of PMAY 2023?
As per the new update, the central government has increased the income limit from Rs 3 lakh to Rs 6 lakh for the EWS segment under the PMAY only for the Mumbai region.
How can I get Rs 2.67 lakh subsidy?
Under PMAY-U’s CLSS vertical, applicants get an interest subsidy at 6.5% interest rate, which amounts up to Rs 2.67 lakh per house. This is provided for beneficiaries of EWS and LIG category.
Can I apply for PMAY after four years?
Yes, once the loan is disbursed, you can apply for PMAY. It is recommended to do it quickly as you may lose on PMAY benefits if lot of delay.