The Pradhan Manti Awas Yojana (PMAY) targets to eliminate India’s housing shortage by focusing on urban and rural areas under the government’s broader housing-for-all mission. Launched on June 1, 2015, the programme follows a demand-driven approach under which states identify eligible beneficiaries through a demand survey, based on specific criteria.
PMAY: Key highlights
| PMAY full form | Pradhan Mantri Awas Yojana |
| PMAY verticals | PMAY-Urban aka PMAY-Shahri
PMAY-Rural aka PMAY-Gramin |
| Official website | PMAY urban: https://pmaymis.gov.in/
PMAY rural: http://iay.nic.in/ |
| Launch date | June 25, 2015 |
| Valid till | PMAY-Urban: December 31, 2024
PMAY-Gramin: March 31, 2024 |
| Address | Pradhan Mantri Awas Yojana (Urban) Ministry of Housing and Urban Affairs Nirman Bhawan, New Delhi-110011 |
| PMAY components
|
In-Situ Slum Redevelopment
Credit Linked Subsidy Scheme Affordable Housing in Partnership Beneficiary-led Construction Scheme |
| Toll free number | 1800-11-6163 – HUDCO
1800 11 3377, 1800 11 3388 – NHB |
Find out how to fill Pradhan Mantri Awas Yojana Online Form
Also read our guide on how to check PMAY status.
PMAY categories
The scheme has two components:
PMAY- Urban also known as the Pradhan Mantri Awas Yojana-Shahri
PMAY-Rural also known as the Pradhan Mantri Awas Yojana-Gramin
PMAY-Gramin or PMAY-Rural
To address the housing shortage in rural areas, the government restructured the Indira Awas Yojana (IAY) into the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) with effect from April 1, 2016. The PMAY-G (or PMAY Rural) programme aims to replace the kuccha homes in India’s villages with pucca homes. In December 2021, the Cabinet had approved the extension of the PMAY-Gramin scheme till March 2024.
Under the Pradhan Mantri Awaas Yojana- Gramin (PMAY-G), over 2.55 crore houses have been completed as on February 1, 2024, the housing ministry has said. The ministry of rural development is implementing with effect from April 1, 2016, to provide assistance to eligible rural households with an overall target to construct 2.95 crore pucca houses with basic amenities by March 2024. Out of the overall mandated target of 2.95 crore houses allocated to states/UTs under the PMAY-G, more than 2.94 crore houses have already been sanctioned to the eligible beneficiaries, the ministry said in its official statement.
Here is how to check PMAY status online
PMAY-Urban or PMAY-Urban
Launched on June 25, 2015, the PMAY Urban mission aims to end housing shortage in India’s urban areas. All in all, the government plans to build 20 million homes under the PMAY-U mission. As against the prior deadline of March 31, 2022, the urban scheme has now been extended till December 31, 2024.
1.19 crore homes sanctioned under PMAY-U
The government has sanctioned a total of 1.19 crore housing units under its flagship Pradhan Mantri Awas Yojana-Urban (PMAY-U) scheme, housing minister Hardeep Singh Puri said on August 31. The minister said that the groundwork for over 113 lakh units for construction has also been done. Of these, 76.34 lakh units have been completed and delivered to the PMAY-U beneficiaries. More than 94 lakh houses under the PMAY-U were in the name of women or joint ownership, the minister informed.
Verticals of PMAY
The PMAY is divided in four verticals. These include:
In-situ Slum Redevelopment (ISSR)
Stands for rehabilitation of slums by building houses through private participation for the eligible slum dwellers on the land under the slums.
Credit-Linked Subsidy Scheme (CLSS)
Provides for central subsidy on home loans of between Rs 6 lakhs and Rs 12 lakhs at lower rates of interest, for the construction of new homes or renovation of existing homes.
Affordable Housing in Partnership (AHP)
States to build affordable housing projects with central assistance of Rs 1,50,000, either through central agencies or in partnership with the private sector for the EWS category.
Beneficiary-led individual house construction/enhancements (BLC)
Makes provisions that people belonging to the EWS category can either construct a new house or enhance the existing house on their own with central assistance of Rs 1,50,000.
PMAY Credit-Linked Subsidy Scheme (CLSS)
Under the Credit-Linked Subsidy Scheme (CLSS), borrowers can get a certain amount from their overall home loan at subsidised rates, depending on the buyer category they fall in.
Pradhan Mantri Awas Yojana: Beneficiary categories
Beneficiaries under the PMAY list are divided into four categories, based on the annual income of the household.
| Beneficiary | Annual income of the household |
| Economically Weaker Section (EWS) | Up to Rs 3 lakh |
| Lower Income Group (LIG) | Rs 3 lakh to Rs 6 lakh |
| Middle Income Group-1 (MIG-1) | Rs 6 lakh to Rs 12 lakh |
| Middle Income Group-2 (MIG-2) | Rs 12 lakh to Rs 18 lakh |
Source: Housing Ministry
PMAY beneficiary eligibility
Family status
A family of husband, wife and unmarried children are considered a household, according to the parameters set under the Pradhan Mantri Aawas Yojana. A beneficiary applying for benefits under this scheme should not own a pucca house, either in his name or in the name of any member of his family, in any part of India.
Home ownership
People with a pucca house of less than 21 sq metres may be included under enhancement of the existing house.
Age
Adult earning members of a family are considered a separate household and thus, a beneficiary of the scheme, irrespective of their marital status.
Marital status
In the case of married couples, either of the spouses or both together in joint ownership, will be eligible for a single house, provided they meet the income eligibility criteria of the household under the scheme.
Category
The beneficiaries from the EWS category are eligible for assistance in all four verticals of the missions, whereas the LIG/MIG category is eligible under only the CLSS component of the mission. People belonging to the SC, the ST and the OBC categories and women belonging to the EWS and the LIG are also eligible to avail of benefits under the Pradhan Mantri Awas Yojana.
See also: How to use PMAY CLSS tracker portal to track application status
Carpet area limit under PMAY
| Category of applicant | Annual income in Rs | House carpet area in sqm | House carpet area in sqft |
| EWS | 3 lakh | 60 | 645.83 |
| LIG | 6 lakh | 60 | 645.83 |
| MIG-1 | 6-12 lakh | 160 | 1,722.33 |
| MIG-2 | 12-18 lakh | 200 | 2,152.78 |
Source: Housing Ministry
To have a clearer understanding of the term, read our guide on carpet area.
PMAY interest subsidy under CLSS
| Buyer category | Interest subsidy/ annum | Upper limit for loan for which subsidy is given |
| EWS | 6.50% | Rs 6 lakh |
| LIG | 6.50% | Rs 6 lakh |
| MIG -1 | 4.00% | Rs 9 lakh |
| MIG-2 | 3.00% | Rs 12 lakh |
Source: Housing Ministry
- Any additional loans beyond the subsidised loan amount, will be at non-subsidised rates.
- The loans should have been used either for purchase of an under-construction property or from the secondary market or to construct your own home.
- Under the PMAY guidelines, the house bought by availing of a loan under this scheme, should be in the name of the woman of the household for the EWS and LIG categories. Ownership by women is not mandatory in case a unit is being developed using a land parcel.
PMAY subsidy calculator
Using the PMAY subsidy calculator at the official portal, https://pmayuclap.gov.in/content/html/Subsidy-Calc.html, you can know the exact amount of money you will receive from the government as the subsidy under the CLSS. To calculate the amount, you will have to key in details like your annual income, loan amount, loan tenure, type of units (whether pucca or kuccha), ownership type (women ownership is a must in EWS and LIG homes) and area of the unit.
Apart from displaying the subsidy amount, the page will also display the subsidy category, i.e., EWS, LIG, MIG-1 or MIG-2.
Subsidy amount under PMAY for various categories
| Borrower category | EWS | LIG | MIG-1 | MIG-2 |
| PMAY CLSS subsidy amount | Rs 2.20 lakh | Rs 2.67 lakh | Rs 2.35 lakh | Rs 2.30 lakh |
Source: Housing Ministry
What is the maximum subsidy you can get under PMAY?
The maximum subsidy under the PMAY scheme is Rs 2.67 lakh (Rs 2,67,280 to be exact).
PMAY home loan subsidy benefit timeline
For the EWS and LIG categories, the subsidy benefit is available on home loans that are disbursed on or after June 17, 2015. In case of MIG-1 and MIG-2 categories, the subsidy benefit is available on home loans that are disbursed on or after April 1, 2017.
How the subsidy under PMAY reaches you?
Once your application for subsidy under the PMAY programme is approved, funds are transferred from the central nodal agency (CNA) to the bank (referred to as prime lending institutions or PLI in government documents) from where the beneficiary has borrowed his home loan. The bank will then credit this amount to the home loan account of the borrower. This money will then be deducted from your outstanding home loan principal. So if you have received Rs 2 lakhs as the PMAY subsidy and your outstanding loan amount is Rs 30 lakhs, it would reduce to Rs 28 lakhs after the subsidy.
See also: How does the PMAY interest subsidy scheme for EWS and LIG work?
Helpline numbers to inquire about CLSS
NHB toll-free number
1800-11-3377
1800-11-3388
HUDCO toll-free number
1800-11-6163
How to apply for PM Awas Yojana online in 2023?
First of all, remember that only a candidate with an Aadhaar card can apply for the benefits of the PMAY scheme. To apply online, keep your Aadhaar number handy and visit the PMAY portal at https://pmaymis.gov.in.
On the homepage, click on the ‘apply online’ option under the ‘citizen assessment’ tab. Now, select one among the four verticals for which you want to apply.
If you are applying for the CLSS subsidy, your application must be submitted to your home loan provider.
How to apply offline for PMAY in 2023?
Eligible candidates can obtain and fill forms in this regard available at common service centres (CSCs). They have to pay a nominal fee of Rs 25 plus GST on purchase of the PMAY subsidy form. CSCs are the access point to avail of essential public utility services in rural parts of India.
Know about: pm awas yojana
Last date to apply for PMAY CLSS subsidy
In May 2020, finance minister Nirmala Sitharaman said the last date of the Pradhan Mantri Awas Yojana Credit-Linked Subsidy Scheme for the MIG-1 and MIG-2 categories had been extended till March 31, 2021. For the LIG and EWS categories, however, the last date is March 31, 2022.
Time taken to get subsidy amount from PMAY
It takes nearly 3-4 months for an application to be processed.
PMAY home loan: Important points
Aadhaar must
All home loan accounts under the PMAY scheme will be linked to the Aadhaar numbers of the beneficiary.
Cap on tenure
Tenure The subsidy is available for a maximum tenor of 20 years only.
No interest rate concession
The lender from where you have taken a home loan will charge an interest rate that is prevailing at the bank.
Loan transfer caveat
If you switch your lender to avail of benefits of low interest rates, even though you have already availed of the interest subvention benefit under the CLSS, then, you will not be eligible for the interest subvention benefit again.
How to check PMAY subsidy status?
You can check your PMAY application status by following some simple steps. To check your PMAY status online, read our step-by-step guide on How to track your PMAY application status?
How to download PMAY application form?
Visit the official website of the PMAY and click on the ‘Citizen Assessment’ option. From the drop-down menu, select ‘Track Your Assessment Status’.
Once you click on this option, you will get the Track Assessment Form. Select either ‘By Name, Father’s Name and Mobile Number’ or ‘By Assessment ID’.
Enter the required details and click on ‘Submit’ to access the application form. Once the form appears on the screen, click on ‘Print’.
Banks offering home loans under PMAY
- SBI
- Punjab National Bank
- Bank of Baroda
- HDFC Bank
- ICICI Bank
- Axis Bank
- IDFC First Bank
- Bandhan Bank
- Bank of India
- IDBI Bank
- Canara Bank
Key facts about PMAY
Full form of CNAs in PMAY context
The term CNA stands for central nodal agency. In case of PMAY, National Housing Bank (NHB), HUDCO and SBI have been appointed as the central nodal agencies.
Process to get the assessment ID for PMAY
The assessment ID for the PMAY is generated by the official PMAY portal, after an applicant successfully completes the registration process. This ID is used to track the status of the application.
Banks eligible to provide PMAY home loan
A large number of banks, housing finance companies, regional rural banks, cooperative banks and non-banking finance companies (NFCs) have tied up with the central nodal agencies, HUDCO, SBI and NHB, to offer home loans under various verticals of the PMAY. Formally christened as the primary lending institutions (PLIs) under the official PMAY documentation, these financial institutions, which are as large as 244 in number according to official figures provided in 2017, also offer individual home buyers with the credit-linked subsidy, among other loans under the programme. Listed below are the top state-run and private lenders offering credit subsidy on home loans under the PMAY programme.
Top public banks that offer PMAY subsidy
| Bank | Website | Associated central nodal agency |
| State Bank of India | www.sbi.co.in | NHB |
| Punjab National Bank | www.pnbindia.in | NHB |
| Allahabad Bank | www.allahabadbank.in | NHB |
| Bank of Baroda | www.bankofbaroda.co.in | NHB |
| Bank of India | www.bankofindia.com | NHB |
| Bank of Maharashtra | www.bankofmaharashtra.in | NHB |
| Canara Bank | www.canarabank.in | NHB |
| Central Bank of India | www.centralbankofindia.co.in | HUDCO |
| Corporation Bank | www.corpbank.com | NHB |
| Dena Bank | www.denabank.co.in | NHB |
| IDBI Bank | www.idbi.com | NHB |
| Indian Bank | www.indian-bank.com | NHB |
| Indian Overseas Bank | www.iob.in | NHB |
| Oriental Bank of Commerce | www.obcindia.co.in | NHB |
| Punjab & Sind Bank | www.psbindia.com | NHB |
| Syndicate Bank | www.syndicatebank.in | NHB |
| UCO Bank | www.ucobank.com | NHB |
| Union Bank of India | www.unionbankonline.co.in | NHB |
| United Bank of India | www.unitedbankofindia.com | NHB |
| Vijaya Bank | www.vijayabank.com | HUDCO |
Top private banks that offer PMAY subsidy
| Bank | Website | Associated central nodal agency |
| Axis Bank | www.axisbank.com | NHB |
| ICICI Bank | www.icicibank.com | NHB |
| HDFC Bank | www.HDFC.com | NHB |
| Kotak Mahindra Bank | www.kotak.com | NHB |
| LIC Housing Finance | www.lichousing.com | NHB |
| Karnataka Bank | www.karnatakabank.com | NHB |
| Karur Vysya Bank | www.kvb.co.in | NHB |
| IDFC Bank | www.idfcbank.com | NHB |
| Jammu & Kashmir Bank | www.jkbank.net | HUDCO |
| Bandhan Bank | www.bandhanbank.com | NHB |
| Dhanlaxmi Bank | www.dhanbank.com | HUDCO |
| Deutsche Bank AG | www.deutschebank.co.in | NHB |
| South Indian Bank | www.southindianbank.com | HUDCO |
| Lakshmi Vilas Bank | www.lvbank.com | NHB |
| Aadhar Housing Finance | www.aadharhousing.com | NHB |
| Aditya Birla Housing Finance | www.adityabirlahomeloans.com | NHB |
| Bajaj Housing Finance | www.bajajfinserv.in | NHB |
| PNB Housing Finance | www.pnbhousing.com | NHB |
List of state-level PMAY-U nodal agencies
| State | Organisation | Address | Email ID |
| Andaman & Nicobar Islands | UT of Andaman & Nicobar Islands | Municipal Council, Port Blair – 744101 | jspwdud@gmail.com |
| Andhra Pradesh | Andhra Pradesh Township Infrastructure Development Corporation Limited | Flat no 502, Vijaya Lakshmi Residency, Gunadhala, Vijayawada – 520004 | aptsidco@gmail.com
mdswachhandhra@gmail.com |
| Andhra Pradesh | Andhra Pradesh State Housing Corporation Limited | AP State Housing Corporation Ltd, Himayatnagar, Hyderabad – 500029 | apshcl.ed@gmail.com |
| Arunachal Pradesh | Government of Arunachal Pradesh | Department of Urban Development and Housing, Mob-II, Itanagar | chiefengineercumdir2009@yahoo.com
cecumdirector@udarunachal.in |
| Assam | Government of Assam | Block A, Room no 219, Assam Secretariat, Dispur, Guwahati – 781006 | directortcpassam@gmail.com |
| Bihar | Government of Bihar | Urban Development and Housing Department, Vikash Bhavan, Bailey Road, New Sectt, Patna – 15, Bihar | sltcraybihar@gmail.com |
| Chandigarh | Chandigarh Housing Board | Sec 9D, Chandigarh, 160017 | chb_chd@yahoo.com
info@chb.co.in |
| Chhattisgarh | Government of Chhattisgarh | Mahanadi Bhawan, Mantralaya D Naya Raipur, Chhattisgarh, Room no S-1/4 | pmay.cg@gmail.com |
| Dadra & Nagar Haveli and Daman & Diu | UT of Dadra & Nagar Haveli and Daman & Diu | Secretariat, Silvassa, 396220 | devcom-dd@nic.in |
| Dadra & Nagar Haveli | UT of Dadra & Nagar Haveli | Secretariat, Silvassa, 396220 | pp_parmar@yahoo.com |
| Goa | Goa government | GSUDA 6th Floor, Shramshakti Bhavan, Patto – Panaji | gsuda.gsuda@yahoo.com |
| Gujarat
|
Gujarat government | Affordable Housing Mission, New Sachivalya, Blk no 14/7, 7th floor, Gandhinagar – 382010 | gujarat.ahm@gmail.com
mis.ahm2014@gmail.com |
| Haryana
|
State Urban Development Agency | Bays 11-14, Palika Bhavan, Sector 4, Panchkula – 134112, Haryana | suda.haryana@yahoo.co.in |
| Himachal Pradesh | Directorate of Urban Development | Palika Bhavan, Talland, Shimla | ud-hp@nic.in |
| Jammu & Kashmir | J&K Housing Board | Jkhousingboard@yahoo.com
raysltcjkhb@gmail.com |
|
| Jharkhand | Urban Development Department | 3rd floor, Room No 326, FFP Building, Dhurwa, Ranchi, Jharkhand, 834004 | jhsltcray@gmail.com
director.ma.goj@gmail.com |
| Kerala | State Poverty Eradication Mission | TRIDA Building, JN Medical College, PO Thiruvananthapuram | uhmkerala@gmail.com |
| Madhya Pradesh | Urban Administration and Development | GoMP Palika Bhawan, Shivaji Nagar, Bhopal, 462016 | addlcommuad@mpurban.gov.in
mohit.bundas@mpurban.gov.in |
| Maharashtra
|
Maharashtra government | Griha Nirman Bhawan, 4th Floor, Kalanagar, Bandra (East), Mumbai 400051 | mhdirhfa@gmail.com
cemhadapmay@gmail.com |
| Manipur | Government of Manipur | Town Planning Department, Government of Manipur, Directorate Complex, North AOC, Imphal – 795001 | hfamanipur@gmail.com
tpmanipur@gmail.com |
| Meghalaya | Government of Meghalaya | Raitong Building , Meghalaya Civil Secretariat, Shillong, 793001 | duashillong@yahoo.co.in |
| Mizoram | Urban Development & Poverty Alleviation | Directorate of Urban Development and Poverty Alleviation, Thakthing Tlang, Aizawl, Mizoram, Pin: 796005 | hvlzara@gmail.com |
| Nagaland
|
Nagaland government | Municipal Affairs Cell, AG Colony, Kohima – 797001 | zanbe07@yahoo.in |
| Odisha | Housing & Urban Development Department | 1st Floor, State Secretariat, Annex – B, Bhubaneswar – 751001 | ouhmodisha@gmail.com |
| Puducherry | Government of Puducherry | Town & Country Planning Department, Jawahar Nagar, Boomianpet, Puducherry – 605005 | tcppondy@gmail.com |
| Punjab | Punjab Urban Development Authority | PUDA Bhavan, Sector 62, SAS Nagar, Mohali, Punjab | office@puda.gov.in
ca@puda.gov.in |
| Rajasthan | Rajasthan Urban Drinking Water, Sewerage & Infrastructure Corporation Ltd (RUDSICO)
|
4-SA-24, Jawahar Nagar, Jaipur | hfarajasthan2015@gmail.com |
| Sikkim | Government of Sikkim | Department of UD & Housing, Government of Sikkim, NH 31A, Gangtok, 737102 | gurungdinker@gmail.com |
| Tamil Nadu | Government of Tamil Nadu | Tamil Nadu Slum Clearance Board, No 5 Kamarajar Salai, Chennai – 600005 | raytnscb@gmail.com |
| Telangana | Government of Telangana | Commissioner and Director of Municipal Administration, 3rd Floor, Ac Guards Public Health, Lakdikapool, Hyderabad | tsmepma@gmail.com |
| Tripura | Government of Tripura | Directorate Of Urban Development, Government of Tripura, Pt. Nehru Complex, Gorakha Basti, 3rd Floor, Khadya Bhawan, Agartala. Pin: 799006 | sipmiutripura@gmail.com |
| Uttarakhand | Directorate of Urban Development | State Urban Development Authority, 85A, Motharawala Road, Ajabpur kalan, Dehradun | pmayurbanuk@gmail.com |
| Karnataka | Government of Karnataka | 9th Floor, Vishweshwaraiah Towers, Dr Ambedkar Veedhi, Bangalore, 560001 | dmaray2012@gmail.com |
| West Bengal | State Urban Development Authority | ILGUS Bhaban, Block HC Block, Sector 3, Bidhannagar, Kolkata – 700106 | wbsuda.hfa@gmail.com |
| Uttar Pradesh | State Urban Development Agency (SUDA) | Navchetna Kendra, 10, Ashoka Marg, Lucknow 226002 | hfaup1@gmail.com |
(Source: PMAY website)
latest news
PMAY has been a game-changer for women empowerment: PM
March 8, 2024: Increased home ownership has been central to ensuring dignity and empowerment of women in India, Prime Minister Narendra Modi said on today. Sharing his message on microblogging site X on International Women’s Day, the Prime Minister said that Pradhan Mantri Awas Yojana (PMAY) has been a game-changer to further empowerment of women. “A home is the foundation of dignity. It’s where empowerment begins and dreams take flight. PM-AWAS Yojana has been a game-changer to further empowerment of women,” Modi said.
2 crore homes to be built under PMAY-Gramin: Puri
February 28, 2024: The government has so far built 2.51 crore houses under the rural component of its flagship Pradhan Mantri Awas Yojana, housing minister Hardeep Singh Puri said today. Puri, who is also the petroleum & natural has minister, said that more than 80 lakh houses have been constructed under the urban component of the PMAY scheme till date.
The scheme has been extended in the latest Budget, and the government will sanction another 2 crore houses in under the PMAY-Gramin component, Puri added.
Govt may announce PMAY extension; new interest subsidy scheme in Budget
January 17, 2024: Finance minister Nirmala Sitharaman is likely to announce an extension to its flagship housing scheme, the Pradhan Mantri Awas Yojana, when she presents the Interim Budget on February 1, says a report by Reuters, citing sources. The urban component of the is set to expire on December 31, 2024. The PMAY-Gramin on the other hand expires March 31 this year. Meanwhile, the government is also giving finals touches to a new home loan interest subsidy scheme, minister of housing and urban affairs Hardeep Singh Puri said on January 12. The scheme, which will replace the discontinued Credit Linked Subsidy Scheme (CLSS), was announced by Prime Minister Narendra Modi in his Independence Day speech in 2023.
78.15 lakh homes delivered under PMAY-U: Govt
December 8, 2023:A total of 78.15 lakh houses have been built and delivered to beneficiaries under the urban component of the Pradhan Mantri Awas Yojana (PMAY), government data till November 20. 2023, show. Based on the proposals received from states, a total of 118.63 lakh houses have been sanctioned under the PMAY-U scheme, minister of state for housing and urban affairs Kaushal Kishore told the Lok Sabha in a written reply on December 7. Of the total 1.18 crore units sanctioned so far, 20.64 lakh houses have been sanctioned for slum dwellers under various verticals of the mission, the minister added.
3.21 cr homes completed under PMAY-G in 9 years
Under the PMAY-G, 3.21 crore houses have been completed in the past nine years in India’s rural areas, rural development and panchayati raj minister Giriraj Singh told the media on October 20, 2023. A total assistance of RS 2.48 lakh crore was provided for house construction to the beneficiaries in these nine years, the minister added.
FAQs
Who is eligible for the PMAY?
People from the Economically Weaker Sections (EWS), Low-Income Group (LIG), Middle-Income Group I (MIG I) and Middle-Income Group II (MIG II) are eligible for the PMAY.
How to apply for the PMAY?
You can apply for the PMAY by visiting the PMAY official website or by visiting a Common Service Centre.
What documents are required to apply for the PMAY?
Documents required for applying for the PMAY are identity proof, address proof, income proof and property papers.
Is home ownership affordable in India?
It is difficult to say that housing is affordable in India. However, easier access to mortgage finance, longer loan tenures, higher loan-to-value ratios and tax incentives have made home ownership slightly more affordable.
Did India have a low-cost housing scheme for its poor prior to PMAY?
While efforts to provide low cost housing have been made for many years (National Housing Policy, 1994; Jawaharlal Nehru National Urban Renewal Mission, 2005; Rajiv Awas Yojana 2013), the Pradhan Mantri Awas Yojana (PMAY) launched in 2015, with the aim to provide ‘Housing for All by 2022’, provided a fresh impetus to the segment. It has two components – the PMAY Urban (PMAY-U) and the PMAY-Gramin (PMAY-G).
Is Jawaharlal Nehru National Urban Renewal Mission, 2005 still active?
No, the PMAY-U, launched in 2015, subsumes all the previous urban housing schemes and aims to address the urban housing shortage of 20 million by 2022.
What is EWS category under PMAY?
Those with income of up to Rs 3 lakh fall under the EWS category of buyers as defined under the PMAY and get an interest subsidy of 6.5% on a loan amount of up to Rs 6 lakh.
What is LIG category under PMAY?
Those with income between Rs 3 lakh and Rs 6 lakh fall under the LIG category of buyers as defined by the PMAY and get an interest subsidy of 6.5% on a loan amount of up to Rs 6 lakh.
What is MIG-1 category under PMAY?
Those with income between Rs 6 lakh and Rs 12 lakh fall under the MIG-1 category of buyers as defined by the PMAY and get an interest subsidy of 4% on a loan amount of up to Rs 9 lakh.
What is MIG-2 category under PMAY?
Those with annual income between Rs 12 lakh and Rs 18 lakh fall under the MIG-2 category of buyers as defined by the PMAY and get an interest subsidy of 3% on a loan amount of up to Rs 12 lakh.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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