Pradhan Mantri Awas Yojana


Pradhan Mantri Awas Yojana (PMAY) is a scheme that was launched by the Prime Minister in 2015. There are many citizens in urban localities who are poor and can’t buy a home. PMAY helps them with credit subsidy. The scheme’s aim is to offer housing for all by the year 2022. The government will offer the beneficiaries with subsidies on loan interest.

The nation has many poor citizens living in urban localities. With Pradhan Mantri Awas Yojana, the government wants to help them get their home. The credit subsidy will help in reducing the loan for the citizens. People can also get interest subsidy with Credit Linked Subsidy Scheme (CLSS) under PMAY.

The Beneficiaries of PMAY

  • While the Pradhan Mantri Awas Yojana (Urban) is only for poor people living in the urban localities, the Pradhan Mantri Awas Yojana (Gramin) is a rural housing scheme.
  • The scheme also helps people with good sanitisation and drinking facilities.
  • The beneficiaries of PMAY (U) are Low Income Groups (LIG), Middle Income Groups (MIG) and Economically Weaker Section (EWS).
  • The annual income of EWS should be up to Rs. 3 Lakhs. The annual income of LIG must be between Rs. 3 Lakhs to Rs. 6 Lakhs. The people in MIG need to have an annual income between Rs. 6 Lakhs to 18 Lakhs.
  • The EWS beneficiaries can get complete assistance in the scheme. However, LIG and MIG can only get subsidy with CLSS under PMAY.
  • The home loan duration must be up to 20 years for the beneficiaries.
  • The carpet area of a house for EWS beneficiary can only be up to 30 square metres.
  • The LIG beneficiaries’ carpet area can only be up to 60 square metres.
  • The carpet area of a house for MIG beneficiaries can only be up to 200 square metres.
  • While the interest rate subsidy for EWS and LIG beneficiaries is 6.50% per annum, it is up to 4% per annum for MIG.

The PMAY Features

  • The Pradhan Mantri Awas Yojana gives preference of ground floors to differently abled citizens.
  • The PMAY scheme offers subsidy interest rate up to 6.50% per annum.
  • The construction of a house will only be done with eco-friendly and sustainable technologies.
  • The PMAY scheme covers 4041 statutory towns in the country.
  • The CLSS under the PMAY will be started in the first stage.

PMAY subsidy calculator

One of the most important needs of a person is home. Pradhan Mantri Awas Yojana helps citizens make that dream come true. The government has tied up with different banks under the scheme. The poor people from urban localities get financial assistance for their home loans.

Some of the factors that impact Pmay subsidy calculator are the interest rate, the total loan amount, the total loan duration, etc. Under the Pradhan Mantri Awas Yojana scheme, the government offers financial help by tying up with the banks.

The Pmay subsidy calculator can help a person know the financial assistance they can get under Pradhan Mantri Awas Yojana.