Pradhan Mantri Awas Yojana Scheme (PMAY) was launched by Government in India in 2015. The scheme was majorly started to benefit the lower income groups in urban and rural areas. The scheme in both the areas is classified as Pradhan Mantri Awas Yojana – Urban (PMAY-U) and Pradhan Mantri Awas Yojana – Gramin (PMAY-G). This scheme helps homeless and low-income group people living in kutcha houses to construct pucca houses.

Till date there are around 4,331 cities and towns that are covered under PMAY-U. As per Ministry of Housing and Urban Affairs, there are 83.63 lakh houses sanctioned till date under PMAY-U. By the year 2022 the Government aims at constructing around two crore houses all over India. Housing loan subsidy schemes will be given to Economically Weaker Sections (EWS) and those who belong to Low-Income Groups (LIG) for constructing their houses. There are other governments schemes that are now linked with PMAY to benefit the poor like Ujjwala Yojana, Saubhagya Yojana and Jan Dhan Yojana.

The scheme PMAY-G aims at providing affordable homes for poor in rural areas of India. It grants financial aid to build pucca houses. People living in plains can avail up to 1.2 lakhs under this scheme whereas people from North-East hilly region can avail up to 1.3 lakhs.

To avail loan under PMAY you must pass specific eligibility parameters. Read below to know the eligibility criteria for PMAY.

1. If your annual income is less than ₹3 lakhs EWS or up to ₹3 to 6 lakhs LIG, you will be charged with the interest subsidy of 6.5% on loan amount less than ₹6 lakhs and the maximum tenure of loan is up to 20 years. The carpet area of such homes cannot exceed 30 square meters. If the loan amount exceeds ₹6 lakhs, you will be charged with normal housing loan interest rates.
2. If your annual income is between ₹6-12 lakhs, you will be charged with the interest subsidy of 4% on loan amount less than ₹9 lakhs. If the loan amount exceeds ₹9 lakhs, you will be charged with normal housing loan interest rates. The carpet area of the house built under PMAY should not exceed 120 square meters.
3. If your annual income is between ₹12-18 lakhs, you will be charged with the interest subsidy of 3% on loan amount less than ₹12 lakhs. If the loan amount exceeds ₹12 lakhs, you will be charged with normal housing loan interest rates. The carpet area of the house built under PMAY should not exceed 150 square meters.

PMAY scheme is futuristic scheme that encourages females to become house owners and is open for senior citizens and minorities. The scheme requires the house that is build under this scheme to be registered under the female member of the family. Senior citizens availing this scheme can get benefit of accommodating in a ground floor home keeping their comfort as priority.