PMAY Affordable Housing scheme in 2023

The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched by the Government of India in June 2015. The main objective of the scheme is to provide affordable housing for all by the year 2022, the 75th year of India's independence.

Pmay housing scheme


The PMAY scheme is divided into two parts: the Pradhan Mantri Awas Yojana - Urban (PMAY-U) and the Pradhan Mantri Awas Yojana - Gramin (PMAY-G). The PMAY-U is targeted towards the urban population, while the PMAY-G is targeted towards the rural population.

Under the PMAY-U, the government aims to construct 2 crore houses for the economically weaker sections (EWS) and low-income groups (LIG) in urban areas. The scheme provides financial assistance of up to Rs. 2.5 lakh for the construction of new houses and up to Rs. 2 lakh for the renovation of existing houses. The scheme also provides an interest subsidy of up to 6.5% on home loans taken for the construction or renovation of houses.

Under the PMAY-G, the government aims to construct 1 crore houses for the rural poor. The scheme provides an assistance of up to Rs. 1.2 lakh for the construction of new houses and up to Rs. 70,000 for the renovation of existing houses. The scheme also provides an interest subsidy of up to 3% on home loans taken for the construction or renovation of houses.

The PMAY scheme also includes a credit-linked subsidy component, under which eligible beneficiaries can avail of a subsidy on the interest rate of home loans taken for the construction or purchase of a house. The subsidy is calculated based on the annual income of the beneficiary, with the highest subsidy of 6.5% being provided to those with an annual income of up to Rs. 6 lakh.

The PMAY scheme has been implemented in all states and Union Territories of India, and is being implemented through the Ministry of Housing and Urban Affairs, the Ministry of Rural Development, and the National Housing Bank. The scheme is being implemented in partnership with state governments, urban local bodies, and housing finance institutions.

To be eligible for the PMAY scheme, the beneficiary must be a citizen of India, must not own a pucca house in any part of the country, and must not have availed of any housing subsidy under any other government scheme. The beneficiary's annual income must also fall within the specified limits.

Overall, the PMAY scheme is a significant initiative by the Government of India to provide affordable housing for all citizens. The scheme aims to address the housing shortage in the country, particularly among the economically weaker sections and the rural population. The scheme is also expected to boost the construction and real estate sectors, which in turn will have a positive impact on the overall economy.

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