Pradhan Mantri Awas Yojana (PMAY)
"Sabka Saat, Sabke Vikas" - Making affordable housing a reality
The Pradhan Mantri Awas Yojana is a government initiative aimed at providing central assistance to Urban Local Bodies for the rehabilitation of existing slum dwellers using land as a resource through private participation. The PMAY plan is to deliver 2 crore permanent houses by 2022 in urban as well as rural zones.
The Scheme
The Pradhan Mantri Awas Yojana enables housing loan seekers to receive subsidies of up to Rs 2.67 lakhs on their loan amount. Here's explaining the PMAY's credit linked subsidy scheme in detail for your easy reference.
| Category Type | Household Income | Carpet Area | Interest Subsidy | Subsidy on max loan of | Loan Reason | Max Subsidy |
|---|---|---|---|---|---|---|
| EWS/LIG | Upto 6,00,000 p.a. | 60 sqm | 6.50% | Rs 6,00,000 | Purchase Const/Ext. | Rs 2.67 Lakhs |
| MIG 1 | Rs 6,00,001 to Rs 12,00,000 | 120 sqm | 4.00% | Rs 9,00,000 | Purchase/ Construction | Rs 2.35 Lakhs |
| MIG 2 | Rs 12,00,001 to 18,00,000 | 150 sqm | 3.00% | Rs 12,00,000 | Purchase/ Construction | Rs 2.30 Lakhs |
The beneficiary family will comprise a husband, wife and unmarried children. Married children will be treated as separate family.
