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Pradhan Mantri Aawas Yojana - PMAY

Pradhan Mantri Aawas Yojana is a government initiative to provide home loans, targeting provision of affordable housing to the economically weaker sector (EWS) in India. The mission intends to provide more than two crore homes by 2022. The scheme aims at providing affordable housing in selected towns and cities initially. Moreover, with the construction of houses under this scheme, their eco-friendliness is also kept into consideration.


The Pradhan Mantri Aawas Yojana is fragmented into three phases for smooth implementation. Phase 1 of the programme is expected to run for two years and will cover about 10 cities. The cities will be prioritised according to the housing requirements and the urbanisation ratio for advancing home loans. The next phase will cover housing development in 200 cities and will be implemented two years post the implementation of first phase. With the completion of Phase 3 in March 2022, the housing ministry asserts housing facilities for every Indian.




PMAY is a mission developed mainly for economically weaker communities and lower/middle income citizens. The scheme also targets women, Scheduled Castes and Scheduled Tribes. Their economic upliftment is one of the prime motives of PMAY. Another category under the Yojana is lower income group population apart from medium income group 1 and group 2.


The entire procedure for enrolment under the Yojana is also accessible online. All you have to do is access the PMAY official website, and follow the guidelines that the virtual help provides. This scheme is basically for people who want to apply for a home loan.

Credit Linked Subsidy

One of the biggest benefits under PMAY is the credit linked subsidy scheme. For people who form lower income group and middle income group in India, interest subsidy up to 2.67 lakhs can be availed. While this scheme is constant for LIG (Lower Income Group), for the middle income group, the subsidy on bank loans is available till March 2019. This provides the MIG with enough time to avail the interest subsidies on their home loans. The subsidiary amount availed by the beneficiary is credited directly to their loan account.

With so many benefits available to MIG and LIG due to the implementation of Pradhan Mantri Aawas Yojana, the idea of “Housing for All” doesn’t seem far-fetched.


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