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Pradhan Mantri Awas Yojana (PMAY): Definition and Benefits

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Definition: A flagship social welfare program of the Indian Government, Pradhan Mantri Awas Yojana was launched on 1 June 2015 to provide permanent housing (pucca houses) to eligible beneficiaries in both urban and rural areas across the country.

As a part of the HFA, Houses For All, initiative, PMAY offers a helping hand for those with low incomes, making it easier for them to own a home. By offering interest subsidies on loans for buying or building houses, it opens doors for affordable housing. The scheme lays a special focus on senior citizens, women, minorities, and people from Scheduled Castes and Scheduled Tribes. 

The scope of the PMAY scheme is not limited to bigger cities. There are 2 types of PMAY Schemes which include:

  1. Pradhan Mantri Awas Yojana Gramin

  2. Pradhan Mantri Awas Yojana Urban

As the names suggest, the Gramin scheme caters to economically weaker sections in rural areas and the Urban scheme caters to people in cities and towns across India. A family whose household income is less than ₹18 lakhs a year can be eligible for the PMAY scheme. Depending on the income range, there are different categories that a household can fall in. 

In the Union Budget 2024, the Finance Minister announced a ₹10 lakh crore investment under PM Awas Yojana-Urban 2.0. This includes ₹2.2 lakh crore in central assistance over the next five years.

She also mentioned that 3 crore more houses will be built under PM Awas Yojana, both in rural and urban areas, with the necessary funding included in the Budget.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory. For All Disclaimers Click Here.

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