what is pmay scheme?

June 29, 2020

PMAY is a housing scheme launched by the central government in the year 2015. The scheme targets to achieve “Housing for All” by the end of the year 2022. PMAY provides affordable housing to individuals in the Lower Income Groups (LIG), Economically Weaker Sections (EWS) and Middle Income Group (MIG).

Income Criteria as per PMAY 

In order to avail the benefit of the PMAY scheme one must fall in one of the following income brackets:  Sub-categories and Household income (per annum) Economically Weaker Sections (EWS) Up to ₹3 Lakh Lower-Income Group (LIG) ₹3 Lakhs - ₹6 Lakh Middle-Income Group-I (MIG-I) ₹6 Lakhs - ₹12 Lakh Middle-Income Group-II (MIG-II) ₹12 Lakhs - ₹18 Lakhs 

Eligible Loan Amount under pmay

The amount of loan one is eligible for under the PMAY scheme depends upon the income group they fall in. You may refer to the following table to get an idea of how much loan amount one is eligible for: Income Group and Loan Amount Economically Weaker Section Up to ₹6 Lakh Lower-Income Group Up to ₹6 Lakh Middle-Income Group-I Up to ₹9 Lakh Middle-Income Group-II Up to ₹12 Lakhs 

2BHK @ 36 lacs*

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Eligible Subsidy Rates under pmay

The subsidy on the interest rate also depends upon the income group of the borrower. Refer to the following table for details:  Income Group and Subsidy on Interest Rate Economically Weaker Section 6.40% Lower-Income Group 6.40% Middle-Income Group-I 4.00% Middle-Income Group-II 3.00%

is pmay still active?

The implementation period of the PMAY-Urban scheme has been extended until 31 December 2024. The decision was made by the Union Cabinet after requests from Union Territories and states. Earlier, the aim was to provide houses by March 2022.