Know What the PMAY Scheme Offers and Who Can Avail Them

The Pradhan Mantri Awas Yojana or PMAY is a scheme introduced by the Central Government in 2015 to make affordable housing accessible to the rural and urban poor of India. The PMAY has two components- PMAYU for urban projects and PMAYG or PMAYR for rural ones. Each of these components has several projects that are intended to get fulfilled by 2022 when India completes 75 years of its independence. Individuals wishing to avail the benefits from these projects can apply to Pradhan Mantri Awas Yojana online.

What do the components of PMAY entail?

Each of the two components of PMAY has specific goals for the development of both rural and urban sectors of the country. They are


It is the urban scheme that aims to make affordable housing accessible to the urban poor, including slum dwellers. The project has set goals to construct 20 million houses by March 2020 in a bid to fulfill the goal.

Additionally, Pradhan Mantri Awas Yojana 2019 for a home loan also offers CLSS or credit-linked subsidy scheme to individuals looking to be a part of ‘housing for all’ motto. Under this CLSS scheme, eligible individuals can avail home loans at a subsidized rate of interest.


It is the rural scheme that aims to construct 40 million houses for rural poor by 2020. The cost for constructing these houses has been divided in the ratio 60:40 in plain areas and 90:10 in hilly areas between the Central and State Government.

What are the features of PMAY?

Following are some of the crucial features that you should know before applying for Pradhan Mantri Awas Yojana online

  • The houses built under the PMAY scheme will be constructed using only eco-friendly and sustainable materials.
  • There are special provisions for senior citizens and differently-abled individuals under the scheme. They can avail ground floor flats of the houses constructed.
  • Pradhan Mantri Awas Yojana 2019 aids categories of individuals belonging to the Economically Weaker Section or EWS, Lower Income Groups of LIG and Middle Income Groups of MIG of India to access affordable housing finance.
  • There are plans to cover 500 Class I cities and 4041 towns under three different phases of this scheme.
  • Individuals looking to avail home loans to purchase or construct houses can get subsidized interest rates under this scheme. Under PMAY, beneficiaries can avail home loan interest rates of 6.5% for twenty years.
  • Almost every financial institution in the country offers subsidized rates under PMAY.

Who can avail the advantages of PMAY?

Availing the benefits of Pradhan Mantri Awas Yojana is easy. Individuals can apply for the PMAY scheme via an online application procedure. However, PMAY has set down specific eligibility criteria that individuals need to fulfill to avail the benefits of the project.

The parameters for eligibility to apply for Pradhan Mantri Awas Yojana online include

  • A beneficiary family can consist of husband, wife and their unmarried children.
  • The beneficiary family must not own a brick and mortar house in any family members’ name anywhere in India.
  • Households between the total income range of Rs. 6 Lakhs and Rs. 18 Lakhs can avail the PMAY scheme. The income limit is different for people belonging to EWS, LIG, and MIG I and II.
  • The housing loan taken under PMAY scheme can be used only to purchase or construct a new house. You cannot use the loan to make changes to an already existing home.
  • •          The housing credits should be applied jointly with the woman head of the household.

After applying for the Pradhan Mantri Awas Yojana Scheme, you can check PMAY List online to see if your application is approved or not.

If you do not comply with the above PMAY eligibility criteria, you can check with other financial institutions in India that provide housing loans at affordable interest rates.

Thus, even if you are not eligible to avail the benefits of Pradhan Mantri Awas Yojana loan, you can still avail excellent home loan deals from other financial institutions. Especially, with the MCLR rates reducing significantly in 2019, home loans are available at attractive interest rates.