Pradhan Mantri Awas Yojana (PMAY), with two components Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor, is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022.
The features of Pradhan Mantri Awas Yojana are that the government will provide an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme(CLSS) from the start of a loan. the houses under Pradhan Mantri Awas Yojana would be constructed through a technology that is eco-friendly, while allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons.
The government has approved an investment of ₹439.22 billion (US$6.7 billion) for construction of 6,83,724 houses for urban poor including central assistance commitment of ₹100.50 billion (US$1.5 billion) by April 2016.
Condition for PMAY:
(a) Beneficiary max age 70 years,
(b) EWS (Economic Weaker Section) annual income Less than Rupees 3 Lac and LIG (Lower Income Group) Annual Income 3,00,001 to 6,00,000 Lac INR as well as Mid Income group since Feb 2017, and
(c) The beneficiary should not have an own dwelling unit on the name of any family member in any part of India. The houses given under this scheme will be owned by females or jointly with males.
IIFL Home Loans have been helping beneficiaries avail Credit linked Subsidy under Pradhan Mantri Awas Yojana across the country. Till 17 August 2017, the company has helped 4187 beneficiaries avail government subsidy. ICICI Bank is giving subsidised home loans to the people eligible for this scheme. AU Housing Finance Limited is also doing subsidy based funding under this scheme.