The Pradhan Mantri Awas Yojana (PMAY) is a flagship housing initiative launched by the Government of India to ensure affordable housing for all. It focuses on providing financial assistance to individuals, especially the economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG), to help them fulfill their dream of owning a home.
At Bravima Solution, we understand the importance of affordable housing and how PMAY benefits aspiring homeowners. In this blog, we will explore the key features, benefits, and eligibility criteria of the Pradhan Mantri Awas Yojana and how you can avail of its benefits through our customized home loan solutions.
What is PMAY?
Launched in 2015, PMAY aims to provide “Housing for All” by 2024. The scheme promotes urban and rural housing development by offering interest subsidies to eligible beneficiaries under its Credit Linked Subsidy Scheme (CLSS).
Key Features of PMAY
- Focus on Affordable Housing
PMAY prioritizes affordable housing with special incentives for the economically weaker sections (EWS) and low-income groups (LIG). - Interest Subsidy
Under CLSS, beneficiaries can avail of interest subsidies of up to 6.5% on their home loans, significantly reducing the overall loan burden. - Urban and Rural Coverage
PMAY covers both urban (PMAY-U) and rural (PMAY-G) areas to ensure comprehensive housing development. - Inclusive Criteria
The scheme focuses on women empowerment, giving preference to women as co-applicants or sole owners of the property. Additionally, differently-abled individuals, senior citizens, and minorities receive priority under PMAY. - Eco-Friendly Housing
PMAY emphasizes environmentally sustainable and disaster-resilient housing solutions.
Eligibility Criteria for PMAY
To benefit from PMAY, you must meet the following criteria:
- Economic Group
- EWS: Annual household income up to ₹3 lakh.
- LIG: Annual household income between ₹3 lakh and ₹6 lakh.
- MIG-I: Annual household income between ₹6 lakh and ₹12 lakh.
- MIG-II: Annual household income between ₹12 lakh and ₹18 lakh.
- First-Time Homebuyer
The applicant or their family should not own a pucca house in any part of India. - Loan Tenure
The maximum loan tenure to avail of the subsidy is 20 years. - Property Location
The property should be located in a PMAY-listed area.
Benefits of PMAY
- Reduced EMIs
The interest subsidy under PMAY reduces the effective loan interest rate, leading to lower monthly EMIs. - Affordable Housing for All
The scheme bridges the affordability gap for economically weaker sections and middle-income groups. - Empowering Women
Women co-ownership is encouraged, promoting financial inclusion and empowerment. - Boost to Real Estate
PMAY stimulates the housing sector by creating demand for affordable homes and generating employment opportunities. - Sustainability
The eco-friendly housing focus aligns with the vision of sustainable urban development.
PMAY Subsidy Details
| Category | Annual Income Range | Maximum Subsidy Amount | Interest Subsidy (%) | Carpet Area Limit | Loan Tenure (Max) |
| EWS | Up to ₹3 lakh | ₹2.67 lakh | 6.50% | 30 sq. m. | 20 years |
| LIG | ₹3–6 lakh | ₹2.67 lakh | 6.50% | 60 sq. m. | 20 years |
| MIG-I | ₹6–12 lakh | ₹2.35 lakh | 4.00% | 160 sq. m. | 20 years |
| MIG-II | ₹12–18 lakh | ₹2.30 lakh | 3.00% | 200 sq. m. | 20 years |
