Pradhan Mantri Awas Yojana

Context

The Pradhan Mantri Awas Yojana has successfully completed seven years. 

About the Scheme

• The Pradhan Mantri Awas Yojana was launched on June 25, 2015.
• The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of the central government to boost home ownership in the country. 
• It was launched by Prime Minister Narendra Modi in June 2015 with the mission of achieving ‘Housing for All’ by 2022. 
• It is implemented by the Ministry of Housing and Urban Affairs (MoHUA). The scheme is split into two parts: 
• Pradhan Mantri Awas Yojana-Urban or PMAY-U
• Pradhan Mantri Awas Yojana-Rural or PMAY-R
• The Centre chooses the name of the eligible applicants and adds them to a list. 
• Under the PMAY scheme, the government provides a subsidy on availing loans for the purchase, construction, extension, or improvement of a house. 
• Beneficiaries: The scheme caters to Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG) of the society
  
  

Who is eligible to avail PMAY scheme?

• The beneficiary should not be aged over 70 years at the end of the repayment period.
• The annual family income limit is Rs 3 lakh per annum for the EWS category, Rs 3-6 lakh for LIG category, Rs 6-12 lakh for MIG-I, and Rs 12-18 lakh for the MIG-II group.
• The applicant should not own a house in any part of India.
• The applicant should not have availed a housing scheme offered by the central or state