PMAY

Pradhan Mantri Awas Yojana, often abbreviated as PMAY, is a flagship scheme of the Government of India that aims to provide affordable housing to the urban poor. Launched in June 2015, the mission's objective is to ensure that every household in India has a permanent housing unit by 2022. The scheme addresses the housing needs of the economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG).

PMAY operates through various verticals. For the urban poor, it focuses on slum rehabilitation and redevelopment, promoting affordable housing through public-private partnerships, and providing credit-linked subsidies for home purchases. Beneficiaries can avail of interest subsidies on home loans, reducing the overall cost of acquisition. The scheme also encourages the construction of new affordable houses and the enhancement of existing semi-pucca houses.

The implementation of PMAY involves central and state governments, urban local bodies, and private developers. Eligibility criteria are based on income levels and land ownership. The mission has several components, including Credit Linked Subsidy Scheme (CLSS), Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), and Slum Rehabilitation & Redevelopment (SRR). Financial assistance and subsidies are provided through these components to make housing more accessible and affordable for the target population. PMAY has been instrumental in addressing the housing deficit in urban areas and improving the living conditions of millions of Indians.