The Central Government has embarked upon a mission of Housing for All by 2022 which has launched the PMAY or Pradhan Mantri Awas Yojana. The aim is to offer affordable housing options for the urban poor in India by the year 2022. The scheme was launched in 2015 on the 1st of June. The rate of interest begins for PMAY schemes at 6.50% per annum and the applicable tenure is 20 years. The deadline for getting PMAY CLSS schemes for MIG-I and MIG-II segments has been increased to 31st March, 2021. The same deadline also applies for LIG and EWS segments of buyers.
Subsidized rate of interest is provided at 6.5% per annum for home loans and differently abled and senior citizens can get preferential ground floors. The scheme encompasses all urban areas in India including 4041 statutory towns with first priority allocated for 500 Class I Cities. It will be implemented across three phases. The credit linked subsidy component will be implemented from the initial stage in all statutory towns. The scheme will cover housing requirements of the urban poor along with slum dwellers. Beneficiaries are Middle Income Groups, Low Income Groups and Economically Weaker Sections.
EWS beneficiaries will get full assistance under PMAY, LIG and MIG categories will only get the CLSS under the same. The two schemes here are PMAY-G or Gramin and PMAY-Urban. For MIG-I and MIG-II, interest subsidies are 4% and 3% per annum while it is 6.5% for LIG and EWS categories.