How Has Pradhan Mantri Awas Yojana Been Helping in Achieve Housing For All?

Having your own house in our country is still a distant dream for many as they can not afford the hefty prices to pay for it. And we all know that house is a basic need for any individual. To solve this burning problem, the NDA government came up with the Pradhan Mantri Awas Yojana in June 2015 to achieve the target of Housing for All by 2022. This wonderful scheme aims to build pucca houses with proper water, electricity and sanitation facilities at an affordable rate. When the scheme was launched in 2015, it was meant to be for the individuals coming in the EWS (Economically Weaker Section) and LIG (Lower Income Group), but now the Pradhan Mantri Awas Yojana covers the mid-income group as well. 

There’s a certain income criterion to filter the various individuals into separate categories. Like people with annual income, less than INR 3 lakh will come into the EWS category, similarly income less than INR 6 lakh in the LIG category. If you’re someone who is looking for a house with an affordable interest rate as well as with subsidy on it, then this scheme will be best for you. In this article, we will be telling you about all the things related to Pradhan Mantri Awas Yojana. So, keep reading!

What are the main aspects of Pradhan Mantri Awas Yojna?

This scheme was launched to cover mainly four key targets which are mentioned below.

  • To make the affordable house for people living in the slum with co-operating with private contractors
  • To give the Credit-linked Subsidy Scheme (CLSS) to the weaker and mid-section individuals on the loans for house construction. The subsidy differs from one category to another.
  • To assist the State and Union Territories in the Affordable Housing Projects
  • Direct financial assistance of the INR 1.5 lakh to the EWS category. 

Why there is a need to have the Pradhan Mantri Awas Yojna in our country?

Considering the vacant household in the top-tier cities in the country ranging way above INR 50 lakhs, it’s a matter of concern seeing the estimate that we would be needing around 20 million housing units at a range of INR 5 lakhs to INR 15 lakhs. The scheme is targeted to address this concern as the subsidized amount is INR 12 lakh so the needs individuals can easily opt for this and get their own house at an affordable rate of interest. 

What are the eligibility criteria for Pradhan Mantri Awas Yojna?

The first condition to qualify for the PMAY is that you or your family members shouldn’t have the home. This scheme is strictly for those individuals who don’t own a home. Apart from that, the eligibility criteria differ from one category to another category depending primarily on your annual income. You can have a look at it mentioned below.

For EWS/LIG Category: 

  • Must have the annual income upto INR 6 lakh
  • Must have the maximum annual income of INR 6 lakh
  • The maximum repayment period of the loan is 20 years. And your maximum age shouldn’t be more than 70 years.

For the CLSS/ MIG Scheme :

  • Your annual income must be between INR 6 lakh to INR 12 lakh to fall under this category of Pradhan Mantri Awas Yojana.
  • The subsidy of 4% is applicable only till the loan amount of INR 9 lakh only. On opting for a higher loan amount, you will not get the subsidy on that.
  • Banks can approve the 30 years loan repayment period if the age at the end of the repayment period is less than 70 years.

For the CLSS (MIG-2) Scheme : 

  • Annual income will be between INR 12 lakh and INR 18 lakhs.
  • The subsidy of 3% is limited at the amount of 12 lakh only. 
  • The loan term is for 20 years but the bank can approve the loan amount for 30 years if your age at the end of the repayment period is less than 70 years.


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