What is the Full Form of PMAY? 

The full form of PMAY is Pradhan Mantri Awas Yojana. It was launched on 25 June 2015 by the Government of India. In simple words, the primary purpose of this scheme is to provide affordable housing to all, especially to people belonging to the middle and lower classes or low-income groups of society. But is every citizen of India eligible for the Pradhan Mantri Awas Yojana scheme? What are its benefits? Let’s explore together.

Also Read: PM Modi Yojana

Benefits of the PMAY Scheme

Here is an overview of the benefits provided by the PMAY scheme:

• Eligible citizens can receive an interest subsidy of up to 6.5% of the total loan amount for the construction of a new house. 
• Eligible applicants can also receive an interest subsidy of up to 3% on the loan amount for the improvement of their existing houses. 

Also Read: What is the Full Form of NAAC? 

Who is Eligible for PMAY?

The PMAY scheme helps the government tackle the shortage of housing in India. For this, it extends financial assistance to people who are unable to afford a place to live in the country. Moreover, to avail this Government-backed housing initiative, citizens must fulfill certain eligibility criteria to receive interest subsidies on home loans.   

• The Pradhan Mantri Awas Yojana is available to families with an annual income of up to INR 18 lakhs. 
• Individuals applying for this scheme must not own a permanent residence anywhere in the country. 

Also Read: What is the Full Form of IMD? 

Types of Pradhan Mantri Awas Yojana 

There are two types of Pradhan Mantri Awas Yojana that cater to different sections of society. Let’s explore their details. 

Pradhan Mantri Awas Yojana Gramin (PMAY-G)

• The Pradhan Mantri Awas Yojana Gramin was earlier known by the name of Indira Awas Yojana. 
• The scheme was later renamed in the year 2016. 
• It caters to the rural regions of India and helps residents get affordable and accessible housing in India.

Pradhan Mantri Awas Yojana Urban (PMAY-U) 

• Pradhan Mantri Awas Yojana Urban caters to the urban sections of the society.
• It covers approximately 4,331 towns and cities around the country.
• The scheme is carried out in a total of three phases including Phase 1 (from April 2015 to March 2017), Phase 2 (from April 2017 to March 2019), and Phase 3. 

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