Short Note – PMAY (U)

Pradhan Mantri Awas Yojana-Housing for All (Urban) is an initiative by the Government of India to provide affordable housing will be aimed to the urban poor with a target to construct affordable houses for all urban poor by 31 March 2022.

Salient Features

• Pradhan Mantri Awaas Yojana(PMAY) was launched in June 2015.
• The government provides an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan for the construction of a house.
• The houses are given to economically weaker sections and Lower Income Groups if the beneficiary or their family members do not have another house.
• The houses given under this scheme will be owned by females or jointly with males.
• The central assistance will be in the range of ?1 lakh to ?2.30 lakh.
• The total number of houses sanctioned under PMAY(U) now exceed 83 lakhs.

Salient Feature

The PMAY(U) is one of India s key social and economic empowerment schemes. It is often clubbed with other schemes to ensure houses have a toilet (Swachh Bharat Mission), electricity connection (Saubhagya Yojana), LPG connections (Ujjwala Yojana), access to drinking water and banking facilities (Jan Dhan).