Features and Objectives of Pradhan Mantri Awas Yojana- PMAY(U)

by Helios A. Digital Media Marketing Executive

Introduced by our Prime Minister of India, the PMAY scheme is an initiative that is provided by the Government to the urban poor aiming to provide affordable and reasonable housing facilities.

Under this plan, affordable houses will be worked in chosen urban communities and towns utilizing eco-friendly development techniques to support the urban poor community in India.

Features of PMAY:

Under this scheme, the interest subsidy rate is 6.5% p.a on the housing loan that is given to all the beneficiaries.
PMAY scheme gives preference to differently-abled and senior citizens to have houses on the ground floor.
For constructing the project, sustainable and eco-friendly development technologies are used. Hence, a large number of buyers will get an opportunity to check on vendors from various e-procurement platforms to procure most of the housing and electrical materials.
The PMAY scheme covers the entire urban areas in the country with the first priority given for the 500 Class I cities.

Objectives of Pradhan Mantri Awas Yojana:

The very first objective of the PMAY Scheme is to provide affordable housing for all by the year 2022.
PMAY scheme also aims to reach demographics such as economically challenged groups, women belonging to minority sections such as scheduled caste or scheduled tribes.
Promoting the “affordable housing” scheme via credit linked subsidy for the economically weaker sections.
The PMAY scheme also focuses on building as well as upgrading the houses drove by beneficiaries.

Affordable housing has become more easy with the introduction of the PMAY scheme.