Pradhan Mantri Awas Yojana – All You Need To Know

The 'Pradhan Mantri Awas Yojana' is a bold new initiative by the Central government. ‘Pradhan Mantri Awas Yojana' (PMAY) has been a concrete effort that seem to fullfil the concept "Homes for All".’

How can you purchase your dream home under this scheme? To own a home is one of the basic necessities for each and every individual. Over the past few years, the soaring property prices and interest rates have made it practically impossible for the common man to realize this particular dream. Under the Central Government, the revolutionary concept of ‘Pradhan Mantri Awas Yojana’ aims to support the common man in this regard.

Launched in 2015, June 25th to be precise, this massive-scale project is based on a blueprint that is designed to develop close to 2 crore houses by 2022. Many were skeptical about this figure and whether it could be achieved. Simply put, it’s two crore houses in 2555 days.

The target audience for this particular project: The target group for the ‘Pradhan Mantri Awas Yojana’ are individuals who belong to the EWS (Upto 3 Lakhs Annual income), LIG (3.01 to 6 Lakhs Annual Income), MIG 1 (6.01 to 12 Lakhs Annual Income) & MIG 2 (12.01 to 18 Lakhs Annual Income) segments of societies that are part of Urban India.

What are the main features of Pradhan Mantri Awas Yojana The ‘Pradhan Mantri Awas Yojana’ is a well thought-out project and comprises of some unique features that are aimed at making/ owning a home more affordable and practical. Here are some of the more important points of the ‘Pradhan Mantri Awas Yojana:’

  1. A subsidy ranging from 1 lakh to 2.67 lakhs can be availed. Those belonging to the MIG1(upto 2.35 Lakhs), MIG 2 (upto 2.30 Lakhs) & LIG (upto 2.67 Lakhs) of the society. This is paid as a grant by the Government directly to the beneficiary's loan account.
  2. An interest rate subsidy of 6.5 % for LIG, 4% for MIG1 and 3% for MIG2 could be applied by those who plan to avail loans for a period of 20 years - a drastic reduction from the standard rates offered by banks which is around 8.3 to 9%.
  3. The ‘Pradhan Mantri Awas Yojana’ can be considered as a pro-women initiative as there is a preference given to women applicants under this scheme. Simply put, women applicants will be given more weightage over their male beneficiaries when it comes to availing schemes under this initiative.
  4. As the ‘Pradhan Mantri Awas Yojana’ will mainly be based on designing apartment projects around the country to meet the housing demands of the common man, the ground floor of each complex will be reserved for differently abled and/or senior citizens.
  5. Homes to be built under the “Pradhan Mantri Awas Yojana’ will have to follow certain specified building standards to ensure that they are constructed in-sync with the environment, or in other words, ensure that they’re eco-friendly.
  6. First Home Buyers: Beneficiary families not owning a house in any part of India are only eligible to avail subsidy under this scheme.

A practical example of what the above features all mean: Assume that a loan of around six lakhs for 20 years is applied for. Today’s average interest rate hovers around the 8.5% mark. A bit of math and the calculated EMI comes to around INR 5,207 per month. The same figures under the ‘Pradhan Mantri Awas Yojana’ will only cost you INR 3035 per month, a reduction of over 2000 rupees, making the dream of owning your own space a reality for those in the LIG, MIG1 and MIG2.

Some important rules that have to be noted:

  1. The maximum loan amount to avail the subsidised rates are set at INR 6 lakhs for LIG, 9 Lakhs for MIG1and 12 Lakhs for MIG2.
  2. For those wanting more, the market rates for home loans will have to be paid for the amount over and above.

All combined, the ‘Pradhan Mantri Awas Yojana’ has received an overwhelming response from the citizens of India. This welcome move is going to make the dream of ‘homes for all’ a reality. Visit

To know more about the ‘Pradhan Mantri Awas Yojana’ and how you can own a compact home with all modern amenities from Confident Group visit us at:


As the most trusted real estate brand in the nation, we at Confident Group strive to create a positive, smooth and transparent medium for potential home buyers with anything and everything related to home purchase. We provide informative and engaging articles which cover useful details across many verticals from the real estate sector. Our 2-decade long expertise in building infrastructure projects across Kerala and abroad backed by the trust of over 10,000 customers earned us the reputation of being the best as a real estate brand in Asia. We hope that our blogs will help in translating our experience for the prospective buyers who are looking for their dream home.

Comments (9)

superadmin September 3, 2019

Thank you for the query. Will share the complete details soon.

Avinash August 31, 2019

Share me the complete detail , interested to buy.

Jayed ansari April 30, 2019

Hi send me the details of Pradhan Mantri Awas Yojana

Jayed ansari April 30, 2019

Hi send me the details of Pradhan Mantri Awas Yojana to purchase a flat... thank you.

Jayed ansari April 30, 2019

Pl send me the details of Pradhan Mantri Awas Yojana details.... to purchase a flat... thank you

superadmin April 10, 2019

Hi Ramesh, glad to know that you want to purchase a flat under PMAY scheme. Please share your contact details so that we can assist you in a better way.

superadmin April 10, 2019

Hi Azhar, Thank you for showing interest in purchasing a flat with us. Please share your contact details.

Azhar March 22, 2019

I want to buy a flat please share the details how to avail this and what is the process.

n ramesh March 9, 2019

Pl send me the details of Pradhan Mantri Awas Yojana details.... to purchase a flat... thank you



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