The government has announced the Pradhan Mantri Awas Yojana (PMAY) program, to provide affordable housing for all segments of society. Food, clothing, and shelter are frequently said to be the three most important things in life. However, with real estate prices rising all the time, most people are finding it increasingly difficult to afford the third need – a house. This new scheme can make housing more accessible to different sections of the society.


  • What is the Pradhan Mantri Awas Yojana (PMAY)?
  • Advantages of the Pradhan Mantri Awas Yojana
    -Slum Rehabilitation is a priority
    -Access to Affordable Housing for All
    -Subsidized interest rates are used to provide housing:
    -It protects women’s financial future
    -Eco-Friendly Housing


The Pradhan Mantri Awas Yojana, or PMAY, was established in order to assist people in obtaining affordable housing. They have set a target of providing around one crore houses under this scheme, with the goal of providing ‘Housing for All by 2022.’ People from the lower classes can now own a home and benefit from such a scheme. The Central Government of India is funding a scheme called ‘Housing for All by 2022,’ which will cost around USD 31 billion. It is estimated that approximately 15 lakh houses have been built to date, with another 12 lakh apartments set to be completed soon.

Through the following programme areas, the mission aims to meet the housing needs of the urban poor, including slum dwellers:
-In-situ Slum Redevelopment (ISSR)
-Credit Linked Subsidy Scheme (CLSS)
-Affordable Housing in Partnership (AHP)
-Beneficiary-led Individual House Construction/ Enhancement (BLC-N/ BLC-E)


1. Slum Rehabilitation is a priority:

The PMAY programme is a well-designed programme that will benefit both the country and the economy in the long run. The program’s main goal is to uproot houses in slum settlements and replace them with concrete houses, particularly in India’s urban cities, which contribute significantly to GDP.

2. Access to Affordable Housing for All:

The Pradhan Mantri Awas Yojana program aims to provide affordable housing for people at all socioeconomic levels. This benefit is available to applicants who are homeless and belong to certain income groups and sectors of society. Applicants are divided into various groups. EWS (weaker socioeconomic class), LIG (low-income group), and MIG (middle-income group). Based on income levels, the middle-income group is further subdivided into MIG 1 and MIG 2. Minorities include members of planned castes, planned tribes, and other underdeveloped classes, as well as women and senior candidates, widows, and transgender people.

3. Subsidized interest rates to provide housing:

The credit-related subsidy system is the primary benefit of the PMAY system. The government incorporated a loan-related subsidy component into the PMAY system to increase institutional lending inflows. This enables eligible urban poor to obtain home loans at much lower interest rates for purchase or construction. Borrowers in this situation may be eligible for a significant reduction in interest payments. Members of the above-mentioned income bracket will be charged an annual interest rate of 8.4 percent if they choose a home loan. The interest subsidy is applied to the beneficiary’s loan account in advance by the credit institution, resulting in a reduction in effective home loans and a balanced monthly interest rate (EMI).

4. Protects women’s financial future:

Another significant advantage of the Pradhan Mantri Awas Yojana is that it encourages women to apply for loans and become homeowners. According to the system scheme, if a married man applies for a loan, he must register his wife as the applicant for the loan, even if she has no role in financing the property purchase. This is done to protect women’s financial futures, particularly when they are elderly and widowed.

5. Housing that is Eco-friendly

Developers and builders in charge of constructing houses under the Pradhan Mantri Awas Yojana program have been directed to use environmentally friendly building materials and technology. The goal is to minimize environmental damage around the construction site as much as possible, including pollution from air and noise. The houses are built with long-lasting, high-quality materials to avoid or delay remodeling for as long as possible.

How we can help

Bridl360 can help you choose a property that suits your tastes and a bank with a  good home loan and a good Pre-EMI system so that you don’t have to settle for less.

 We have a variety of luxurious apartments and villas with affordable Pre-EMI systems and fabulous amenities that could easily be the home of your dreams.

 For more information or to book an appointment, contact us here or call us on +919966696961

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