PMAY, or Pradhan Mantri Awas Yojana, is a government programme that was launched in response to the 'Housing for All (HFA)' mission.

The PMAY scheme, which was launched in June 2015, aims to boost the affordable housing segment in India.

PM awas yojana aims to provide over 2 crore pucca dwellings with water, toilets, and 24*7 power by 31 March 2022.

For the purpose of slum rehabilitation, the Government of India is providing a grant of one lakh rupees each household.

PMAY Benefits & Feature

Central assistance of Rs. 1.5 lakh per dwelling unit for partnership and beneficiary-led individual house construction/enhancement for affordable housing

The interest subsidy for PMAY home loans is limited to a maximum loan tenure of 20 years or the borrower's loan tenure, whichever is shorter.

The quality of the house/flat will be in accordance with the National Building Code (NBC) and the National Disaster Management Authority (NDMA)

A beneficiary family consists of a husband, a wife, and any of their children who have not married.

PMAY Beneficiary

An adult earning member of the family, regardless of marital status, can be treated as a separate household if he or she does not own a pucca house in India.

Earning adult family member with a pucca house with a built-up area of less than 21 sq. m. may be incorporated for the improvement of existing dwelling units up to 30 sq. m

A home equity loan can help you convert home equity into cash, especially if you invest it in home renovations that increase its value.

However, keep in mind that you are putting your home at risk—if real estate values fall, you may end up owing more than your home is worth.