The Pradhan Mantri Awas Yojana, also known as PMAY, is a programme that was established by the Indian government with the intention of offering low-interest home loans to low-income residents of the country. The Union Budget that was presented on February 1, 2023, included an increase in the allocation for the PM Awas Yojana (PMAY) that was 66% higher than it had been before. This was done to give an enormous boost to the affordable housing sector. Nirmala Sitharaman, the Minister of Finance, also announced the creation of an Urban Infrastructure Development Fund (UIDF), which will be used to develop urban infrastructure in Tier 2 and Tier 3 cities.

When compared to the previous year's budget of 48,000 crores, the PMAY programme received approximately 79,000 crores for the current fiscal year. In 2015, the programme was initiated with the intention of meeting the need of all citizens for housing that was within their budgetary means. The programme was developed to provide assistance to members of the middle-income group, members of the economically weaker section (EWS), and members of low-income groups (LIG).

This Credit Linked Subsidy Scheme (CLSS) is intended to give its beneficiaries an interest subsidy so that they can get loans to buy or build a house. The Minister of Finance stated in her Budget address that states and cities will be encouraged to undertake urban planning reforms and initiatives in order to transform them into "sustainable cities of tomorrow."

She further explained that this entails "effective use of land resources," "sufficient resources for urban infrastructure," "transit-oriented development," "improved availability and affordability of urban land," and "opportunity for everybody." According to Ms Sitharaman, the Urban Infrastructure Development Fund will be established by the utilization of priority sector financing shortage.

This will be handled by the National Housing Bank, and it will be utilized by governmental agencies to develop urban infrastructure in Tier 2 and Tier 3 cities. The total annual contribution from the Central Government will be Rs. 10,000 Crore. In a manner identical to that of the Rural Infrastructure Development Fund, an Urban Infrastructure Development Fund will be established by the utilization of priority sector loan shortage. This fund will perform a similar function as the Rural Infrastructure Development Fund.

Incremental PMAY allocation of up to 79,000 crore will give momentum to affordable housing and assist a wide range of homebuyers. It is anticipated that this allotted amount will address more than 55 per cent of the estimated deficit in funds for projects that fall under the scheme.

This will provide a significant boost to the effort of providing housing to those who are in need and will bridge the gap between those who do not have access to suitable dwellings and those who do. This enhanced subsidy will ensure that homes in both urban and rural areas are built within the allotted time limit and in accordance with the standards that have been established.

PMAY Eligibility

The following are considered to be eligible for assistance under the PMAY programme, according to the Ministry of Housing and Urban Poverty Alleviation:

• A beneficiary may be either a husband or wife, as well as their children who have not yet got married.
• A beneficiary must not be the owner of a pucca house, which implies that the house must not be registered in his or her name or in the name of their family members anywhere in India.

PMAY Scheme Beneficiaries

Beneficiaries of the PMAY programme include the following categories:

• Middle-Income Groups (MIG I) having annual income ranging between Rs. 6 - 12 Lacs
• Middle Income Group (MIG II) having annual earnings between Rs. 12 and 18 Lacs
• Low-income Groups (LIGs) with a maximum annual income between Rs. 3 and 6 Lacs
• Economically Weak Section (EWS) with a maximum annual income of Rs 3 Lacs

Beneficiaries from the LIG and MIG categories are only eligible for the Credit-Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana. However, beneficiaries from the EWS category are entitled to full support. In order to qualify as a LIG or EWS recipient under the Scheme, the applicant must submit an affidavit verifying his proof of income.

Millions of Indians have benefited from the Pradhan Mantri Awas Yojana or PMAY Scheme in realizing their ambition of owning a home. They can look up the PMAY status of their home loan using the PMAY list and beneficiary status online. The government makes the PMAY beneficiary list available so that its users can quickly check their names online.