PMAY is a Credit Linked Subsidy scheme, for Economically Weaker section (EWS) and Low Income Group (LIG) which has been implemented by the Ministry of Housing & Urban Poverty Alleviation (MHUPA) effective from 17th June 2015. Pradhan Mantri Awas Yojana Subsidy can be allotted to all eligible home loans sanctioned on or after 17th June 2015. The beneficiary would be eligible for interest subsidy on purchase/construction of a house.

Beneficiaries of scheme are as under:

• Families comprising of husband, wife and unmarried children - they should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India.
• Economically Weaker Section (EWS), whose annual house hold income is up to Rs. 3 lakh.
• Low Income Group (LIG) whose annual house hold income is above Rs.3 lakh and up to Rs. 6 lakh.
• The House constructed/acquired should be in the name of female head of the household or in the joint names of male head of the household and his wife. Only in cases, where there is no adult female member in the family, the house can be in the name of male member of the household. However, this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.

• Benefit of maximum 2.67 Lacs in interest amount of loan sanctioned