Pradhan Mantri Awas Yojana-Urban (PMAY-U)

Pradhan Mantri Awas Yojana (PMAY) is a flagship initiative of the Government of India that aims to provide affordable housing to the economically weaker sections, low-income groups, and middle-income groups, both in urban and rural areas. The program was launched in 2015 with the vision of ensuring "Housing for All" by 2022, which would address the housing shortage and improve the quality of life for the underprivileged sections of the population. In urban areas, PMAY focuses on providing financial assistance to people from economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) to help them either build new homes or purchase existing ones. The government offers subsidies on home loan interest rates through the Credit Linked Subsidy Scheme (CLSS). This is a major component of PMAY, as it reduces the financial burden on beneficiaries by providing interest rate subsidies based on their income group. The program aims to construct 20 million affordable houses in urban areas by 2022. The scheme's long-term goals include reducing urban and rural poverty, boosting construction and infrastructure development, and enhancing the living standards of the people who benefit from it. The program continues to be one of the most important policy efforts for addressing housing issues in India.