The objective of the PMAY is to build 2 crore homes across the nation and provide homes to the lower income groups and the weaker sections f the society. The scheme has no bias against any section of the society and is open to all. It is providing the Credit Linked Subsidy to all the investors along with central assistance to Urban Local Bodies. Subsidies are provided for 1-2.30 lakh to the investors. The recent market interest rate for housing loan is 10.5% whereas the PMAY will offer it at 6.5% for a period of 15 years as loan tenure.
The scheme will be built under the latest technologies keeping in mind the geo climatic zones while preparing the building plans. The plan will have earthquake resistance and safety from other disasters and ill ensure that adequate air ventilation and sunlight passes through all the homes. This scheme is divided into 3 phases of construction which will cover 100 cities for the development under April 2015 to March 2017. The second phase will have 200 more cities to be covered in the period April 2017 to March 2019 and the remaining cities will have the development process started from April 2019 to March 2022. The highlights of the projects will be focused on women home buyers and the ground floor houses will be preferably allotted to physically challenged and senior citizens.