PM Awas Yojana (PMAY) is a government scheme offering financial assistance for home construction or renovation. It benefits low-income families with subsidies on home loans. The scheme has two categories – PMAY Urban and PMAY Rural. Eligible applicants can apply online via the official PMAY portal. Required documents include Aadhaar, income proof, and property details. PMAY aims to eliminate slums and provide dignified living conditions for all Indians by 2024.