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Have You Booked Your Home Under PMAY Yojana Yet?

Updated on: 12 Apr 2022 // 82 min read // Home Loans
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If you are one of those who has been dreaming of buying a home for a very long time, then this is the best time to make your dream come true. You can book a home as per your needs under Pradhan Mantri Awas Yojana (PMAY) or PMAY loan scheme. It is a Credit Linked Subsidy Scheme (CLSS) launched by the NDA government led by Hon’ble Prime Minister Shri Narendra Modi in June 2015. It aims at providing affordable housing facilities to all citizens under the mid-size income group by 2022. The applicants will get a subsidy under the said scheme which can be used to partial payment towards your Home Loan amount.

If you’re unaware of PMAY, here are some useful details about PMAY that every first time home-buyer should know:

Classification of PMAY Subsidy

The eligible individuals can avail of Pradhan Mantri Awas Yojana Subsidy amount under the following categories. The categories can be divided according to the property type, annual income, and loan amount. The subsidy rate and amount is fixed as per the government guidelines and cannot be changed.

Apply Kotak Home Loan

Additional Info: Also Check LIC Home Loan

CLSSAnnual Household Income (Rs.)Maximum Carpet AreaMax. Loan Amount Eligible for Subsidy (Rs.)Interest SubsidyMaximum Subsidy GrantedLoan Tenure (Years)
EWS0-3 Lakhs30 sqmt.6 Lakhs6.4%2.67 Lakhs20
LIG3-6 Lakhs60 sqmt.6 Lakhs6.4%2.67 Lakhs20
MIG6-12 Lakhs90 sqmt.9 Lakhs4%2.35 Lakhs20
MIG II12-18 Lakhs110 sqmt.12 Lakhs3%2.30 Lakhs20

* Interest subsidy benefit is calculated on an NPV (Net Present Value) discount rate of 9%

Pradhan Mantri Awas Yojana Home Loan Subsidy

You can avail a subsidy of up to Rs. 2.67 lakhs on home loan interest payment per year under PMAY scheme. The maximum subsidy available on home loan interest rate is up to 6.4% p.a. depending on the annual household income, maximum carpet area, loan amount and other factors. If you are already covered under any other government housing benefit scheme, you can not avail the benefits of this scheme.

Additional Info: Also check SBI Home Loan EMI Calculator

Features of Pradhan Mantri Awas Yojana

  • The main objective of the PMAY house loan scheme is to eradicate the slum houses & replace them with ‘pucca’ or concrete homes. It aims at providing permanent housing for all by 2022.
  • The Home Loan Interest Rate subsidy provided under the scheme is up to 6.5% to all beneficiaries taking housing loans with tenure of up to 20 years.
  • Interest rate subsidy varies basis the following income slabs:
    • EWS – Income of up to Rs. 3 Lakhs per annum: 6.4% interest subsidy is available for loan amount up to Rs. 6 Lakhs.
    • LIG – Income between Rs. 3 Lakhs to Rs. 6 Lakhs per annum: 6.4% interest subsidy is available for loan amount up to Rs. 6 Lakhs.
    • MIG-I – Income between Rs. 6 Lakhs to Rs. 12 Lakhs per annum: 4% interest subsidy is available for loan amount of of Rs. 9 Lakhs
    • MIG-II – Income between Rs. 12 Lakhs to Rs. 18 Lakhs per annum: 3% interest subsidy available for loan amount of Rs. 12 Lakhs.
    • Any additional loan above the subsidised loan amount will have no subsidised rate
  • Preference of having a house on the ground floor is given to the differently abled and senior citizens under the PMAY scheme.
  • Houses to be constructed using sustainable & eco-friendly technologies.
  • The PMAY benefits can be availed by the people who wish to purchase a new house from the developer/builder or a resale house. The loan can also be taken for the construction of a house or for upgrading a ‘kutcha’ house into a ‘pucca’ house under the CLSS component.
PNB Home Loan

Additional Info: You can also check Best Home Loan Interest Rates

Beneficiaries Under the Pradhan Mantri Awas Yojana

  • Scheduled castes & scheduled tribes
  • PMAY is available to the borrowers belonging to the following categories:
    • Economically Weaker Section (EWS): Having a maximum annual family income of Rs. 3,00,000
    • Low Income Group (LIG): Having a maximum annual family income of Rs. 6,00,000
    • Middle Income Groups (MIG-I & MIG-II): Having a maximum annual family income of Rs. 12,00.000 and Rs. 18,00,000 respectively,
  • Provisions have also been made for senior members, widows, transgender, and differently able individuals.
  • If a beneficiary's family income exceeds Rs. 18 Lakhs per annum, they will not be eligible for subsidies under PMAY.
  • To avail the scheme, your family income calculation will be considered, including the income of all members in your family from various sources (like investments, jobs, and others).

Top Bank for Home Loan Under PMAY Subsidy

Additional Info: Also Check DDA Housing Scheme

LenderInterest rate (Min)Interest rate (Max)Processing fee
PNB Home Loan6.75%8.80%Up to 0.35% of the loan amount + applicable GST (minimum Rs. 2,500 & maximum Rs. 15,000)
SBI6.70%6.90%Up to 0.50% of the loan amount + applicable GST
Bank of Baroda 6.50%8.10%Up to 0.50% of loan amount (Min. Rs. 8,500 and Max. Rs. 25,000)
HDFC6.70%7.65%Up to 0.50% of the loan amount + applicable taxes
Bank of India6.50%8.85%Up to Rs. 50,000
Union Bank of India6.60%7.35%0.50% of the loan amount (Max. Rs. 15,000) + Applicable GST
ICICI Bank6.70%7.55%0.50% - 2% of the loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
Axis Bank6.75%7.10%Up to 1% of the loan amount (minimum of Rs. 10,000) + applicable GST
Bajaj Finserv6.65%Depends on borrower’s eligibilityUpto 15% of the loan amount  + taxes
Kotak Mahindra Bank6.55%7.20%Up to 2% of the loan amount + GST

*The rates given above are exclusive of PMAY interest rate subsidy.

Additional Info: Bandhan Bank Home Loan at 6.40% p.a. Apply Now

Pradhan Mantri Awas Yojana Eligibility

The Ministry of Housing and Urban Poverty Alleviation has clearly defined eligibility criteria for PMAY subsidy.

Anyone who qualifies criteria and meets the terms & conditions discussed below can avail the benefits of PMAY subsidy:

  • A beneficiary family is classified as a household comprising husband, wife, and unmarried children.
  • The individual or household should not own any pucca house in India. The first time home buyer should be above 18 years of age. If the applicant is unmarried, there should be no existing property (pucca house) in the name of his/ her parent(s) in any part of India.
  • In case of a married applicant, there should be no existing property (pucca house) in the name of his/her spouse or kid(s) name in any part of India. Married couples can apply for a single subsidy under individual or joint ownership of the property.
  • The beneficiary individual or his/her family should not have availed central assistance under any housing scheme of the Indian government or any scheme in PMAY.
HDFC Home Loan Online

Additional Info: Also Apply Home Renovation Loan

The eligible applicants are divided into six categories:

  1. EWS or Economically Weaker Section:                 
    EWS are categorised as families with annual household income less than Rs.3 lakh.
  2. LIGs or Light Income Group:                 
    LIGs are those who have an annual household income within Rs.3 lakh to Rs 6 lakh range.
  3. MIG I or Medium Income Group-I:                 
    MIG1 are the households with annual income below Rs.12 lakh. They can avail CLSS up to Rs.9 lakh for building their home.
  4. MIG 2 or Medium Income Group-2:                 
    MIG2 are families earning annual household income in the range of Rs.12 to Rs.18 lakh. This group can avail PMAY benefit for up to Rs.12 lakh.                 
    A MIG II category (as per salary), can apply for the other three categories, but the subsidy will be 3% only.
  5. Minorities:                 
    Minority groups including SC/ ST/ OBC are also given preference under the scheme.
  6. Women:                 
    EWS/LIG Women applicants are considered for PMAY scheme.

Furthermore, following points are also assessed:

The purpose of taking the loan should be – purchase/construction/improvement of the home. If the loan is being taken for renovation or extension of house, it can be only used to convert a kuccha house into a pucca house.

For EWS or LIG subsidy, a woman co-applicant (mother/wife/daughter/sister) is mandatory for purchase of property and for availing a home loan. For the other two categories, there is no such need.  However, if the loan is being availed for construction, extension, or improvement of the home, the term is relaxed.

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

For availing subsidy for MIG I and MIG II, loan should be approved on or after 1st January 2017. Even if you pass these eligibility criteria, the decision of providing a subsidy to you depends on the government. The chances of getting approval for the subsidy are higher if the information and documents provided by you are complete and genuine.

How do I check the status of the PMAY subsidy?

To check the status of your subsidy application, visit the official PMAY website, and reach to track application status/ track assessment form.

Here you will be directed to choose one of the two options:

  1. By Name, Father’s Name & Mobile No
  2. By Assessment ID
track application status

If you choose the first option, you will be asked to provide information- State Name, District Name, City Name, your name, father’s name, and mobile number.

By Name

If you choose the second option, you will be asked to provide assessment ID and mobile number

track application status

Pradhan Mantri Awas Yojana Eligibility of SBI

  • The ownership of the concerned house should either be in the sole name of a female member of the household or in joint ownership with the applicant’s wife. This condition is not mandatory in cases of house construction on an existing plot or for extension/renovation of an existing Kuccha/Semi-pucca house.
  • Under this scheme, the carpet area of the house should be up to 30 sq. mts. (if EWS beneficiaries), up to 60 sq. mts. (if LIG beneficiaries), up to 160 sq. mts. (if MIG-I beneficiaries), and up to 200 sq. mts. (if MIG-II beneficiaries).
  • The beneficiary family must not own a pucca house either in their name or in the name of any of their family members in any part of India.
  • The subsidy is available for home loans availed for acquisition or construction of house and/or for repair or extension of Kucha/Semi Pucca house.
  • The maximum tenure of the loan considered for subsidy calculation is 15 years.
  • The annual household income should be Rs 6,00,001 to Rs. 12 lakhs for MIG-I and Rs 12,00,001 to Rs. 18 lakhs for MIG-II.
  • The beneficiaries can be a family comprising of a husband, wife and unmarried children.
  • Any adult earning member (irrespective of their marital status) can be considered as a separate household and is eligible to avail subsidy independently.
  • The beneficiary family shouldn’t own any pucca house either in their name or in the name of their family members in any part of India.
  • In case of a married couple, any one of the spouses or both in joint ownership are eligible for a single house, if their household income eligibility is as per the scheme’s requirement.
  • Banks should submit a consolidated certificate after completion of the housing unit within 1-year period from the construction’s completion or a maximum period of up to 36 months from the date 1st loan instalment disbursal.
  • If a borrower who has availed a Home Loan and interest subsidy under PMAY but later on switches to another bank, they will not be considered eligible for the benefit of interest subsidy again.
  • Home Loan is available by way of Term Loan under this scheme as well as through Maxgain (for loan of Rs. 20 lakhs and above) with a maximum tenure of 30 years. However, the subsidy is available for up to 20 years only.
  • All loan accounts under the PMAY scheme will be linked to Aadhaar.
Apply Online ICICI Home Loan

Additional Info: Looking for 20 Lakh Home Loan ? Check EMI & Apply.

Central Bank of India Home Loan Subsidy

Central Bank of India offers home loan subsidy under the PMAY scheme for eligible applicants. The scheme provides the interest rate subsidy ranging from 3% to 6.50% p.a. depending on the income group of the applicants.

The eligible categories are Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Groups (MIG – I & MIG – II).

HDFC Home Loan Subsidy

HDFC offers home loan subsidy of up to Rs. 2.67 lakh per annum under PMAY CLSS scheme. The interest subsidy offered by the bank on home loans is up to 6.50% p.a. The eligible household income for availing of the scheme is up to Rs. 6 lakhs (for EWS and LIG), Rs. 6,00,001 to Rs. 12 lakhs for MIG-1 and Rs. 12,00,001 to Rs. 18 lakhs for MIG-2. The interest subsidy is available for a maximum tenure of up to 20 years or the loan tenure, whichever is lower.

Required Mandatory Documents  

  • 110 for affidavit/stamp paper
  • Aadhaar card
  • PAN card
  • Loan sanction letter
  • Builder and buyer agreement/ or ATS copy

Additional Info: Also check Pan Number for Banks

Pradhan Mantri Awas Yojana EMI Calculator

You can find PMAY EMI Calculator or PMAY Subsidy Calculator on various online lending platforms and websites. All you need to do to know your eligibility for home loan interest subsidy is to enter a few details in the spaces given, including your annual household income, home loan amount applied for, interest rate, and tenure of repayment. On submitting these details, you get the required result.

How to Apply for PMAY Online?

You can apply for PMAY offline as well as online. To apply online, you have to visit PMAY’s official website http://pmaymis.gov.in and fill in the required details.

Process to Apply for PMAY Online

If you are eligible for PMAY and don’t know how to apply for PMAY online, follow the steps given below:  

  • Identify the category (EWS, LIG, MIG-I, MIG-II) based on your income, under which you are eligible for PMAY.
  • Visit the official website of PMAY: http://pmaymis.gov.in
  • Click on ‘Citizen Assessment’ provided under the main menu and then select the applicant category.
  • On doing this, you will be redirected to a page where you will have to enter your Aadhaar details.
  • Then, fill out the online PMAY application form with your personal, income, bank account, and current residential address details.
  • Enter the captcha code in the given space, verify the details for accuracy, and submit it.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

On submitting the details, your application process is complete. You can track the application status anytime by clicking on ‘Track your Assessment Status’ given under ‘Citizen Assessment’.

If you are unable to apply online, PMAY also supports an offline application. Just visit a state government-run Common Service Centre & fill up the application form for just Rs. 25 + GST.

How Much Time Does it Take to Get PMAY Subsidy?

It may take anywhere between 3-4 months to receive the subsidy amount, after complete verification by the government.

The PMAY subsidy can reduce the burden from home buyers who are spending their hard-earned savings and salary on buying a home and repaying the home loan amount. Once the buyers get the subsidy amount credited to their loan account, they can make partial loan repayment, thus reducing the outstanding loan amount further.

With the government extending its support to the medium income group through PMAY subsidy and making the registration process easier, and Home loan Interest Rates going as low as 6.75%, this is the best time to buy a house for yourself and your family.

SBI Home Loan Apply Online

Additional Info: You can also Check AnyRoR Gujarat Land Record

Pradhan Mantri Awas Yojana Latest Updates

About 10.28 Lakh More Houses Approved Under PMAY(Urban)

In the 51st Meeting of the Central Sanctioning and Monitoring Committee (CSMC) Under Pradhan Mantri Awas Yojana Urban on 7th August, 2020, 1589 proposals of participating States were approved for constructing nearly 10.28 Lakh more houses. These houses are proposed to be constructed under Beneficiary Led Construction and Affordable Housing in Partnership verticals.

Centre expects achieving PMAY-G by March 2022

Prime Minister Narendra Modi launched the rural housing scheme Pradhan Mantri Awas Yojana Gramin (PMAY-G) on November 20, 2016 to achieve the objective of “Housing for all” by the year 2022. The target of constructing 2.95 crore houses with all basic amenities is expected to be achieved timely by 2022.

15% Houses Have Been Completed Under Pradhan Mantri Awas Yojana in 3 Years

As per the data released by Housing and Urban Affairs Ministry, since its launch, over 15% of the houses (out of total 54.95 Lakh) have been completed in 3 years in urban areas under Pradhan Mantri Awas Yojana scheme. The government aims at completing the construction of 1 Crore houses in urban areas within a span of 7 years (by 2022) and claims that the work is on track.

Centre Approves Approx. 1.12 Lakh More Houses Under Pradhan Mantri Awas Yojana

The Centre, under Pradhan Mantri Awas Yojana, has approved nearly 1.12 Lakh more houses for urban poor citizens in eight states. Andhra Pradesh gets the largest share with over 37,000 housing units. In July 2018, the central sanctioning and monitoring committee (CSMC) of PMAY(U) also approved construction of 2.67 Lakh houses for the poor citizens in 10 states.

NaMo Addresses the Beneficiaries of Pradhan Mantri Awas Yojana in Valsad, Hopes the Dream of Every Family to Own a Home Will be a Reality by 2022

Prime Minister Narendra Modi on Thursday addressed the beneficiaries of PMAY in Valsad, Gujarat, talking about his constant efforts to enhance the lives of poor people in India. He said that he dreams that every household will have their own home by 2022, when India will be celebrating 75 years of independence.

Andhra Pradesh Approves the Allotment of 15,091 houses under PMAY

Andhra Pradesh cabinet under PMAY (Pradhan Mantri Awas Yojana) – NTR (Urban) Nagar scheme has approved the disbursal of 15,091 houses in 2018-19. It was also decided in the cabinet meeting that if the houses allotted to people from 1993-94 to 2006-07 in rural areas of the state are in dilapidated condition, new houses will be allotted to them under NTR rural housing scheme with some conditions.

Lock-in Period for Sale of Houses Under PMAY (U) to be Reconsidered to Curb Unfair Practices

The Ministry of HUA (Housing and Urban Affairs) is considering the introduction of the provision of a 5 years’ lock-in period for sale of houses under PMAY (U) scheme as many people were taking undue advantage of the scheme. Some people avail of this scheme, and when they get possession they sell homes at higher rates.

Pradhan Mantri Awas Yojana Gramin Subsidy FAQs

✅ What is the subsidy for home loan below 15 lakhs?

The subsidy amount depends on the household income and category of the borrower, carpet area and location of the property, loan amount, tenure and other factors. The maximum subsidy available for loans up to Rs. 12 lakhs is Rs. 2.67 lakhs. Therefore, for home loan below Rs. 15 lakhs, you can avail only up to Rs. 2.67 lakhs per annum as interest subsidy amount.

✅ How much Pradhan Mantri Awas Yojana Interest Rate Subsidy Can I Avail?

The maximum interest rate subsidy available under the PMAY scheme is 6.40% p.a. for EWS and LIG categories, 4% for MIG-I and 3% for MIG-II categories.

✅ Which applicants are considered under pmay clss eligibility?

  • EWS or Economically Weaker Section: EWS are categorised as families with annual household income less than Rs.3 lakh.
  • LIGs or Light Income Group: LIGs are those who have an annual household income within Rs.3 lakh to Rs 6 lakh range.
  • MIG I or Medium Income Group-I: MIG1 are the households with annual income below Rs.12 lakh. They can avail CLSS up to Rs.9 lakh for building their home.
  • MIG 2 or Medium Income Group-2: MIG2 are families earning annual household income in the range of Rs.12 to Rs.18 lakh. This group can avail PMAY benefit for up to Rs.12 lakh. A MIG II category (as per salary), can apply for the other three categories, but the subsidy will be 3% only.
  • Minorities: Minority groups including SC/ ST/ OBC are also given preference under the scheme.
  • Women: EWS/LIG Women applicants are considered for the PMAY scheme.

✅ What are the home loan subsidy criteria under PMAY?

CLSSAnnual Household Income (Rs.)Maximum Carpet AreaMax. Loan Amount Eligible for Subsidy (Rs.)Interest SubsidyMaximum Subsidy GrantedLoan Tenure (Years)
EWS0-3 Lakhs30 sqmt.6 Lakhs6.4%2.67 Lakhs20
LIG3-6 Lakhs60 sqmt.6 Lakhs6.4%2.67 Lakhs20
MIG6-12 Lakhs90 sqmt.9 Lakhs4%2.35 Lakhs20
MIG II12-18 Lakhs110 sqmt.12 Lakhs3%2.30 Lakhs20

✅ What are the Pradhan Mantri Awas Yojana Rural Eligibility Criteria?

The following individuals are eligible for PMAY - Rural

  • All landless/houseless families.
  • All families who have a non-permanent (kaccha) housing of either one or two-rooms. The walls and roof of the house must not be made of concrete.
  • Any household that doesn’t have a literate male family member aged above 25 years.
  • Any family that doesn’t have a member between 15 and 59 years of age.
  • Any family that has a disabled member.
  • People with no permanent job and people who are engaged in casual labour only.
  • People from minorities section and Scheduled Tribes & Castes.

✅ How much time it takes to get PMAY subsidy after application ID is generated?

The government verifies all the provided details of the applicant and after the verification is done, the subsidy is released in 3-4 months.

Who is eligible to get PMAY Subsidy?

All Indian individuals or Indian households who do not have a pucca house in the title are eligible to avail PMAY subsidy to build their first residential. Primarily four categories are recognized for the PMAY subsidy: A) Economic Weaker Section (EWS)- those with annual household income up to 3 Lakhs; B) Low Income Group (LIG)- annual household income is between Rs 3 Lakhs to Rs 6 Lakhs; C) Middle income Group I (MIG-I)- annual household income is up to Rs. 12 Lakhs; and D) Middle Income Group II (MIG-II) annual household income is up to 18 Lakhs.

How do I check the status of my application?

It is hassle-free to check the application status online. All you need to do is visit the official website of PMAY and share your application credentials or personal details. The application assessment web window will ask you to fill any of the two options to check the status, such as – 1) By Name, Father’s Name & Mobile No, or 2) By Assessment ID. As you submit the information, you will be able to check the application status.

How can I check my eligibility for PMAY?

You can use the PMAY subsidy calculator to check your eligibility. Visit bank websites for accessing the calculator for free. You need to provide details such as annual family income, loan amount, tenure, is this your first pucca house, carpet area (sq m), subsidy category, and subsidy amount. Submit the information and determine your eligibility.

Is PMAY applicable for resale Property?

The PMAY benefits can be availed by the people who wish to purchase a new house from the developer/builder or a resale house. The loan can also be taken for the construction of a house or for upgrading a ‘kutcha’ house into a ‘pucca’ house under the CLSS component.

Is PMAY applicable for rural areas?

PMAY subsidy can be availed in three subcategories: Rural, Urban, and Gramin. For Pradhan Mantri Gramin Awaas Yojana, the eligibility is determined as per the Socio-Economic and Caste Census (SECC) 2011.

What documents are required for availing the PMAY subsidy?

To avail PMAY subsidy, you are required to submit proof of your identity, address, income, and property documents for home loan subsidy check. Any of the documents such as Adhaar, voter id, driving license, utility bills will serve as your identity and address proof, while ITR/ salary slips and bank statement will serve as income proof. As for property purchase proof, submit property documents, agreement to sell, allotment letter, and payment receipt made for the developer.

How much time does it take to get PMAY subsidy?

It usually takes 3-4 months to get the PMAY subsidy & disbursal. Make sure you submit the right documents and file under the right category. The release is made in batches: EWS, LIG, MIG1, and MIG2. In some cases, it may take longer than expected. However, you would certainly receive the subsidy if you qualify for the same.

What should be the size of a house for EWS to be eligible for PMAY(U)?

As per PMAY(U) guidelines, the size of a house for EWS could be up to 30 sq. mt. carpet area. However States/UTs have the flexibility to increase the size of houses in consultation and approval of the Ministry.

How much interest subsidy can one avail under PMAY scheme?

The maximum home loan interest subsidy limit is up to Rs. 2.67 Lakhs in year for EWS and LIG, Rs. 2.35 Lakhs for MIG-I, and Rs. 2.30 Lakhs for MIG-II.

What should be the repayment tenure?

The subsidy is offered only up to a tenure of 20 years.

Also Read: 10 Important FAQs About Pradhan Mantri Awas Yojana Answered

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