Have You Booked Your Home Under PMAY Yojana Yet?

Have You Booked Your Home Under PMAY Yojana Yet?

If you are one of those who is dreaming of buying a home since very long, 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). It is a Credit Linked Subsidy Scheme (CLSS) launched by NDA government led by Hon’ble Prime Minister Shri Narendra Modi in June 2015. It aims at providing affordable housing facility to all citizens under 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 PMAY subsidy 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.

CLSS Annual Household Income (INR) Maximum Carpet Area Max. Loan Amount Eligible for Subsidy (INR) Interest Subsidy Maximum Subsidy Granted Loan Tenure (Years)
EWS 0-3 Lakhs 30 sqmt. 6 Lakhs 6.5% 2.67 Lakhs 20
LIG 3-6 Lakhs 60 sqmt. 6 Lakhs 6.5% 2.67 Lakhs 20
MIG 6-12 Lakhs 90 sqmt. 9 Lakhs 4% 2.35 Lakhs 20
MIG II 12-18 Lakhs 110 sqmt. 12 Lakhs 3% 2.30 Lakhs 20

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

Top Bank for Home Loan Under PMAY Subsidy

Lender RLLR Interest rate (Min) Interest rate (Max) Processing fee
PNB 7.80%

7.90% Apply Now

9.35% Up to 0.35% of the loan amount + applicable GST
SBI 7.80%

7.90% Apply Now

8.30% Up to 0.50% of the loan amount + applicable GST
Bank of Baroda  8.00%

8.00% Apply Now

8.30% Rs. 8,500 + GST
HDFC 8.00%

8.00% Apply Now

9.80% Up to 0.50% of the loan amount + applicable taxes                                                                                                     
Bank of India 8.00%

8.10% Apply Now

8.40% Up to 0.25% of loan amount + + applicable GST
Corporation Bank 7.90%

8.10% Apply Now

8.90% 0.50% of loan amount + applicable GST
ICICI 8.25%

8.25% Apply Now

9.25% 1% – 2% of the loan amount  + applicable GST, Rs. 2,000 for Mumbai, Delhi & Bangalore
Axis Bank 8.55%

8.55% Apply Now

9.20% Upto 1% of the loan amount  + applicable GST
Bajaj Finserv 8.55%

8.55% Apply Now

11.15% Upto 0.80% of the loan amount  + applicable GST
Kotak Mahindra Bank 8.60%

8.60% Apply Now

9.30% Up to 2% of the loan amount + GST 

Who is eligible to avail the benefits of PMAY subsidy?

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.

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.

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

Required Mandatory Documents  

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

How much time does it take to get PMAY subsidy?

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


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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 government extending its support to medium income group through PMAY subsidy and making the registration process easier, and Home loan Interest Rates going as low as 8.6%, this is the best time to buy a house for yourself and your family.

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

Pradhan Mantri Awas Yojana Latest Updates

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.


✅ 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 Lakh; B) Low Income Group (LIG)- annual household income is between Rs 3 Lakh to Rs 6 Lakh; C) Middle income Group 1 (MIG 1)- annual household income is up to 12 lakhs; and D) Middle Income Group 2 (MIG 2) annual household income is up to 12 lakhs 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?

No, the PMAY subsidy is not applicable on resale property. You can avail of the scheme for new properties.

✅ Is PMAY applicable for rural areas?

PMAY subsidy can be availed in three subcategories: Rural, Urban, and Gramin. For rural regions, 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. 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 2-4 months to get 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.

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