Pradhan Mantri Awas Yojana (PMAY) Scheme : How to avail of the benefit

Pradhan Mantri Awas Yojana (PMAY) Scheme  : How to avail of the benefit of PMAY Scheme as its flagship scheme to support its mission of achieving Housing for All, by 2022

The Indian Government launched the Pradhan Mantri Awas Yojana (PMAY) in 2015, as its flagship scheme to support its mission of achieving Housing for All, by 2022 – working tirelessly to provide quality housing for all citizens across all economic strata. The main proposal of PMAY was to build homes for Middle Income Groups (MIG), Low-Income Groups (LIG), and Economically Weaker Sections (EWS). So far, about 1.14 crores of houses have been sanctioned under PMAY(U).

PMAY Scheme Eligibility

PMAY beneficiaries are thoroughly scanned to see if they meet the eligibility criteria before they can apply. Some of the key parameters against which they are assessed include:

  • Income
  • Economic Strata
  • Housing Needs

Applicants who are existing owners of a pucca house or have immediate family members who own a pucca house will not be considered for the scheme. If you’d like a consolidated list of all the eligibility parameters of the scheme, peruse the list provided below.

Pradhan Mantri Awas Yojana (PMAY)

1. The scheme aims to provide housing benefits for all citizens, which is why it cannot accommodate applicants who have already availed of its benefits for their first house i.e. where a beneficiary family already owns a pucca house. To prevent duplications, the applicant must share not just their Aadhar Card number, but also that of their immediate family members as well.

2. The age limit to apply for the PMAY benefit is 70 years. Senior citizens and disabled applicants can show a preference for ground-floor level housing.

3. Any applicant with a household income that ranges between Rs.3 Lakh to Rs.18 Lakh can apply for the scheme.

4. For those in the EWS category, the yearly net income must be up to Rs.3 lakh. But for the ones falling in the LIG category, the yearly net income must be above Rs.3 and upto Rs.6 lakh.

5. Households that receive a net yearly income above Rs.6 and upto Rs.12 lakh belong to MIG I, while a household that earns a net yearly income aboveRs.12 and upto Rs.18 lakh belongs to the MIG II category.

6. To avail of the PMAY subsidy, the borrower is required to provide a declaration to the lender. The borrower must meet the lender-specific eligibility criteria as well, including providing the necessary documents for verification.

7. If the home loan is being taken to address home renovation or extension costs, the project has to be executed three years from the time the first loan instalment was disbursed into the borrower’s account.

PMAY Eligibility Calculator

The PMAY Eligibility Calculator is an online, self-help tool for calculating the home loan subsidy amount you may be eligible for, per the PMAY scheme. Most lenders host their own calculator tools on their website, including Bajaj Housing Finance Limited, whose easy-to-use calculator offers accurate information for the benefit of prospective loan applicants.

Benefits of the PMAY

The Pradhan Mantri Awas Yojana is popular thanks to its many benefits. Read on to know what you stand to gain if you apply for a home loan through this scheme.

  • The interest subsidy rate per the PMAY scheme is up to 6.50%* on housing loans to beneficiaries who avail of loans with a tenor of up to 30 years. However, do note that the interest rate subsidy does vary from one income slab to another. Any additional loan besides the subsidized loan amount will be sanctioned at a non-subsidized rate.

  • A credit-linked subsidy of 6.50%* will be available for loan amounts of up to Rs.6 lakh.

  • Those earning up to Rs.12 lakh per annum will get a 4% interest subsidy on a loan amount of up to Rs.9 lakh.

  • Those earning up to Rs.18 lakh per annum will get a 3% subsidy on a housing loan amount of up to Rs.12 lakh.

How to Apply for the PMAY Scheme

All prospective borrowers can apply for the PMAY Scheme via the official website. All one would need is details as of their Aadhaar Card. Once they log in, they need to fill out the required details and submit the application. It takes about three to four months for the PMAY subsidy amount to be credited to the beneficiary’s account. The entire process is subject to a stringent verification process. It is also worth mentioning here that the PMAY prioritizes women under the LIG category, especially those running a household. To check the PMAY list, the applicant needs to visit the PMAY website.

The Final Word

The Pradhan Mantri Awas Yojana has helped countless achieve their dream of safe housing. Complete with interest subsidies and reduced real estate prices, the scheme is instrumental in ensuring that no Indian citizen is denied their right to property.

Bajaj Housing Finance Limited is a reputed lending institution that is registered with the Central Nodal Agency. Thus, eligible candidates can avail of an interest subsidy on their home loan under the PMAY when applying with the lender. While the validity of the categories under MIG I and II have not been extended, applicants can benefit from the scheme under the EWS and LIG categories. To know more, visit their website or apply online.


नोट :- हमारे वेबसाइट पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट से जुड़े रहे।


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