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Tata Capital > Blog > Loan for Home > How to Complete your Dream of Owning a House Using PMAY

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How to Complete your Dream of Owning a House Using PMAY

How to Complete your Dream of Owning a House Using PMAY

A growing population also needs proper housing to live in. In India, where most people live in poverty, affordable housing is the need of the hour. Taking cognizance of this, the Indian government launched the Pradhan Mantri Awas Yojana (PMAY) in 2015. The scheme aims to aid people living in both rural and urban areas in owning a house of their own with basic infrastructure and sanitation in place.

Key Features of Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojna aims to provide cost-effective housing to Indians, with a goal to create more than 20 million housing units by 2022. Its two components are - PMAY-U for urban areas and PMAY-G for rural areas. Following are some key features of PMAY -

  • PMAY Subsidy – The PMAY scheme offers a home loan subsidy of up to Rs. 2.67 lakhs to those meeting the eligibility criteria. This can help you get access to affordable housing, be it purchase or construction
  • No Loan Limits - PMAY doesn’t have a limit on the home loan amount that can be borrowed
  • Benefits for Women and Minorities - The Pradhan Mantri Yojana furthers the cause of female empowerment by making home ownership or co-ownership by a female family member a mandatory clause for the EWS and LIG categories. It also gives preference to salaried women, widows, transgenders, and senior citizens
  • Eco-Friendly Construction - Houses are built under the Pradhan Mantri Awas Yojana using eco-friendly technology and materials to lower environmental pollution

Pradhan Mantri Awas Yojana Eligibility

The Pradhan Mantri Awas Yojana eligibility conditions are as follows -

  • Economically Weaker Section (EWS) - Families with an annual household income of less than Rs. 3 lakhs
  • Low Income Group (LIG) - Families with an annual household income of Rs. 3 - 6 lakhs
  • Middle-Income Groups I and II (MIG) – Families with an annual household income of Rs. 6 - 18 lakhs
  • Women as a Primary Applicant for LIG and EWS categories
  • To avail the PMAY subsidy, the family must not own a pucca house and should not have availed other government housing scheme benefits

Additional Read:- What are the Benefits of Pradhan Mantri Awas Yojana Scheme?

How to Apply for PMAY

To apply for Pradhan Mantri Awas Yojana, follow these steps -

1. Check your Eligibility

Before doing anything else, verify your PMAY eligibility. Once you know your category, check the permissible limit of the carpet area.

2. Apply for a Loan

To apply for a home loan, fill an application form with a lender with all the necessary details.

3. Apply for PMAY Subsidy

Apply for the home loan subsidy by filling the How to Complete your Dream of Owning a House Using PMAY form online. Visit and download the form from the Citizen Assessment tab. Also furnish your Aadhaar card details along with other information.

4. Submit Loan Documents

When you apply for a home loan, enclose your PMAY subsidy application with the other documents.

Once your application is processed and approved by the government, the subsidy amount takes 3-4 months to reach your bank account.

Additional Read:- How to Check Out Your Name Present in Pradhan Mantri Awas Yojana List

If you dream of owning a house, avail the Pradhan Mantri Awas Yojana and turn your dream into reality.

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