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The PMAY is a Government backed Credit Linked Subsidy Scheme (CLSS) wherein the mission is to provide affordable housing for all by the year 2022. Originally committed to providing housing for the Economically Weaker Section (EWS) and the Low Income Group (LIG), the scheme was further expanded on 1st January, 2017, to include the Middle Income Groups (MIGs) as well.
Credit Linked Subsidy Scheme (CLSS) for EWS/LIG/MIG I & II under PMAY-U has been discontinued from 1st April,2022. For existing customers, the subsidy will be processed as per the contract from NHB.
The following are the main features or benefits of the PMAY scheme :
Launched in 2015, Pradhan Mantri Awas Yojana (Urban) or PMAY (U) is a scheme by the Central Government with the mission of providing affordable housing for all income groups in urban areas within 2015 to 2022. Here are some important facts about PMAY-U :
The Pradhan Mantri Awas Yojana (Gramin) or PMAY (G) is the communal welfare scheme introduced by the Central Government with the mission of providing ‘pucca’ houses with basic amenities to those living in ‘kutcha’ huts in the rural areas of India, by the year 2022. Here are some important facts about PMAY-G :
The PMAY scheme offers its beneficiaries with subsidy, where the Pradhan Mantri Awas Yojana interest rate is charged at a subsidised or reduced rate than regular housing loans. This is done to make it possible for everyone to afford a home.
Let us understand this with the help of an example – For a maximum loan amount of Rs. 6 lakhs given at an original interest rate of 9% for a period of 20 years, a beneficiary belonging to the LIG category will get the loan at a subsidised rate of 6.5%. Here, the Net Reduction in EMI is Rs. 2405
Additional Read: Read all about PMAY Subsidy Scheme
The following is the basic eligibility criteria to avail the Pradhan Mantri Awas Yojana:
The beneficiary’s annual household income must fall under any one of the four income categories
The beneficiary family must not own a pucca house in either his/her name or in the name of any other family member in any part of India
The beneficiary family should not have availed any form of Central assistance from the Indian Government under any housing scheme or any benefit under the PMAY scheme.
In case of a married couple, a single PMAY subsidy can be availed by both or any one of the two provided the meet the income eligibility
Besides the regular loan application-related documents, the following additional documents need to be submitted in order to avail the Pradhan Mantri Awas Yojana subsidy :
The Pradhan Mantri Awas Yojana calculator or the PMAY calculator is a simple online tool using which you can calculate your PMAY subsidy amount and the category under which you are eligible for the PMAY scheme.
Simply by entering your annual family income, loan tenure, and the loan amount in the PMAY calculator, you can know the PMAY subsidy you are eligible to receive within seconds.
To register under the PMAY scheme, follow the following steps :
You can check and edit your details later on with the help of your Application and Aadhar number
Here are the eligibility criteria to apply for a loan under PMAY:
1. Middle Income Group I (MIG I): Income between Rs. 6 lakh and Rs. 12 lakh
2. Middle Income Group I (MIG II) Income between Rs. 12 lakh and Rs. 18 lakh
3. Lower Income Group (LIG): Income between Rs. 3 lakh and Rs. 6 lakh
4. Economically Weaker Section (EWS): Income up to Rs. 3 lakh
There is no limit on the highest loan amount under PMAY. Borrowers can apply for a loan as per their needs, the size of their property, and their budget constraints. However, the credit-linked subsidy under PMAY can only be claimed for loan amounts up to Rs. 6 lakh for EWS and LIG, up to Rs. 9 lakh for MIG-I, and up to Rs. 12 lakh for MIG-II. Loans higher than these can be availed of at non-subsidized rates.
As with any other loan, it is essential to consider the impact of the loan amount and its long-term effect on your financial goals before arriving at any figure.
The maximum eligible interest rate subsidy differs for different economic sections. Here's a breakdown of the same:
There is no cap on the PMAY loan repayment period. However, the interest subsidy is only applicable for 20 years or the actual tenure of the loan, whichever is lower. If the loan tenure exceeds 20 years, the interest subsidy will only be calculated for up to 20 years. Beyond that, the borrower has to pay the interest without the subsidy.
Yes, loans under the PMAY scheme can be used to build new homes. New homes/construction can be defined as one of the following:
You can apply for a PMAY loan on the Tata Capital website by following the steps given below:
Yes, loans under the PMAY scheme may have a processing fee depending on the total amount of the loan. As per the government’s guidelines, loan providers cannot charge any processing fee from the beneficiary for loans of up to Rs. 6 lakh under the PMAY scheme. However, the loan provider may charge a processing fee as per their terms and conditions if the loan amount is more than Rs. 6 lakh.
Yes, you can apply for a PMAY loan online. The process of online application is simple and straightforward. You can visit the Tata Capital website and apply for a PMAY loan. Alternatively, you can also visit the official Pradhan Mantri Awas Yojana government website and apply for a loan online.
Yes, joint or co-owners, such as a husband and wife, can apply for a loan under the PMAY scheme. However, the co-applicants cannot use the subsidy to buy two different houses. The PMAY loan subsidy can only be availed for one home. In addition to this, it is essential to understand that the lender will consider the incomes of both the applicants or house owners before offering the loan. Both applicants must qualify for the minimum income eligibility of the PMAY scheme, and their household or family income must be less than Rs 18 lakh.
Loans taken under the PMAY scheme are similar to any other housing loan in terms of repayment. If you fail to settle the loan on time, the lender reserves the right to recover the pending amount as per their terms and conditions. Failure to pay the loan can also lead to foreclosure of the property. Therefore, it is advised to stick to a loan amount that fits your budget and pick a loan repayment term that allows you to pay the amount without any delays or hassles.
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