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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
For those who qualify for PMAY but are wondering how to apply for PMAY online, here’s a step by step guide –
The beneficiary family comprises the husband, wife, and unmarried children.
(An adult earning member irrespective of their marital status can be treated as a separate household in MIG category and shall be considered under PMAY eligibility criteria).
Wondering how to check Pradhan Mantri Awas Yojana status? You can check your PMAY status online in the following steps –
Your application status will be displayed.
There is no such upper limit on the maximum PMAY loan principal that one can borrow; however, PMAY subsidy is only available up to a maximum amount of Rs. 12 lakhs. You can get to know your PMAY amount using online PMAY calculator.
No, those looking to avail PMAY for existing home loan do not qualify for the scheme. This is because the basic PMAY eligibility for home loan is that the applicant or anyone from their household must not own a ‘pucca’ house in their name anywhere across India.
The PMAY scheme is available for first-time homeowners.
Yes, female ownership of the property is mandatory, but not for all beneficiary categories. The same is mandatory only for EWS and LIG categories, but not for the two MIG categories.
Yes, tax exception on PMAY scheme is available for beneficiaries as per Section 80C and Section 24(b) of the Income Tax Act, 1961. An applicant is eligible for the following PMAY tax benefits –
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