Pradhan Mantri Awas Yojana (PMAY)


Pradhan Mantri Awas Yojana is a government of India initiation with a mission “housing for all”. There are four schemes under this initiation through credit linked subsidy to the beneficiary. The scheme offers an opportunity to purchase a house at affordable low cost and the benefit transfer through interest subsidy. This scheme has a mission that all the families across the country will be benefited owing to a house. The benefits will be credited through a home loan. The schemes are designed in such a humble way with an aim to cover 2 cr houses to be constructed by 2022.

  • EWS – Economically Weaker Sections
  • LIG – Lower income Group
  • MIG-I – Middle Income Group I
  • MIG-II – Middle Income Group II

CLSS – EWS / LIG (Economically Weaker Sections / Lower income Group)

• Credit-linked interest subsidy at 6.5% for 20 years. The annual income up to Rs.3.00 lakhs for EWS and for LIG the annual income between Rs. 3.00 lacs to Rs.6.00 lakhs.

• The maximum subsidy amount is Rs. 2.67 lacs is eligible

• There is no processing charge payable by the beneficiary for housing loans up to Rs. 6 lakhs under the Scheme

• The carpet area of houses being constructed under this component should be up to 30 sq.m. For EWS category and up to 60 sq.m. for LIG category.

• if the carpet area exceeds the respective limits, then the beneficiaries would not be eligible to avail of the benefit under this scheme.

• Maximum loan limit eligible for subsidy is Rs.6 lakhs

• The beneficiary should not ever have owned a house in his / her name before

• Completion target period 31st March 2022.

CLSS (MIG-I & MIG-II) (Middle Income Group)

• Credit-linked interest subsidy (MIG-I) at 4% for 20 years and (MIG-II) 3% for 20 years

• The annual income from Rs.6 lakhs to 12 lakhs (MIG-I) and Rs.12 lakhs to Rs 18 lakhs (MIG-II)

• The loan limit for interest subsidy is Rs 9 lakhs ( MIG-I ) and Rs 12 lakhs ( MIG-II )

• The carpet area of houses being constructed under this scheme should be up to 160 sq.m.( MIG-I) and 200 sq.m ( MIG-II )

• The beneficiary should not ever have owned a house in his / her name before

• The maximum Subsidy amount is Rs 2.35 lakhs ( MIG-I ) and Rs 2.30 Lakhs

• Completion target period 31st March 2020

Frequently asked questions

1. How will I receive the interest subsidy under Pradhan Mantri Awas Yojana?

Once the home loan is approved and disbursed by the lender the banks / NBFCs are claiming it from NHB. The National Housing Bank (NHB) approves the claim after due verification. For the eligible beneficiary, the subsidy will be credited directly to the loan account. On due credit of the subsidy, the loan amount will be reduced. The borrower would pay the EMI accordingly on the remaining reduced amount. (Note: Subsidy amount will depend on the actual amount received or if any changes later by NHB )

2.Where can I apply for the credit linked subsidy scheme for
Pradhan Mantri Awas Yojana?

There are 70 financial institutions in partnership with NHB. You can check and apply at schedule commercial banks and Non-banking financial companies who offer a Home loan.

3. What are the eligibility criteria and who can apply for a home loan under Pradhan Mantri Awas Yojana?

The beneficiary family should not have owned a pucca house and the beneficiary family should not have availed of any housing scheme from the Government of India.” A beneficiary family means husband, wife, unmarried sons and/or unmarried daughters. AADHAAR is mandatory to apply for the loan An adult earning member, married/ Unmarried) can apply for a loan on his name; subject to he/she does not own a pucca house in his / her name in any part of India.

4. Who are considered as prime beneficiaries under Pradhan Mantri Awas Yojana?

Scheduled Tribe(STs), Scheduled Caste(SCs), Women of all caste and religion, Economically Weaker Section (EWS), Group 1 (Medium income), Group 2 (Medium income), Low-income category

5. Can I transfer the loan from one bank to another bank if already availed the scheme benefit of PMAY?

No, if you have already availed from any of the authorized lenders

6. Can I apply online to avail the PMAY scheme benefit?

Yes, visit > citizen assessment > For slum dwellers benefit under other 3 components > Aadhaar details > Fill the personal details > Verify Captcha code > save.

7. What is the tenure for the loan under PMAY?

20 Years

Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY) 1

Pradhan Mantri Awas Yojana, Eligibility, guide lines

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