Home Loan Under Pradhan Mantri Awas Yojana Scheme

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The Pradhan Mantri Awas Yojana (PMAY) resonates with the housing loan schemes but it promises to provide the eligible applicants with subsidized loan facility. This subsidized loan scheme aims to make housing affordable to all. It works with an objective to provide housing for all by the end of 2022.

The PMAY scheme focuses on offering a subsidy to the households which fulfil the eligibility criteria. The schemes offer to build affordable houses in some of the selected cities and towns for the urban poor population. The beneficiaries can easily avail for the PMAY subsidy from any of the leading financial institutes by submitting the prerequisite documents which ascertains their claim of eligibility. Browse this article to get hold of all the details related to PMAY scheme.

Features and benefits of PMAY

  • The paramount feature of PMAY scheme is that the subsidy interest rate offered starts from 6.5% per annum on housing loan. The PMAY scheme subsidy is offered to the beneficiaries for a term period of 20 years.
  • The PMAY scheme gives preference to the senior citizens and differently-abled people during the allocation of ground floors.
  • Sustainable and environment-friendly technology would be used for the construction of the house.
  • The credit linked subsidy scheme has been implemented in India all over the towns.

Objectives of PMAY schemes

The objective of PMAY scheme includes the following

  • The major challenge includes providing people with affordable housing along with proper sanitation facilities. The scheme focuses on providing a sustainable and safe environment for the urban population.
  • It also intends to make housing accessible for the economically weaker section, women, minorities and transgenders.
  • The government’s goal is to make housing affordable for all irrespective of caste and religion.
  • Differently abled and senior citizens receive special preference for ground floor property.
  • The name of the mother or that of wives is mandatory for the registration purpose to avail benefits of these schemes.

PMAY Eligibility

The government has been focusing on making housing affordable to all by the end of 2022. It has been taking into consideration The Socio-Economic and Caste census of 2011. Apart from the census record, the Aadhaar card would have to be submitted to avoid any sort of fraudulence.

This will be done to keep transparency and also to make sure that only the needy ones will receive the aid in housing. The following list gives details about the eligibility of the household.

  • The household with the annual income between Rs.6 lakh to Rs.18 lakh can seek assistance for the housing loan under PMAY scheme.
  • The women who fall under any of the income categories may apply for the PMAY benefits. During the registration for the scheme presence of the women is considered mandatory to avail the scheme.
  • The beneficiaries should not own a pucca house. In case they do have one, even if it is at any other location then also the people is not eligible to apply for this scheme.
  • People can buy or construct a new house by availing this scheme from the selected financial institutes, which work in collaboration to promote PMAY scheme.
  • The household should comprise of a husband, wife, and two unmarried children.
  • Two unmarried sisters from the same family cannot avail the scheme twice.

PMAY Subsidy Offers and benefits

The PMAY Subsidy offered is an incentive for the low earning section of the society to avail for the PMAY scheme.  The subsidies offered to different categories can be checked from the following table.

Category Annual household income Subsidy offered Carpet area
Economically weaker section (EWS) Up to Rs. 3 lakhs 6.5% 30 sq.m
Low-income group (LIG) Rs.3 lakh- Rs.6 lakhs 6.5% 60 sq.m
Middle Income Group 1 Rs.6 lakh-Rs.12 lakh 4% 160 sq.m
Middle Income Group 2 Rs. 12 lakh- Rs. 18 lakh 3% 200 sq.m

Availing a home loan under the PMAY Scheme hasn’t increased the demand for the houses but has released the burden for the low income earning section of the society due to the provision of the subsidy from the government. Submitting the Aadhaar is mandatory to avail the scheme.

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