The Pradhan Mantri Awas Yojana (PMAY) has helped lakhs of Indians to realise their dream of owning a house since its launch in 2015. We have compiled below a list of some Frequently Asked Questions (FAQs) on the PMAY scheme to help clarify your doubts (if any).
The Credit Linked Subsidy Scheme (CLSS) refers to the interest subsidy on home loans provided to the beneficiaries of the PMAY. Under this scheme, they can make use of the home loan interest subsidy of up to ₹ 2.67 lakh (6.5% p.a.) for purchase, construction, extension, or improvement of their house.
The beneficiaries of the PMAY scheme are divided into four groups as per their annual household income. Any family who falls under one of these four categories can avail of the CLSS benefits by applying for a home loan under the PMAY scheme.
The income norms for various categories of beneficiaries defined under the PMAY rules are:
Yes. Apart from the income norms, you need to meet the following criteria to avail of the PMAY benefits:
You can apply for a home loan under the PMAY scheme with any bank or Non-banking Financial Corporation (NBFC) that is offering this scheme. Poonawalla Housing Finance provides PMAY Home Loans at affordable and competitive interest rates. Apply Now by clicking here.
We assess the loan eligibility of the applicants based on our internal guidelines and the Government’s directives. Factors such as your annual household income, age, credit score, and property details play a crucial role in determining your home loan eligibility.
The maximum home loan interest subsidy you can get under the PMAY scheme depends upon your beneficiary category. Below are the applicable subsidy rules for each category:
Beneficiary Category | Maximum loan amount eligible for subsidy | Maximum subsidy | Subsidy on interest rate |
EWS and LIG | ₹6 lakh | ₹2.67 lakh | 6.5% |
MIG I | ₹ 9 lakh | ₹2.35 lakh | 4% |
MIG II | ₹12 lakh | ₹2.30 lakh | 3% |
No. There is no limit on the home loan amount under the PMAY scheme. However, the subsidised interest rates would be applicable only on the eligible loan amount as per your beneficiary category. A normal rate of interest will be applicable on the remaining loan amount.
Yes. You can utilize the balance transfer facility to transfer your existing home loan under the PMAY scheme. However, you will lose your subsidy benefits in the event of such a transfer. The transfer of a home loan account is considered as the foreclosure of the loan by the original lender.
Once your home loan application gets approved by us, your interest subsidy will be released by the Central Nodal Agency. As soon as we receive your interest subsidy from the Central Nodal Agency, we will credit it to your home loan account by deducting it directly from your principal loan amount.
National Housing Bank (NHB), Housing and Urban Development Corporation (HUDCO), and the State Bank of India (SBI) are the Central Nodal Agencies that are currently handling the responsibility of channelising the PMAY interest subsidy to home loan providers In India.
The disbursal of the subsidy amount under the PMAY scheme can take around three to four months after the approval of your home loan application. You can check the status of your subsidy disbursal by visiting the official PMAY website.
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Formerly Known as Magma Housing Finance Limited