What is Pradhan Mantri Awas Yojana scheme?

The Pradhan Mantri Awas Yojana (PMAY) is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government. It aims to provide affordable housing to those belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II). Under PMAY, the beneficiaries enjoy the home loan with interest subsidy of up to ₹ 2.67 Lakhs for purchase / construction / extension / improvement of their home.

How does the subsidy gets disbursed to the Central Nodal Agencies?

Each Central Nodal Agencies (CNA) releases a subsidy at the start of the scheme. The subsequent amount of credit linked subsidy is released to the CNA after 70% utilization of earlier funds based on the claims raised by these CNA.

FAQs

Apply Now

Overview

Subsidy Scheme

Eligibility & Documents

Interest Rates & Charges

Subsidy Calculator

FAQ

PMAY – Frequently Asked Questions (FAQs)

Q: What are the income norms for various categories of PMAY?

The annual income norms for various household categories defined under PMAY are: EWS households: Up to ₹3 Lakhs LIG households: Between ₹3 Lakhs - ₹6 Lakhs MIG I households: Between ₹6 Lakhs - ₹12 Lakhs. MIG II households: Between ₹12 Lakhs - ₹18 Lakhs.

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).

What are CLSS benefits under PMAY?

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.

Who can avail of CLSS benefits under the PMAY scheme?

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.

What are the income norms for various categories of beneficiaries under the PMAY scheme?

The income norms for various categories of beneficiaries defined under the PMAY rules are:

Economically Weaker Sections (EWS) – Annual household income of up to ₹ 3 lakh
Low Income Group (LIG) – Annual household income between ₹ 3 to 6 lakh
Mid-Income Group I (MIG I) – Annual household income between ₹ 6 to 12 lakh
Mid-Income Group II (MIG II) – Annual household income between ₹ 12 to 18 lakh

Are there any other criteria I need to fulfil to avail of the PMAY benefits?

Yes. Apart from the income norms, you need to meet the following criteria to avail of the PMAY benefits:

The carpet area of your house should not exceed 200 square metres
You must not be owning a pucca house in any part of India
You must not have availed central assistance under any housing scheme of state or central Government
Women ownership is mandatory for EWS and LIG beneficiaries

Where can I apply for a home loan under the PMAY scheme?

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.

How my loan eligibility will be assessed?

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.

What is the maximum home loan interest subsidy I can get under PMAY?

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%

Is there any limit on the home loan amount under PMAY?

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.

Can I transfer my existing home loan under PMAY?

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.

How will I receive my interest subsidy under the PMAY scheme?

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.

Who are the Central Nodal Agencies responsible for the release of subsidies under CLSS?

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.

How much time does it take for the disbursal of the subsidy amount?

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.