Pradhan Mantri Awas Yojana Scheme ( PMAY )

Dream of Home, made affordable for all

Pradhan Mantri Awas Yojana (PMAY) Scheme

To provide affordable housing to all, the Government of India launched the Pradhan Mantri Awas Yojana (PMAY) scheme on 17th June 2015. Under this scheme, also called the Credit Linked Subsidy Scheme (CLSS), first-time homebuyers can avail of subsidised home loans from any Government-approved bank or non-banking financial institution.

The PMAY scheme caters to the people belonging to the Economical Weaker sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG). With Poonawalla Housing Finance, you can avail of a home loan interest subsidy of up to ₹2.67 Lakh (6.5% p.a.) under the PMAY scheme for purchase, construction, extension, or improvement of your house.

Apply now to avail quick home loan under the PMAY scheme with us.

Features and Benefits of PMAY

The PMAY scheme offers an interest subsidy on home loans, which allows you to lower your cost of owning a house significantly. If you’re eligible, you can apply for Poonawalla Housing Finance Home Loan to avail the benefits of this scheme.

Below are some prominent features and benefits of the PMAY scheme:

  • Affordable housing for all
  • Home loans at subsidised interest rates
  • Subsidy Benefit of up to ₹2.67 lakh
  • Construction of 20 million pucca houses for rehabilitating slum residents
  • A rise in the living standards of people
  • Successful leverage of unused land
  • Financial security to women
  • Increase in job opportunities

PMAY scheme is meant to help the people belonging to the Economical Weaker sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG) realise their dream of owning a house. Below is the table depicting the eligibility criteria for availing the benefits of the PMAY scheme:

EWS and LIG MIG I MIG II
Household Income Up to ₹6 lakh ₹6 lakh to 12 lakh ₹12 lakh to 18 lakh
Maximum carpet area of house (in sq. m) 60 160 200
Interest Subsidy 6.5% 4% 3%
Maximum loan amount eligible for subsidy ₹6 lakh ₹9 lakh ₹12 lakh
Maximum subsidy ₹2.67 lakh ₹2.35 lakh ₹2.30 lakh
Purpose of loan Purchase/improvement of house Purchase of house Purchase of house
Woman ownership Mandatory Not mandatory Not mandatory

Documents required for PMAY

You can avail of the benefits of the PMAY scheme by applying for Poonawalla Housing Finance Home Loan. Below are the documents required for availing of the benefits of this scheme:

  • Proof of identity and address (PAN card, Aadhar card)
  • Proof of income (IT Return, Bank statement)
  • Property documents
  • Passport size photograph
  • Cancelled cheque

PMAY Coverage

The PMAY benefits are available for citizens living in rural as well as urban areas of the country. Currently, this scheme is applicable for 22,115 statutory towns and planning areas of India. You can download the complete list of these statutory towns and planning areas from the official Government website of the PMAY scheme.

Subsidy Calculator

You can use the Home Loan subsidy calculator to estimate the subsidy benefits you can avail of under the PMAY scheme. Click on the link below to access our PMAY subsidy calculator.

1. Who can avail of PMAY CLSS benefits?

Those belonging to one of the following categories can avail of the PMAY CLSS benefits as per their annual household income:

  • Economically Weaker Section (EWS)
  • Low Income Group (LIG)
  • Middle Income Group-I (MIG-I)
  • Middle-Income Group-II (MIG-II)

Also, the beneficiary should not own any pucca house in their name in any part of India.

2. What are the various categories of beneficiaries for the PMAY scheme?

The beneficiaries of the PMAY scheme are divided into four categories:

EWS – Households with annual income up to ₹3 lakh

LIG – Households with annual income between ₹3 lakh and ₹6 lakh

MIG I - Households with annual income between ₹6 lakh and ₹12 lakh

MIG II - Households with annual income between ₹12 lakh and ₹18 lakh

3. How can I apply for PMAY?

You can apply for a home loan under the PMAY scheme by approaching any bank or NBFC that provides this scheme. You need to satisfy the eligibility criteria to avail of the benefits under this scheme.

4. How will I get the interest subsidy?

Once your home loan gets approved by us, the subsidy will be released by the Central Nodal Agency. Once we receive the subsidy amount, we will credit it directly to your home loan account by deducting it from the principal loan amount.

5. What is the maximum tenure for which PMAY benefits are applicable?

The maximum tenure of a home loan to avail of the benefits of the PMAY scheme can be 20 years. Poonawalla Housing Finance provides home loans with flexible tenures and convenient repayment options.

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