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Pradhan Mantri Awas Yojana (PMAY)

What is Pradhan Mantri Awas Yojana (PMAY)?

The PMAY is a Government backed Credit Linked Subsidy Scheme (CLSS) wherein the mission is to provide affordable housing for all by the year 2022. Originally committed to providing housing for the Economically Weaker Section (EWS) and the Low Income Group (LIG), the scheme was further expanded on 1st January, 2017, to include the Middle Income Groups (MIGs) as well.

PMAY Features/Benefits and Objectives

The following are the main features or benefits of the PMAY scheme –

  • Subsidy Benefit 

Perhaps one of the most significant benefits of the PMAY scheme is the Pradhan Mantri Awas Yojana subsidy that can be availed up to Rs. 2.67 lakhs. Individuals meeting PMAY eligibility can enjoy partnerable affordable housing, subsidised individual house construction or improvement, and rehabilitation of slum dwellers, in-situ basis. 

  • Extended Loan Tenure

PMAY offers its beneficiaries with a loan tenure that extends up to 20 years. As a result, beneficiaries can enjoy low repayment instalments. 

  • No Loan Limits

 The PMAY scheme does not give a specified limit on the loan amount that can be borrowed. Hence, beneficiaries can take a housing loan as per their need provided they will be able to repay it by the end of its term. 

  • Option of Additional Loan

Beneficiaries that need housing loans above and beyond what offered under PMAY can apply for additional loans. The important thing to note here is that such loans will be given at non-subsidised rates and the lender will charge a normal processing fee. 

  • Benefits for Women and Minorities 

The PMAY scheme makes female home ownership or co-ownership of the property a mandatory clause under the EWS and LIG categories and an optional clause under the MIG I and MIG II categories. Moreover, preference provisions are available for salaried women, widows, transgender, the disabled, and senior citizens. For example – If a senior citizen applies under this scheme, they can be assured of ground floor accommodation. 

  • Eco-Friendly Construction

The houses built under the PMAY scheme are done so using eco-friendly construction technology and materials. This will lower environmental pollution and ensure minimal damage in and around the site of construction. 

Pradhan Mantri Awas Yojana - Urban (PMAY-U)

Launched in 2015, Pradhan Mantri Awas Yojana (Urban) or PMAY (U) is a scheme by the Central Government with the mission of providing affordable housing for all income groups in urban areas within 2015 to 2022. 

Here are some important facts about PMAY-U –

  • Number of houses sanctioned – 88 lakhs

  • Number of houses built – 26 lakhs  

  • Number of houses occupied – 24 lakhs 

  • Total investment made – Rs. 5.20 lakh crore 

  • Central Assistance sanctioned – Rs. 1.37 lakh crore 

  • Central Assistance provided – Over Rs. 52,000 lakh crore 

Pradhan Mantri Awas Yojana – Gramin (PMAY-G)

The Pradhan Mantri Awas Yojana (Gramin) or PMAY (G) is the communal welfare scheme introduced by the Central Government with the mission of providing ‘pucca’ houses with basic amenities to those living in ‘kutcha’ huts in the rural areas of India, by the year 2022. 

Here are some important facts about PMAY-G –

  • Number of houses sanctioned – 1.23 crore

  • Number of houses completed – 84 lakhs 

  • Central Assistance provided – Rs. 8 lakh crore

  • State Assistance provided – Rs. 15 lakh crore

What is PMAY Subsidy?

The PMAY scheme offers its beneficiaries with subsidy, where the Pradhan Mantri Awas Yojana interest rate is charged at a subsidised or reduced rate than regular housing loans. This is done to make it possible for everyone to afford a home. 

Let us understand this with the help of an example – For a maximum loan amount of Rs. 6 lakhs given at an original interest rate of 9% for a period of 20 years, a beneficiary belonging to the LIG category will get the loan at a subsidised rate of 6.5%. Here, the Net Reduction in EMI is Rs. 2405  

Additional Read: Read all about PMAY Subsidy Scheme

Who are Eligible for PMAY?

The following is the basic eligibility criteria to avail the Pradhan Mantri Awas Yojana –

  • The beneficiary’s annual household income must fall under any one of the four income categories

  • The beneficiary family must not own a pucca house in either his/her name or in the name of any other family member in any part of India 

  • The beneficiary family should not have availed any form of Central assistance from the Indian Government under any housing scheme or any benefit under the PMAY scheme. 

  • In case of a married couple, a single PMAY subsidy can be availed by both or any one of the two provided the meet the income eligibility 

 

Check your PMAY eligibility now!

What are the Documents Required for PMAY?

Besides the regular loan application-related documents, the following additional documents need to be submitted in order to avail the Pradhan Mantri Awas Yojana subsidy –

  • Affidavit cum Declaration that proves that the beneficiary family does not own any pucca house 

  • Annual household income – Self-attested Income certificate, Salary slips

  • Declaration for property under construction, if applicable – Construction Agreement with the developer or builder, Valuation Certificate for the property you intend to buy, Receipt of advance payment for the property you intend to purchase  

  • Identity Proof – Aadhaar Card/PAN Card/Driving License/Voters’ ID

  • Copy of Address Proof 

  • NOC from a Competent Authority or any Housing Society

What is a PMAY Calculator?

The Pradhan Mantri Awas Yojana calculator or the PMAY calculator is a simple online tool using which you can calculate your PMAY subsidy amount and the category under which you are eligible for the PMAY scheme. 

Simply by entering your annual family income, loan tenure, and the loan amount in the PMAY calculator, you can know the PMAY subsidy you are eligible to receive within seconds.

Who can Register under PMAY?

  • Slum Dwellers – People who live in extremely poor residences with no basic amenities such as drinking water, lack of proper infrastructure, and sanitation can apply under this category 
  • Other Three Components – EWS (Economically Weaker Sections), LIGs (Lower Income Groups), and MIGs (Middle Income Groups) can apply under this category

Steps to Register under PMAY

To register under the PMAY scheme, follow the following steps –

  • Step 1 – Log onto the official PMAY website 

  • Step 2 – Select the ‘Benefits Under Other 3 Components’ option by clicking on ‘Citizen Assessment’ from the drop-box 

  • Step 3 – Enter your Aadhar number and click on ‘Submit’

  • Step 4 – The site will verify your Aadhar details and if they are correct, you will be directed to the next page where you will have to furnish information such as your name, income, address, contact number, religion, caste, and the likes 

  • Step 5 – Once you have entered in all the information, type the Captcha Code in the box provided at the bottom of the page and click ‘Submit’

 You can check and edit your details later on with the help of your Application and Aadhar number. 

FAQ

The Ministry of Housing and Urban Poverty Alleviation has launched a Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (Urban) in June 2015.

The PMAY subsidy scheme is launched with an aim to provide housing to all eligible beneficiaries under Economical Weaker Sections (EWS), Lower Income Group (LIG), Middle Income Group I (MIG I), and Middle Income Group II (MIG II) by 2022. 

For those who qualify for PMAY but are wondering how to apply for PMAY online, here’s a step by step guide –

·         Identify your PMAY beneficiary category

·         Visit the government’s official website – https://pmaymis.gov.in/

·         Select ‘Citizen Assessment’ and then choose the relevant applicant category

·         Fill out the online PMAY application form

·         Enter the Captcha code, double-check your details, and click on ‘Submit.’

The beneficiary family comprises the husband, wife, and unmarried children.

(An adult earning member irrespective of their marital status can be treated as a separate household in MIG category and shall be considered under PMAY eligibility criteria). 

Wondering how to check Pradhan Mantri Awas Yojana status? You can check your PMAY status online in the following steps –

·         Visit the official government website –

·         Click on ‘Citizen Assessment,’ and under that, click on ‘Track Your Assessment.’

Your application status will be displayed. 

There is no such upper limit on the maximum PMAY loan principal that one can borrow; however, PMAY subsidy is only available up to a maximum amount of Rs. 12 lakhs. You can get to know your PMAY amount using online PMAY calculator.

No, those looking to avail PMAY for existing home loan do not qualify for the scheme. This is because the basic PMAY eligibility for home loan is that the applicant or anyone from their household must not own a ‘pucca’ house in their name anywhere across India.

The PMAY scheme is available for first-time homeowners. 

Yes, female ownership of the property is mandatory, but not for all beneficiary categories. The same is mandatory only for EWS and LIG categories, but not for the two MIG categories. 

Yes, tax exception on PMAY scheme is available for beneficiaries as per Section 80C and Section 24(b) of the Income Tax Act, 1961. An applicant is eligible for the following PMAY tax benefits

·         Deductions of up to a maximum of Rs. 1.5 lakhs per annum on home loan principal outstanding

·         Deductions of up to a maximum of Rs. 2 lakhs per annum on the home loan interest amount