5 things you must know before applying for PMAY Scheme

Pradhan Mantri Awas Yojna

PMAY is a scheme undertaken by the Ministry of Housing & Urban Poverty Alleviation, it was introduced as an interest based subsidy scheme also called as Credit Linked Subsidy Scheme.

PMAY duration

The scheme is implemented from 2015 to 2022 and provides central assistance to Urban Local Bodies(ULBs) and other implementing agencies through States/UTs.

PMAY undertaking

The PMAY scheme provides housing solutions for purchase, construction, improvement of home, etc. The scheme caters to the welfare of Economically Weaker Section(EWS), Lower Income Group(LIG), Middle Income Group(MIG).

Who is eligible?

1. The beneficiary family should not own a pucca house in any part of India.
2. In case of a married couple, both the spouces together in joint ownership will be eligible for a single subsidy.
3. The beneficiary family should not have availed any central assistance for housing scheme from Government of India or any benefits under the PMAY-scheme.
The documents required are very basic like:

  • KYC Documents & Photograph
  • Aadhar Card is mandatory
  • Salary slip or Certificate & updated bank statement for salaried applicants
  • Income Tax Returns of last two years and bank statement for self employed applicants
  • Self-certificate/affidavit as proof of income
  • Customer declaration undertaking
  • Additional Application form

Cost of property/Loan Amount

As of now, there is no cap on the loan amount or the cost of the property.

Offered Subsidy

The subsidy offered is dependent upon the loan amount and the income group you fall in. For eg.
1. Applicants with income up to ` 6 Lacs, can avail a maximum subsidy of `2.67 Lacs.
2. Applicants with income up to `12 Lacs, can avail a maximum subsidy of `2.35 Lacs.
3. Applicants with income up to `18 Lacs, can avail a maximum subsidy of `2.30 Lacs

For more information on this scheme you can contact your Home Loan Housing Finance Company/Bank.
To apply for a Home Loan, click here. Or to contact us for more info, click here.

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