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The Pradhan Mantri Awas Yojana (PMAY) is a Credit-Linked Subsidy Scheme (CLSS) that aims at “Housing for All” for middle-income groups as well as economically weaker sections of the country. The scheme offers a subsidy on the interest payable on housing loans applied for acquisition, repurchase, or construction of homes. So, if you qualify for this scheme, you can easily save a considerable amount from your home loan interest amount, thanks to the subsidy feature of this scheme.
All those who wished to benefit from this scheme had to apply for it before March 31, 2020. However, Finance Minister Nirmala Sitharaman announced that the said date has been extended to March 31, 2021 for middle-income groups (with an annual income between Rs.6 lakh and Rs.18 lakh) and to March 31, 2022 for lower-income groups (Upto Rs.6 lakh).
Key Parameters of the PMAY scheme
The interest subsidy, under the scheme, will be offered upfront on the principal outstanding of the home loan. Take a look at the criteria before you consider applying for this scheme:
| Particulars | MIG II | MIG I | LIG | EWS |
| Annual Household Income (Rs.) | 12,00,001-18,00,000 | 6,00,001-12,00,000 | 3,00,001-6,00,000 | 0-3,00,000 |
| Housing Loan Amount Eligible for Interest Subsidy (Rs.) | Up to 12,00,000 | Up to 9,00,000 | Up to 6,00,000 | Up to 6,00,000 |
| Maximum loan period (in years) | 20 | 20 | 20 | 20 |
| Annual Interest Subsidy (%) | 3 | 4 | 6.5 | 6.5 |
| Max. Interest Subsidy Amount (Rs.) | 2,30,156 | 2,35,068 | 2,67,280 | 2,67,280 |
| Maximum carpet area (Sq. m.) | 200 | 160 | 60 | 30 |
| Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%) | 9 | 9 | 9 | 9 |
| Quality of House/Flat Construction | National Building Code, BIS Codes and as per NDMA Guidelines adopted | |||
| Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.) | Compulsory | |||
| Approvals for the Building Design | Compulsory |
Who is eligible for the PMAY scheme?
Besides the income group and other criteria mentioned above, you also need to qualify in the below-mentioned requirements:
- The individual must be a citizen of India.
- He/she should not own a house or any property in India. None of his/her family members should own a brick and mortar house either.
- This initiative is not applicable for renovation or other purposes, only purchase and construction of homes.
- Applicants should not have benefited from any other Government Housing Initiative.
Who are the beneficiaries of the PMAY scheme?
You can avail the benefit if you are single and unmarried or if you are married and have unmarried sons or daughters.
How to Apply for PMAY Scheme:
If you wish to apply for the PMAY scheme, you can do so in the following ways:
- Online Mode
You can visit the official website and apply for the scheme with a valid Aadhaar card.
- Offline Mode
You can pick up a form from a Common Service Centre (CSC), fill it up, and submit.
Documents To Be Submitted by Applicants
The list of documents you need to submit are as follows:
- Government-issued photo identity card such as Voter ID, Aadhaar, Driving License, Passport, etc.
- In case the permanent address is not the same as the current address, electricity bill, or telephone bill can be submitted to substantiate the current address.
- For employed applicants, income proof including financial account statements of six months, ITR, etc.
- PAN card
- For self-employed applicants, company registration certificate or trade license with 3 months of their financial statements, and ITR of the last 2 years.
- Proof of property that is being purchased or constructed
PM Modi’s Subsidy scheme is a boon to anybody planning to buy or construct a home. At HM, you can combine this scheme with our saving schemes to achieve maximum saving.
Call us on 8880225555 today for more info about our projects and schemes.