The Pradhan Mantri Awas Yojana was introduced by the Prime Minister in 2005 with a clear vision of ‘Housing for All’. To boost affordable housing this scheme has been launched for the urban poor population of India.The real objective of the scheme is to provide over 2 crore affordable houses made with eco-friendly construction methods in selected cities of India. The scheme comes with many features like Credit Linked Subsidy Scheme (CLSS) under which interest benefits can be availed by first-time home loan buyers. One can easily apply for PMAY online with the help of his 12-digit aadhaar card number. Moreover, there are many public as well as private lenders which are linked with PMAY, thus offering various home loan schemes to the borrowers.        

What is Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) scheme was launched by the Government of India to boost the affordability of houses against an inflated real estate sector. The scheme aims to achieve its objective of “Housing for All” by 31 March 2022. Mantri Awas Yojana  has two components:

• Pradhan Mantri Awas Yojana Urban (PMAY-U)
• Pradhan Mantri Awas Yojana Gramin (PMAY-G)

PMAY Eligibility

• Any member of the beneficiary family should not own a pucca house in India
• The Beneficiary family should not have availed any housing scheme from the Government of India/State Government
• Beneficiary family should not have availed PMAY subsidy from any of the Primary Lending Institutions (PLIs)
• Home loan borrowers who availed the subsidy but during the loan tenure switched to another lender under home loan balance transfer cannot claim the benefit again
• Beneficiary families under the MIG income group need to furnish their Aadhaar numbers to avail the benefit

How to Apply 

• Visit the PM Awas Yojana official website http://pmaymis.gov.in/
• Under the “Menu” section, find the “Citizen Assessment” option
• Enter your 12-digit Aadhaar card number
• Once you have entered your Aadhaar information, you will be redirected to the application page
• You will be asked to enter your personal details, income details, current residential address, and your bank account details
• Enter all information in the application
• Click on “I am aware of” option at the end of the page and click the “Save” button
• Once you click the “save” option, you will see a system generated application number which you can save for future reference
• Download and print the duly-filed application
• Submit the form at your nearest CSC office centres and financial institution/banks along with the required documents

Beneficiaries Under PMAY

• The Pradhan Mantri Awas Yojana (Urban) scheme caters mainly to the housing requirements of the urban poor.
• Beneficiaries of PMAY(U) mainly include Middle Income Groups (MIGs), Low-income Groups (LIGs) and Economically Weaker Section (EWS). 
• To be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is required to submit an affidavit as income proof to the authority.

PMAY Subsidy and Offers

Particulars	EWS	LIG	MIG-1	MIG-2
Annual Household Income	Up to 3 lakh	3 to 6 lakh	6 to 12 lakh	12 to 18 lakh
Interest Rate Subsidy	6.50% p.a.	6.50% p.a.	4.00% p.a.	3.00% p.a.
Home Loan Tenure (Max)	20 years	20 years	20 years	20 years
Maximum Eligible Home Loan Amount to Qualify for Subsidy	Rs.6 lakh	Rs.6 lakh	Rs.9 lakh	Rs.12 lakh
Maximum Dwelling Unit Carpet Area	30 sq. m	60 sq. m	160 sq. m	200 sq. m
Maximum Interest Subsidy Amount	Rs.2.67 lakh	Rs.2.67 lakh	Rs.2.35 lakh	Rs.2.30 lakh
Discount Rate for NPV Calculation of Interest Subsidy	9.00%	9.00%	9.00%	9.00%

Features of PMAY

• The interest subsidy rate provided by the scheme is up to 6.5% on housing loan to all beneficiaries taking loans with a tenure of up to 20 years
• Interest rate subsidy, however, varies basis income slabs
• Up to 6 lakh per annum – Credit-linked subsidy of 6.5% will be available for loan amounts up to Rs.6 lakh
• Up to 12 lakh per annum – People earning up to Rs 12 lakh per annum will get 4% interest subsidy on a loan amount of Rs.9 lakh
• Up to 18 lakh per annum – People earning up to Rs 18 lakh per annum income category will get a 3 percent subsidy on a loan amount of Rs.12 lakh
• Any additional loan beyond the subsidized loan amount will be at a nonsubsidized rate
• Under the PMAY scheme, differently-abled and senior citizens can get the preference of having a house on the ground floor
• Houses will be constructed using sustainable and eco-friendly technologies

PMAY Documents

• Duly filled Application Form
• Self-Attested Income Certificate (needed if you fall below the taxable limit) and income proof Income Proof/salary slip
• ID proof – PAN Card / Aadhar No. / Voter’s Card/ Driving License, etc.
• Copy of Address Proof
• Latest I.T. Return /Form 16
• Bank Account Statement for last 6 months
• Valuation certificate
• Approved plan of Construction
• Certificate for architect or engineer confirming the cost of construction/repairs
• Architect’s certificate regarding the life and fitness of Flat/ House in case of purchase
• Agreement for construction with Builder/ Developer
• NOC from Housing Society or any Competent Authority
• Receipt of advance payment made to builder/seller
• Affidavit from the applicant confirming that neither they nor any family member owns a pucca house in India
• Property papers, such as Letter of Allotment of Property or Agreement

Top Banks Offering Home Loan Schemes Under PMAY 

• SBI
• ICICI
• HDFC
• Kotak Mahindra Bank
• Axis Bank
• Bank of Baroda
• YES Bank
• Fullerton India
• Federal Bank
• Karnataka Bank
• Bajaj Housing Finance Limited
• Indiabulls
• IIFL
• Karur Vysya Bank
• LIC Housing Finance

Due Dates of PMAY

Take a look at the due dates for PMAY in the table below. 

Particulars	Phase 1	Phase 2	Phase 3
Start Date	04/01/15	04/01/17	04/01/19
End Dates	03/01/17	03/01/19	03/01/22
Cities Covered	100	200	Remaining Cities

PMAY Customer Care Helpline Numbers

1800-11-3377, (Gramin),1800-11-3388 (Urban,NHB),1800-11-6163 (HUDCO). Call on these numbers anytime and get the relevant answers to all your queries. You can dial these numbers anytime and get the best solutions to all your problems. These helpline numbers are 24×7 available hence the professionals will always there to assist and help you in the best way. 

Frequently Asked Questions (FAQs)

Q.Who is eligible for Pradhan Manti Awas Yojana?

A.The following individuals and families are eligible for PMAY:

• Economically Weaker Section (EWS) – Families with an annual income up to Rs. 3   Lakh
• Low Income Group (LIG) – Families with an annual income between Rs. 3 Lakh and Rs. 6 Lakh
• Middle Income Group I (MIG I) – Families within an annual income between Rs. 6 Lakh and Rs. 12 Lakh
• Middle Income Group II (MIG II) – Families with an annual income between Rs. 6 Lakh and Rs. 12 Lakh
• Women belonging to EWS and LIG categories
• Scheduled Caste (SC), Scheduled Tribe (ST), and Other Backward Class (OBC)

Q.How to apply for this PMAY Scheme?

A.The beneficiaries can apply for PMAY through online and offline mode. In online mode, you can use an aadhaar card to apply. While offline, you simply need to fill and submit the form at a common service centre. 

Q.Are there any charges applicable at the time of PMAY application?

A.Yes, the minimal charges of Rs.25+GST is to be paid at the time of submitting the form. Whereas in online mode, no charges involved.  

Q.Is Pradhan Mantri Yojana available to existing home loan borrowers?

A.Yes, existing home loan borrowers are also eligible for this scheme once they fulfill all the relevant eligibility criteria.