Are you eligible to book a home under PMAY?

The Pradhan Mantri Awas Yojana (PMAY) is a government initiative intended to provide low-cost housing to the economically weaker sections of society. Its objective is to provide affordable housing to individuals below a certain income group by providing a subsidy on home loans.

Subsidy classification of PMAY

CLSS	Max. area	Max. loan amount	Subsidy on interest	Maximum subsidy	Loan tenure	Max. household income
MIG - II	110 sq. meter	Rs.12 lakh	3% p.a.	Rs.2.30 lakh	20 years	Rs.12 – 18 lakh
MIG	90 sq. meter	Rs.9 lakh	4% p.a.	Rs.2.35 lakh	20 years	Rs.6 – 12 lakh
LIG	60 sq. meter	Rs.6 lakh	6.5% p.a.	Rs.2.67 lakh	20 years	Rs.3 – 6 lakh
EWS	30 sq. meter	Rs.6 lakh	6.5% p.a.	Rs.2.67 lakh	20 years	Rs.0 – 3 lakh

PMAY eligibility

Mentioned below are the eligibility criteria to avail a PMAY subsidy:

• Any individual who is a first-time homebuyer that doesn’t have any property in his/her name
• In case of an unmarried applicant, his/her parents must not own a property in any part of India
• In case of a married applicant, his/her spouse or kids must not own a property in any part of India
• For applicants under LIG or EWS, a woman co-applicant is mandatory to avail the benefits of PMAY
• The applicant and his family should not have availed any housing scheme, including PMAY, previously
• The beneficiary can obtain the home loan only for construction/improvement/purchase of a home

Documents required to obtain the benefits of PMAY

• Aadhaar card
• Sanction letter for the loan
• PAN card
• Buyer builder agreement or ATS copy
• Stamp paper / affidavit

How long does it take to obtain a subsidy under PMAY?

On an average, it may take anywhere between 3 – 4 months to get your application approved.

The PMAY scheme has already helped homebuyers obtain home loans at a subsidised rate, causing a boom in the real estate market. The PMAY scheme is also causing home loan interest rates in banks to drop, indirectly making homes affordable to everybody.