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.
