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What is Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana (PMAY) was launched by the Prime Minister of India, Narendra Modi, on 1st June 2015, with the motive to provide affordable housing solutions to urban poor and rural poor. The government plans on constructing around 20 million houses at an affordable price by March 31, 2022. The PMAY Scheme is getting financial assistance of USD 31 billion from the Central Government. Beneficiaries of the Pradhan Mantri Awas Yojana are also eligible for interest subsidies as a part of the Credit Linked Subsidy PMAY subscheme if they use the loan to buy or build a house.

PMAY Details

The following table contains some basic details about the PMAY housing scheme:

Governing body

Ministry of Housing and Urban Affairs (MOHuA)

Introduction date

25th June, 2015

Aim

To provide affordable housing to 2 crore Indians

Target audience

People belonging to the economically weaker sections (EWS), middle income groups (MIGs) and Lower Income Groups (LIGs) of the Indian society

Completion year

2022

Monetary resources committed to the scheme

₹7.52 lakh crore

Main benefit to the beneficiary

Interest subsidy of up to 6.50% per annum on a housing loan availed by beneficiary from the government (depending upon the loan amount)

Sub-sections

PMAY Gramin (PMAY-G) and PMAY Urban (PMAY-U)

 

PMAY Benefits & Features

  • Interest subsidy up to 6.50% p.a. is given under the PMAY Scheme on housing loans to every beneficiary for a period of 20 years.

  • The division of the ground floors will first be offered to senior citizens as well as differently-abled citizens.

  • The house will be made with the help of safe and environment-friendly technology.

  • The scheme additionally encompasses the country's entire urban area, It is made up of 4041 legislative towns, with the priority being given to 500 Class I cities. It is going to be done in 3 stages, the last one of which is scheduled to be completed by March 31, 2022.

Tax Benefits Under PMAY

  • Under the pradhan mantri awas yojana, the government has decided to reduce the GST rates from 12% to 8% on all applicable home loans under the PMAY CLSS (Credit-Linked Subsidy Pradhan Mantri Awas Yojana Scheme). Properties that are still under construction under the CLSS subcategory of the PMAY scheme will be eligible for a reduced GST of up to 8%.

  • Applicants under the Economically Weaker Section (EWS), Middle-Income Group (MIG), and Lower-Income Group (LIG) can avail the benefits of these reduced rates. The reduced GST rate allows scope for sufficient incentive for the builders and developers under the pradhan mantri housing yojana.

  • Under the PM Awas Yojana, the government has decided to reduce the GST rates from 12% to 8% on all applicable housing loans under the PMAY CLSS scheme.

Pradhan Mantri Awas Yojana 2022 Beneficiaries

  • A PMAY beneficiary is provided to the family of a wife, husband, single daughters or/and sons who are unmarried.

  • Additionally, the members of the beneficiary family should not be owners of a house of a solid build that stands on Indian grounds.

Key Parameters of PM Awas Yojana 2022

Those who belong to the Economically Weaker Sections, Lower Income Groups and Middle Income Groups of the Indian society can make use of the benefits provided under the Pradhan Mantri Awas Yojana. An individual can call him or herself a member of any of the aforementioned groups and become a beneficiary of the PMAY scheme if they meet the following eligibility criteria:

Particulars

EWS

LIG

MIG I

MIG II

Household Income per annum

Up to ₹3,00,000

₹3,00,001 to ₹6,00,000

₹6,00,001 to ₹12,00,000

₹12,00,001 to ₹18,00,000

Housing Loan Amount Eligible for Interest Subsidy

Up to ₹6,00,000

Up to ₹6,00,000

Up to ₹9,00,000

Up to ₹12,00,000

Interest Subsidy ( p.a.)

6.50%

6.50%

4.00%

3.00%

Maximum loan duration/tenure (in years)

20

20

20

20

Maximum dwelling carpet area

30 Sq. m.

60 Sq. m.

160 Sq. m.

200 Sq. m.

Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%)

9.00%

9.00%

9.00%

9.00%

Maximum Interest Subsidy Amount

2,67,280

2,67,280

2,35,068

2,30,156

Lump sum amount paid per sanction to PLIs in lieu of Processing Fee to the extent of the loan amount on which the subsidy is applicable

3000

3000

2,000

2,000

Application of scheme on existing home loans sanctioned on or after

17.06.2015

01.01.2017

Applicability of No Pucca House

Not for renovation/upgradation

Yes

Yes

Woman Ownership/Co-ownership

Compulsory for new acquisition, Not compulsory for existing property

Not compulsory

Not compulsory

Quality of House/Flat Construction

National Building Code, BIS Codes, and according to NDMA Guidelines

Approvals for the Building Design

Mandatory

Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)

Mandatory

 

How to Apply for Pradhan Mantri Awas Yojana?

1. PMAY Offline Application: The offline application for PMAY can be done at Common Service Centers (CSCs) located across the country. A nominal fee of INR 25 would be charged to fill the offline PMAY application.

2. PMAY Online Application: The online PMAY application can be done for free at the official PMAY website. Following are the steps involved for PMAY online apply:

  • Step 1: To apply for the scheme you need to visit the official website online at http://pmaymis.gov.in/
  • Step 2: Under the ‘Benefits under other 3 components’ option choose one component and select the ‘Citizen Assessment’ from the dropdown.
  • Step 3: Now fill in your Aadhaar Card number and click on submit to verify your Aadhaar details.
  • Step 4: After the verification you will be redirected to the next page where you will have to provide information like your name, income, no. of family members, residential address, contact number, etc.
  • Step 5: Once all the information is filled in, type the captcha code and submit.

Documents Required for PMAY

  • Documents for proof of identity such as PAN card, Voter ID, Aadhaar card, passport, driver’s license, etc.

  • Documents for proof of address such as Voter’s ID, Aadhaar card, passport, latest utility bill, etc.

  • Documents for proof of income such as salary slip for the last two months or bank account statement for the last 6 months

  • Copy of the complete chain documents of the property

  • A copy of the sale agreement

  • An allotment letter / buyer agreement

  • Copy of the payment receipt made to the developer

Check out the complete list of PMAY documents here.

Pradhan Mantri Awas Yojana Eligibility Criteria

The following people are eligible for Pradhan Mantri Awas Yojana:

  • Economically Weaker Sections (EWS): Families that are a part of the Economically Weaker Sections of the society earn up to ₹3 Lakhs annually.

  • Low Income Group (LIG): These families earn anywhere between ₹3-6 Lakhs on an annual basis.

  • Middle Income Group (MIG): These households bring in anywhere between ₹6 to 12 Lakhs on an annual basis.

  • Women who belong to the aforementioned categories.

  • The people who belong to the Scheduled Caste (SC), Scheduled Tribe (ST), and Other Backward Classes (OBC) can become PMAY beneficiaries as well.

Beneficiaries can avail the benefits of this scheme by meeting an additional set of eligibility criteria. They are as follows:

  1. He/she must not own a house in his or her name either.

  2. The individual must also not have availed the benefits of any other housing scheme by the State or Central Government in the past.

How to Check PMAY Application Status

To check your PMAY application form and Status, you will simply need to log on to the official portal of the housing scheme with your credentials. After that, you will be required to follow the instructions that you see on your screen to check your PMAY application status.

Types of PMAY Scheme

Based on the area Pradhan Mantri Awas Yojana Scheme is divided into two parts - Gramin and Urban:

  • Pradhan Mantri Awas Yojana Gramin Yojana (PMAY-G): The Pradhan Mantri Awas Yojana Gramin mission covers close to 1,00,00,000 households that are currently in a kutcha state, which means that they are not made up of solid, durable and weather-resistant materials. If declared eligible, the beneficiaries of the PMAY-G scheme receive unit assistance of ₹1,20,000 for houses in the plains and ₹1,30,000 for houses that are located in areas that are difficult to access. The minimum size of the house that is supposed to be constructed under the Pradhan Mantri Awas Yojana (Gramin) is 25 square meters. Additionally, it also extends financial assistance to those individuals who live Below the Poverty Line (BPL) in order to help them build such houses.

  • Pradhan Mantri Awas Yojana Urban (PMAY-U): The Pradhan Mantri Awas Yojana Urban mission seeks to address the housing requirement of the urban poor as well as the slum dwellers of the country. To give a better idea of the classification of a slum better – the same is defined as a compact area that is home to a minimum of 300 people or about 60 – 70 families in an unsanitary and congested lodging arrangement.

Note: Under the PMAY Scheme, the government has released a state-wise Pradhan Mantri Awas Yojana List for both Rural and Urban areas in India.

PMAY Interest Subsidy

The interest subsidy available will depend on the size of the housing loan you have taken as a beneficiary. Another determining factor is the income group that you belong to. The maximum available subsidy amount available on the basis of the same are as follows:

Income group

Interest subsidy

Maximum loan amount on which the subsidy can be availed

EWS

6.50% p.a.

₹6,00,000

LIG

6.50% p.a.

₹6,00,000

MIG - 1

4.00% p.a.

₹9,00,000

MIG - 2

3.00% p.a.

₹12,00,000

 

To check your PMAY subsidy status, you will simply need to visit the official site of the portal. After that, you will need to click on the ‘Tracking’ option and then follow the instructions shown on-screen. After you do that, you will be able to see the status of your PMAY subsidy.

If you would like to calculate the maximum PMAY subsidy you can avail, you can simply use the PMAY subsidy calculator available on Bajaj Markets.

PMAY Components

  • Credit Linked Subsidy (CLSS): As a part of this Pradhan Mantri Awas Yojana CLSS scheme component, the government will provide an interest subsidy of 6.5% on those housing loans that have to be repaid over 15 years from the beginning of the loan repayment tenure, which will make the cost of owning a house affordable. It must be noted that the Net Present Value of the interest subsidy will be calculated at a discount rate of 9%. Additionally, one must note that the loan accounts that have taken a loan of up to ₹6 Lakhs. The borrowers that have taken a loan that is north of ₹6 Lakhs, on the other hand, do not get any kind of subsidies. The lenders will then later on directly credit the interest subsidy to the accounts of the beneficiaries that will result in a reduced amount as Equated Monthly Installment and even the amount that has been acquired as a housing loan.

  • In-Situ Redevelopment (ISSR): This is undertaken by using land that is beneath them as a resource in partnership with the players of the private sector as a part of the Pradhan Mantri Awas Yojana. The mission aims at leveraging the potential of the land that is under the slum areas in order to provide formal urban establishments to slum dwellers.

  • Affordable Housing in Partnership (AHP): In partnership with the players of the Public as well as the Private sector, affordable housing is being provided to the economically weaker sections. The States or Union Territories can also get involved in doing so under the Pradhan Mantri Awas Yojana.

  • Enhancement and construction of the Beneficiary-led home: As a part of this component of the Pradhan Mantri Awas Yojana, the beneficiaries that have not been able to avail the advantages of the aforementioned three components will be benefited. The mission provides the necessary assistance to the families that fall under the EWS category in order to construct new residential establishments or enhance the existing ones on their own. Additionally, families will get a central assistance of Rs 1.50 Lakhs to enhance their existing houses or construct new houses.

List of Banks Providing PMAY Scheme

List of Banks/NBFCs/HFCs for PMAY Scheme

ICICI Bank Ltd

Bajaj Housing Finance Limited

Axis Bank Ltd

Fullerton

HDFC

LIC Housing Finance

Karnataka Bank Ltd

SBI

Karur Vysya Bank Ltd

Indiabulls

Kotak Mahindra Bank

Bank of Baroda

Yes Bank

IIFL

 

Helpline Numbers for PMAY - Gramin and Urban

If you feel the need to reach out to the authorities regarding any concerns or query related to the housing scheme, you can call on the helpline numbers mentioned below:

PMAY Gramin and PMAY Urban toll free numbers

  • 1800 11 6163 Housing and Urban Development Corporation (HUDCO) (For PMAY Urban Beneficiaries)

  • 1800 11 3377, 1800 11 3388 (National Housing Bank)

PMAY Urban landline number

011 2306 3285, 011 2306 0484

PMAY FAQs

✔️What is the maximum tenure for the PMAY scheme?

The maximum tenure of the PMAY subsidy scheme is 20 years.

✔️Who are the beneficiaries for PMAY 2022?

A beneficiary family consists of a husband, wife, and unmarried children. Such beneficiaries should not own a house either in his / her name or in the name of any member of his / her family in any part of India.

✔️How to Check your Name in the PMAY 2021 Beneficiary List?

Those who are eligible for being a beneficiary of the scheme can check whether or not their name is a part of the Pradhan Mantri Awas Yojana list if they follow the following simple steps:

  • Step 1: Visit the official website of the PMAY Scheme.

  • Step 2: Click on the ‘Search Beneficiary’.

  • Step 3: Now, you will be required to enter the Aadhaar Card number.

  • Step 4: Post the same, you must click on the button that reads ‘Show’.

✔️What is the last Date of PMAY?

The closing date for PMAY is on March 31, 2022. The Pradhan Mantri Awas Yojana scheme is being implemented in a total of three phases. Two out of three phases have ended already.

✔️Is Pradhan Mantri Awas Yojana available to existing home loan borrowers?

Yes, people who have already taken up home loans are indeed eligible for the PMAY scheme. However, it must be noted that they must fulfil the eligibility criteria and are capable of repaying one more loan over the one that they are already honouring the EMI commitments of.

✔️Is PMAY subsidy applicable for properties in rural areas?

No, the PMAY subsidy is not applicable for properties in rural areas. Also, Individuals who already own a pucca house or have availed of benefits from other central/state government housing schemes are not eligible. Applicants with an annual income of more than ₹18 Lakhs do not qualify for the PMAY subsidy scheme.

✔️Can a beneficiary family get a loan term beyond 20 years under the PMAY CLSS scheme?

No, the maximum term of the loan for beneficiaries is 20 years.

✔️If my family’s annual income is ₹2.60 Lakhs. As per PMAY, which income group do I fall under?

Families that have an annual income lower than ₹3 Lakhs fall under the Economically Weaker Sections (EWS) of PMAY subsidy.

Latest PMAY News

Union Cabinet approves extension of PMAY-Urban till Dec 31, 2024

On Wednesday, August 17, the Union Cabinet, presided over by Prime Minister Narendra Modi, agreed to extend the PMAY-Urban implementation period till December 31, 2024, in response to requests from the states and Union territories.

The Housing for All Mission, a program that was established in June 2015 with the goal of giving pucca houses to all qualified urban residents, had a March 2022 deadline and now it has been extended till December 2024.

The government says that till March 31, 2022, financial support would be given for the completion of the 122.69 Lakhs residences that have already been approved.

The officials stated that the government has authorised ₹2.03 lakh Crores since 2015 with governmental support totaling ₹1,18,020.46 Crores provided till March 31, 2022. And now, with the scheme's expansion, it is expected that ₹85,406 Crores will be disbursed until December 31, 2024.

 

- Aug 19, 2022

Foundation stone laid for PMAY housing project

The PMAY funded 2,446 residences in Mandakalli near Mysuru, for which the first stone was set on Saturday. This project is expected to be finished and given to the program's participants by February 2023.

This was said by the Housing Minister, V. Somanna, upon the project's groundbreaking. He stated that the initiative being undertaken under PMAY would help members of the economically underprivileged part of society, and the recipients were chosen in a transparent way.

The housing project, which would cost Rs. 168 Crores, will be built on a 33-acre plot of land and include 48 G +1 model apartments and 2,398 G+2 model homes.

- Aug 05, 2022

Centre Considering Extension Of PMAY-Urban Mission Up To March 2024

The Ministry of Housing and Urban Affairs is considering extending the Prime Minister Awas Yojana (PMAY)- Urban housing scheme up to March 2024. On Thursday, 21st July 2022, Kaushal Kishore, Minister of State for Housing and Urban Affairs, said in Lok Sabha that an extension of the PMAY- Urban Mission up to March 2024 is under consideration for the completion of all sanctioned houses under the scheme up to March 31, 2022.

PMAY - Urban is a 'Housing for All' Mission that gives financial assistance to States and Union Territories to provide home loans for building all-weather 'pucca' houses. All the eligible urban beneficiaries have benefited from it since June 25, 2015. Out of the total 122.69 lakh houses sanctioned, 61.15 lakh completed houses have been delivered to beneficiaries, whereas 101.94 lakh are under construction.

- Aug 01, 2022

6.1 mn pucca houses made under Pradhan Mantri Awas Yojana: Puri to LS

As per Union Housing and Urban Affairs Minister Hardeep Singh Puri, 61 Lakh 'pucca' residences have been developed or given to recipients under the PMAY-UM 'Housing for All' aim.

He further added that a total of 1.22 Crore houses have been authorized for the mission term, that is, till 31 March 2022, based on project applications filed by states/UTs, and that execution of the projects typically takes 12-36 months in diverse domains of the plan.

Puri further stated that states and UTs have been instructed to hasten the building of sanctioned residences in order for all houses to be finished within the timeframe specified in detailed project reports.

- Jul 25, 2022

Government mulls proposal seeking extension of PMAY-Urban scheme by two years

The government has informed the Rajya Sabha that a proposal to extend the PMAY-U plan till March 2024 is being considered in order to finish all residences sanctioned under the scheme by March of this year.

According to Kaushal Kishore, Minister of State for Housing and Urban Affairs, a cumulative of 122.69 Lakh residences have been authorized throughout the initiative till March 31, 2022, depending on the project submissions filed by states and UTs.

In comparison to the allotted homes, 101.94 Lakh have been approved for building, with 61.15 Lakh finished and distributed to recipients. A total of Rs. 2,03,427 Crores in central aid has been granted, with Rs. 1,20,130 Crores issued.

- Jul 25, 2022