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✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

Although our country has made fast economic progress in the past few years, there are still some families in India that are struggling for basic necessities, including a proper roof on their head. While a majority of the rural population still lives in make-shift, ‘kutcha’ houses, the condition of economically weaker classes in cities is no different. Increased migration of people from remote Indian villages to cities in a large number in search of better prospects has led to congestion in metro cities. This, in turn, is leading to a rise in the number of slum dwellings in cities. While buying a home of their own is a dream for many, the skyrocketing property prices in India are proving to be a bane for most first-time home buyers. Moreover, the high-interest rates and EMI amounts on home loans are further discouraging people from owning their own house. As a result, affordable housing has become a key concern in India. In fact, it was one of the major issues highlighted in the Union Budget 2019. As a plausible solution to this problem, the government has increased the emphasis on increasing the awareness about the Pradhan Mantri Awas Yojana.

The Pradhan Mantri Awas Yojana, or PMAY as it is commonly called, is a government scheme launched in the year 2015. The primary objective of the pmay scheme is to build over 2 crore affordable houses by the year 2022. To achieve this target, the government has made provisions for a pmay subsidy, by the virtue of which, home loan borrowers can get a subsidy of over 6.5% on the interest rates. The scheme is specifically launched to encourage a large number of first-time homebuyers to avail a home loan facility.

There are 4 key aspects that are covered under PMAY-

  • To provide subsidy for buying a new home

  • To provide subsidy for making enhancements/ additions in your house

  • To achieve maximum slum rehabilitation

  • To provide affordable housing to the economically weaker section of the society in partnership with private as well as public developers.


Here Is How First-Time Homebuyers Can Make The Most Of The PMAY Scheme


Generally, first time home buyers are people between the age group of 20-40 years. This age-group contributes to the majority of the working class in our country. Therefore, in order to encourage more and more people from this age-group to avail a home loan, the government has also announced special tax benefits along with the home loan subsidy under the PMAY. Until March 31, 2020, homebuyers can enjoy a relief of interest deductions up to INR. 3.5 lakhs for residential properties that are priced up to INR. 45 lakh. As if this is not encouraging enough, here is a list of some other key benefits that first-time homebuyers can avail under the PMAY-

  • The PMAY scheme makes provisions for all income classes. According to a government mandate, people belonging to the following income groups can apply for a home loan subsidy under the PMAY –

  • Economically Weaker Section (EWS)- Individuals with an annual income under INR.3 lakhs

  • Lower Income Group (LIG)- Individuals with annual income between INR.3-6 lakhs

  • Middle Income Group-1 (MIG-1) – Individuals with an annual income between INR.6-12 lakhs

  • Middle Income Group -2 (MIG-2)- Individuals with annual income between INR. 12-18 lakhs

  • Having a women owner of the house has been made compulsory under this scheme. Hence, if the applicant is male, he is required to make a female member of the family (wife, mother or daughter) as the co-owner of the property in question.

  • The PMAY subsidy extends to over 6.50% on the interest rates of the home loan. This, in turn, reduces the overall EMI amount making it much more affordable to repay the home loan. Moreover, the home loan tenure under the PMAY is also extended till 20 years, to make repayment of the loan more flexible.

  • Apart from making housing more affordable, the PMAY also aims to provide other basic facilities to the people, especially to those belonging to the rural areas. These include providing connections for LPG and electricity and setting up sanitation facilities (In-house and community toilets).

  • These subsidies and added facilities comparatively reduce the overall cost of buying a home by nearly INR. 2.3 lakh (1). This could make buying a home more affordable for the general population, especially the urban poor. If you wish to check the exact amount you save on your home loan EMIs under the PMAY, you can make use of a home loan calculator online.

Also know about the PMAY List.

How To Apply For PMAY?


Eligible candidates can opt for PMAY online apply or offline. The offline procedure requires the applicant to fill a physical form and submit it at the nearest Common Service Centre. A nominal charge of INR.25 would be levied for processing your application.

The online procedure for PMAY is free. You can apply for Pmay online with the following easy steps-

  1. Visit the official website at

  2. Choose the relevant economic category from the ‘Citizen Assessment Tab’, under which you wish to apply for the scheme ( EWS, LIG, MIG)

  3. Once selected, you would be asked to submit your Aadhar details to proceed with your application.

  4. Enter your personal details

  5. Save and take a print-out of your online application for future use.


Thus, if you fulfill the necessary eligibility criteria and do not have a house in your name or in the name of any of your family members, it is highly recommended that you avail the benefits of the PMAY scheme. Not only will the PMAY help make your dream of owning a home a reality, but also provide a considerable tax-benefits on your home loan amount.

To enjoy the benefits of the PMAY subsidy, apply for the Bajaj Finserv Home Loan today! The home loans offered at Bajaj Markets require minimal documentation, do not ask for foreclosure charges, and offers flexible repayment options. With the Bajaj Finserv Home Loan, you can now enjoy reduced home loan EMI and home loan interest rates, up to 6.93%. Furthermore, a borrower also gets a chance to avail balance transfer and top-up options on their home loans. What’s more? You can even avail complimentary value-added services as well as an option to opt for insurance on your home loan at Bajaj Markets. For more details, get in touch with our representatives at Bajaj Markets today!

You can also get to know everything about PMAY and eligibility for PMAY.

Bajaj Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

PMAY Video

PMAY: Pradhan Mantri Awas Yojana Scheme

Your dream of owning a home need not wait!, Pradhan Mantri Awas Yojana (PMAY) along with Bajaj Markets will make your dream come true And the best part! With PMAY scheme, you can get a significant subsidy on your Home Loan interest amount.