✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Check Eligibility

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


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


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)


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 2024 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 2024

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:






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.)





Maximum loan duration/tenure (in years)





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 (%)





Maximum Interest Subsidy Amount





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





Application of scheme on existing home loans sanctioned on or after



Applicability of No Pucca House

Not for renovation/upgradation



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


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


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.
Read More

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.

Read More

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.

Read More

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


6.50% p.a.



6.50% p.a.


MIG - 1

4.00% p.a.


MIG - 2

3.00% p.a.


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



LIC Housing Finance

Karnataka Bank Ltd


Karur Vysya Bank Ltd


Kotak Mahindra Bank

Bank of Baroda

Yes Bank


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


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 2024?

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

PMAY Allottees and Builders to Split Maintenance Expenses

PMAY (Pradhan Mantri Awas Yojana) allottees are now expected to take collective measures to share the wear and tear as well as maintenance costs with their respective builders and promoters in Chandigarh. This move is expected to affect several occupants of affordable housing that were sanctioned under the PMAY in Chandigarh. Costs associated with the general maintenance and wear and tear is generally split between the builders and the occupants. However, with affordable housing, there was a lot of confusion regarding who would have to bear the cost of maintenance which the government has now clarified.


- March 02, 2023

Loan Offer
Download App