What To Do To Avail The Government PMAY Subsidy?

Pradhan Mantri Awas Yojana

Lack of basic housing is one of the burning issues for a visible section of the Indian population. Official census data reveals that there are about 17.7 Lakh people in India who do not have access to ample housing. Multiple independent studies claim the number to be far higher. Then, India is also home to a 78 million odd strong slum-dwelling population, a whopping 17% of slum dwellers in the entire world.

The Government of India launched the Pradhan Mantri Awas Yojana (PMAY) to tackle the issue of homelessness and provide affordable ‘housing for all’. Currently, there is a shortage of around 1.9 Crore houses in India, a deficit that the PMAY aims to eradicate by March 31, 2022.

Who Are The Beneficiaries of PMAY?

This Pradhan Mantri Yojana for housing is primarily aimed at the lower economic strata of the society, especially the EWS and LIG. Recently, MIG has also been included under its umbrella. The benefits of the PMAY scheme vary between different income groups.

Here is a breakdown of the categories that are eligible for the PMAY.

  • EWS – Annual household income below Rs. Three Lakh.
  • LIG – Annual household income between Rs. Three Lakh and Rs. Six Lakh.
  • MIG I – Annual household income Rs. Six Lakh and Twelve Lakh.
  • MIG II- Annual household income between Rs. Twelve Lakh and Rs. Eighteen Lakh.

There are some conditions that one must fulfil to be eligible for the Pradhan Mantri home loan. First and foremost, the beneficiary should not own a ‘pucca’ house. A ‘pucca’ house is defined as a dwelling that is designed for solidity and permanence, made from high-quality materials such as bricks, stones, timber or concrete. They should also not have availed any other housing scheme benefits by the central government.

Definition of Family: A beneficiary family can comprise of a married couple and their unmarried sons and daughters. Unmarried adults can also avail the benefits of their scheme separately from their parents.

Anyone who fulfils these basic PMAY eligibility criteria may avail substantial benefits under the scheme.

Benefits of PMAY:

The PMAY is a Credit-Linked Subsidy Scheme (CLSS). Home loans under this scheme are available at a subsidised rate of 6.5% onwards. Bajaj Finserv, for example, offers a home loan interest rate of 6.93% under the PMAY scheme.

How To Apply?

The application process for PMAY is rather straightforward. Here is a step-by-step guide of how to apply for a Pradhan Mantri Awas Yojana loan:

  • Visit the official website of Pradhan Mantri Awas Yojana.
  • Find the Citizen Assessment drop-down and click on ‘Benefits under three components.’
  • Enter the Aadhaar details of the beneficiary and click ‘Check.’
  • The next page will be an application form where you have to enter all your details. Click on ‘Save.’

Your application process is complete with this step. Wait for the confirmation before applying for a home loan. You can check for your name in the Pradhan Mantri Awas Yojana List using the reference number which you will obtain after applying for the scheme.

The PMAY has made the dream of owning a home a reality for numerous Indians. It is one of the reasons why you should opt for a home loan under this scheme, the government plans to build 2 Crore houses by 2022. It is billed to solve India’s housing problem as well as below-par living standards substantially if not eradicate altogether.


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