PMAY - Pradhan Mantri Awas Yojana (Urban)

What is Pradhan Mantri Awas Yojana?

Pradhan Mantri Awas Yojana is a programme by Government of India to ensure “Housing for all by 2022’’. Under this, there is a Credit Linked Subsidy Scheme on home loans for properties in urban market belonging to Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group 1 & 2 (MIG). It can be availed for new or resale purchase of home, construction, or for extension or improvement of rooms, kitchen, toilet etc.

Who is eligible for this scheme?

Eligibility is dependent on the income group.

Income Group	Annual Household Income
EWS	Up to Rs. 3 Lacs
LIG	Rs. 3.01 to Rs. 6 Lacs
MIG 1	Rs. 6.01 to Rs. 12 Lacs
MIG 2	Rs. 12.01 to Rs. 18 Lacs

For EWS and LIG, it is mandatory for a female to be the property owner. In certain exception cases, the lender may inform you. Also, the applicant or its dependents should be a first time home buyer and should not own a pucca property at the time of availing the scheme.

What are the benefits and subsidy offered in this Yojana?

The subsidy offered is dependent upon the loan amount and the income group you fall in. Applicants with income up to Rs. 6 Lacs, can avail a maximum subsidy of Rs.2.67 Lacs. Applicants with income up to Rs.12 Lacs, can avail a maximum subsidy of Rs.2.35 Lacs. Applicants with income up to Rs.18 Lacs, can avail a maximum subsidy of Rs.2.30 Lacs

Income Group	Subsidy on maximum Loan Amount	Interest Subsidy (%)	Maximum Subsidy Tenure (In years)	Max. Subsidy amount
Up to Rs. 3 Lacs	Rs. 6 Lacs	6.5%	20	Rs. 2.67 lacs
Above Rs. 3 Lacs up to Rs. 6 Lacs	Rs. 6 Lacs	6.5%	20	Rs. 2.67 lacs
Above Rs. 6 Lacs up to Rs. 12 Lacs	Rs. 9 Lacs	4%	20	Rs. 2.35 lacs
Above Rs. 12 Lacs up to Rs. 18 Lacs	Rs. 12 Lacs	3%	20	Rs. 2.30 lacs

What are the documents required for this scheme?

KYC Documents & Photograph
Aadhar Card is mandatory
Salary slip or Certificate & updated bank statement for salaried applicants
Income Tax Returns of last two years and bank statement for self employed applicants
Self-certificate/affidavit as proof of income
Customer declaration undertaking
Additional Application form

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Testimonials

Since the project is located at prime location, we have been benefited for our business since its purchased . To our surprise the price of shop was in our budget. I found it very good combination of best quality, prime location, reasonable price !!

- Priyanka Narker

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