How do I make a PMAY application?

You can apply for a PM Awas Yojanaloan on the Tata Capital website by following the steps given below: Visit the Pradhan Mantri Awas Yojana (PM Awas Yojana)pageClick on Apply NowSelect between New Customer and Existing CustomerEnter the required detailsClick on Get Started

Pradhan Mantri Awas Yojana (PMAY)

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What is Pradhan Mantri Awas Yojana (PMAY)?

The PMAY is a Government-backed Credit Linked Subsidy Scheme (CLSS) wherein the mission is to provide affordable housing for all by the year 2022. Originally committed to providing housing for the Economically Weaker Section (EWS) and the Low Income Group (LIG), the scheme was further expanded on 1st January 2017, to include the Middle-Income Groups (MIGs) as well.

Credit Linked Subsidy Scheme (CLSS) for EWS/LIG/MIG I & II under PMAY-U has been discontinued from 1^st April, 2022. For existing customers, the subsidy will be processed as per the contract from NHB.

Advantages of PMAY

The following are the main features or benefits of the PM Awas Yojana :

Subsidy Benefit

Perhaps one of the most significant benefits of the PMAY scheme is the Pradhan Mantri Awas Yojana subsidy that can be availed up to Rs. 2.67 lakhs. Individuals meeting the PM Awas Yojana eligibility can enjoy partnerable affordable housing, subsidised individual house construction or improvement, and rehabilitation of slum dwellers, an in-situ basis.

Extended Loan Tenure

PM Awas Yojana offers its beneficiaries a loan tenure that extends up to 20 years. As a result, beneficiaries can enjoy low repayment instalments.

No Loan Limits

The PM Awas Yojana does not give a specified limit on the loan amount that can be borrowed. Hence, beneficiaries can take a housing loan as per their need provided they will be able to repay it by the end of its term.

Option of Additional Loan

Beneficiaries that need housing loans above and beyond what offered under PM Awas Yojana can apply for additional loans. The important thing to note here is that such loans will be given at non-subsidised rates and the lender will charge a normal processing fee.

Benefits for Women and Minorities

The PM Awas Yojana makes female home ownership or co-ownership of the property a mandatory clause under the EWS and LIG categories and an optional clause under the MIG I and MIG II categories. Moreover, preference provisions are available for salaried women, widows, transgender, the disabled, and senior citizens. For example – If a senior citizen applies under this scheme, they can be assured of ground floor accommodation.

Eco-Friendly Construction

The houses built under the PM Awas Yojana are done so using eco-friendly construction technology and materials. This will lower environmental pollution and ensure minimal damage in and around the site of construction.

Launched in 2015, Pradhan Mantri Awas Yojana (Urban) or PMAY (U) is a scheme by the Central Government with the mission of providing affordable housing for all income groups in urban areas within 2015 to 2022. Here are some important facts about PM Awas Yojana-U:

Number of houses sanctioned – 88 lakhs

Number of houses built – 26 lakhs

Number of houses occupied – 24 lakhs

Total investment made – Rs. 5.20 lakh crore

Central Assistance sanctioned – Rs. 1.37 lakh crore

Central Assistance provided – Over Rs. 52,000 lakh crore

The Pradhan Mantri Awas Yojana (Gramin) or PMAY (G) is the communal welfare scheme introduced by the Central Government with the mission of providing ‘pucca’ houses with basic amenities to those living in ‘kutcha’ huts in the rural areas of India, by the year 2022. Here are some important facts about PM Awas Yojana-G:

Number of houses sanctioned – 1.23 crore

Number of houses completed – 84 lakhs

Central Assistance provided – Rs. 8 lakh crore

State Assistance provided – Rs. 15 lakh crore

What is PMAY Subsidy?

The PM Awas Yojana offers its beneficiaries with subsidy, where the Pradhan Mantri Awas Yojana interest rate is charged at a subsidised or reduced rate than regular housing loans. This is done to make it possible for everyone to afford a home.

Let us understand this with the help of an example – For a maximum loan amount of Rs. 6 lakhs given at an original interest rate of 9% for a period of 20 years, a beneficiary belonging to the LIG category will get the loan at a subsidised rate of 6.5%. Here, the Net Reduction in EMI is Rs. 2405.

Additional Read: Read all about PM Awas Yojana

Who are Eligible for PMAY?

The following is the basic eligibility criteria to avail the Pradhan Mantri Awas Yojana:

The beneficiary’s annual household income must fall under any one of the four income categories.

The beneficiary family must not own a pucca house in either his/her name or in the name of any other family member in any part of India.

The beneficiary family should not have availed any form of Central assistance from the Indian Government under any housing scheme or any benefit under the PM Awas Yojana.

In case of a married couple, a single PM Awas Yojana subsidy can be availed by both or any one of the two provided they meet the income eligibility.

Check Eligibility

List of documents required for PM Awas Yojana?

Besides the regular loan application-related documents, the following additional documents need to be submitted in order to avail the Pradhan Mantri Awas Yojana subsidy :

Affidavit cum Declaration that proves that the beneficiary family does not own any pucca house
Annual household income – Self-attested Income certificate, Salary slips
Declaration for property under construction, if applicable – Construction Agreement with the developer or builder, Valuation Certificate for the property you intend to buy, Receipt of advance payment for the property you intend to purchase
Identity Proof – Aadhaar Card/PAN Card/Driving License/Voters’ ID
Copy of Address Proof
NOC from a Competent Authority or any Housing Society

What is a PMAY Calculator?

The Pradhan Mantri Awas Yojana calculator or the PMAY calculator is a simple online tool using which you can calculate your PMAY subsidy amount and the category under which you are eligible for the PM Awas Yojana.

Simply by entering your annual family income, loan tenure, and the loan amount in the PMAY calculator, you can know the PM Awas Yojana subsidy you are eligible to receive within seconds.

Who can Register under the PM Awas Yojana?

Slum Dwellers

People who live in extremely poor residences with no basic amenities such as drinking water, lack of proper infrastructure, and sanitation can apply under this category

Other Three Components

EWS (Economically Weaker Sections), LIGs (Lower Income Groups), and MIGs (Middle-Income Groups) can apply under this category

How to apply for PMAY scheme?

To register under the PM Awas Yojana, follow the following steps :

Login Details

Log onto the official PM Awas Yojana website

Select Benefits

Select the ‘Benefits Under Other 3 Components’ option by clicking on ‘Citizen Assessment’ from the drop-box

Personal Details

Enter your Aadhar number and click on ‘Submit’

Aadhar verification

The site will verify your Aadhar details and if they are correct, you will be directed to the next page where you will have to furnish information such as your name, income, address, contact number, religion, caste, and the likes

Enter Captcha

Once you have entered in all the information, type the Captcha Code in the box provided at the bottom of the page and click ‘Submit’

You can check and edit your details later on with the help of your Application and Aadhar number

FAQs on PMAY Scheme

The PMAY (Pradhan Mantri Awas Yojana) was launched in 2015 by the Government of India to address the housing shortage in the country and promote affordable housing for all economic groups. The primary purpose of the scheme is to provide affordable housing to the economically vulnerable sections of society, such as lower and middle-income groups in urban and rural areas of India. The scheme also aims to bridge the housing gap and uplift the living standards of Indian citizens. In addition to this, the scheme emphasizes the importance of women's ownership in real estate.

Here are the eligibility criteria to apply for a loan under the PM Awas Yojana:

Individuals must fall among the following economic sections:

1. Middle Income Group I (MIG I): Income between Rs. 6 lakh and Rs. 12 lakh

2. Middle Income Group I (MIG II) Income between Rs. 12 lakh and Rs. 18 lakh

3. Lower Income Group (LIG): Income between Rs. 3 lakh and Rs. 6 lakh

4. Economically Weaker Section (EWS): Income up to Rs. 3 lakh

The family's (including husband, wife, and unmarried daughters and sons) total income should not exceed Rs. 18 lakh per annum

The applicant should not have availed of any benefits from any other housing scheme from the state or the central government

The applicant must have a woman's name on the deed or the property papers as a sole proprietorship or joint ownership

The family should not own a pucca house in any part of India

There is no limit on the highest loan amount under the PM Awas Yojana. Borrowers can apply for a loan as per their needs, the size of their property, and their budget constraints. However, the credit-linked subsidy under PM Awas Yojana can only be claimed for loan amounts up to Rs. 6 lakh for EWS and LIG, up to Rs. 9 lakh for MIG-I, and up to Rs. 12 lakh for MIG-II. Loans higher than these can be availed of at non-subsidized rates.

As with any other loan, it is essential to consider the impact of the loan amount and its long-term effect on your financial goals before arriving at any figure.

The maximum eligible interest rate subsidy differs for different economic sections. Here's a breakdown of the same:

Middle Income Group I (MIG I): Up to 4%

Middle Income Group I (MIG II): Up to 3%

Lower Income Group (LIG): Up to 6.50%

Economically Weaker Section (EWS): Up to 6.50%

There is no cap on the PM Awas Yojana loan repayment period. However, the interest subsidy is only applicable for 20 years or the actual tenure of the loan, whichever is lower. If the loan tenure exceeds 20 years, the interest subsidy will only be calculated for up to 20 years. Beyond that, the borrower has to pay the interest without the subsidy.

Yes, loans under the PM Awas Yojana can be used to build new homes. New homes/construction can be defined as one of the following:

Purchase of a newly constructed house from a builder

Purchase of a newly constructed house from a developer

Resale of a newly constructed house from the seller

Self-construction by the borrower on owned land

You can apply for a PM Awas Yojana loan on the Tata Capital website by following the steps given below:

Visit the Pradhan Mantri Awas Yojana (PM Awas Yojana) page
Click on Apply Now
Select between New Customer and Existing Customer
Enter the required details
Click on Get Started

Yes, loans under the PM Awas Yojana may have a processing fee depending on the total amount of the loan. As per the government’s guidelines, loan providers cannot charge any processing fee from the beneficiary for loans of up to Rs. 6 lakh under the PM Awas Yojana. However, the loan provider may charge a processing fee as per their terms and conditions if the loan amount is more than Rs. 6 lakh.

Yes, you can apply for a PM Awas Yojana loan online. The process of online application is simple and straightforward. You can visit the Tata Capital website and apply for a PM Awas Yojana. Alternatively, you can also visit the official Pradhan Mantri Awas Yojana government website and apply for a loan online.

Yes, joint or co-owners, such as a husband and wife, can apply for a loan under the PM Awas Yojana. However, the co-applicants cannot use the subsidy to buy two different houses. The PM Awas Yojana loan subsidy can only be availed for one home. In addition to this, it is essential to understand that the lender will consider the incomes of both the applicants or house owners before offering the loan. Both applicants must qualify for the minimum income eligibility of the PM Awas Yojana, and their household or family income must be less than Rs 18 lakh.

Loans taken under PM Awas Yojana are similar to any other housing loan in terms of repayment. If you fail to settle the loan on time, the lender reserves the right to recover the pending amount as per their terms and conditions. Failure to pay the loan can also lead to foreclosure of the property. Therefore, it is advised to stick to a loan amount that fits your budget and pick a loan repayment term that allows you to pay the amount without any delays or hassles.

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Home Loan Blogs

Home Loan

Pradhan Mantri Awas Yojana (PMAY)

What is Pradhan Mantri Awas Yojana (PMAY)?

Advantages of PMAY

Subsidy Benefit

Extended Loan Tenure

No Loan Limits

Option of Additional Loan

Benefits for Women and Minorities

Eco-Friendly Construction

JLG/Microfinance

Pradhan Mantri Awas Yojana - Urban (PMAY-U)

Pradhan Mantri Awas Yojana –Gramin (PMAY-G)

What is PMAY Subsidy?

Who are Eligible for PMAY?

List of documents required for PM Awas Yojana?

What is a PMAY Calculator?

Who can Register under the PM Awas Yojana?

Slum Dwellers

Other Three Components

JLG/Microfinance

How to apply for PMAY scheme?

Login Details

Select Benefits

Personal Details

Aadhar verification

Enter Captcha

FAQs on PMAY Scheme

What is the purpose of PMAY Scheme?

Who can submit an application for PMAY?

What is the highest loan amount possible under PM Awas Yojana?

What is the PMAY loan interest rate?

How long is the PMAY loan repayment period?

Can loans under the PMAY scheme be utilized to build new homes?

How do I make a PMAY application?

Do PMAY loans have a processing fee?

Can I apply for a PMAY loan online?

Can a co-applicant and I both apply for a PMAY loan?

What happens if I do not make loan payments on my PMAY?

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