PMAY – How to Avail PMAY Subsidy?

PMAY is a government scheme that aims to facilitate affordable housing for all. To get the subsidy benefit from the Pradhan Mantri Awas Yojana, it is important to know the processes around it. But, before that, let us understand what this scheme is all about. 

What is PMAY?

Pradhan Mantri Awas Yojana is a housing scheme that was launched on 1st June 2015. It is a credit-linked subsidy scheme that is aimed at providing affordable housing for people in low-income groups. Through this scheme, you can claim a subsidy as per your income level and reduce the home loan repayment amount. This scheme is available for the purchase of a new house, for house construction, improvement and extension. 

Important pointers about Pradhan Mantri Awas Yojana

  • Under this scheme, you can claim a subsidy of up to Rs. 2.67 lakhs on your loan.
  • This scheme is not available for borrowers who choose to switch to different lenders through the balance transfer system.
  • In the case of EWS application, one of the women of the family must be the owner or the co-owner of the house you have taken loan for.
  • This scheme is available for urban areas including the 4,041 statutory towns of India.
  • Furnishing your Aadhaar number is mandatory to claim the benefit under the Pradhan Mantri Awas Yojana.
  • The beneficiary family can include husband, wife and unmarried children.
  • This scheme is applicable and valid till 31st March 2022

How to avail PMAY subsidy

Here are the steps you need to follow to avail the PMAY subsidy.

Check your eligibility

The first step is to check if you are eligible for the government subsidy under this scheme. To be eligible-

  • You need to be a first-time homebuyer and you and your family should not own any pucca house. 
  • You should not have been a beneficiary of any other government housing scheme previously.
  • You should have a valid Aadhaar card.
  • If you fall under the Economically Weaker Section(EWS) group, your annual income should be less than Rs 3 lakh to avail this scheme.
  • For the Lower Income Group, the annual income level should be between Rs 3 lakh and Rs 6 lakh.
  • Similarly, if you fall under the Middle-income Group – I, your household income should be between Rs 6 lakh and Rs 12 lakh and for people under Middle income Group- II, your annual income should be less than Rs 18 lakh.

If you fulfil this eligibility, you can proceed further for a subsidy application.

The process has been kept simple so that everyone can easily take its benefit. The following are the steps to avail subsidy under PMAY

  • Apply for a home loan from a lender of your choice. You would need to ensure that the lender is covered under the PMAY scheme.
  • Visit the website of PMAY to download the subsidy scheme application form and fill it with all your details.
  • Submit the application to your bank
  • The bank will review the application and once your eligibility is confirmed, it would send the application to National Housing Bank (NHB) for data check.
  • Once your application is approved by NHB, it will send the subsidy amount to the lender from whom you have taken the loan.
  • This subsidy amount would be deposited in your home loan account.

The Pradhan Mantri Awas Yojana has helped many people fulfil their dream of buying a home. Under this scheme, your subsidy is directly transferred to your home loan account so that you need not visit different offices for the benefit. So what are you waiting for? Check your eligibility and apply for a home loan today.

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