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Everything You Must Know about Pradhan Mantri Awas Yojana

The Complete Information About Pradhan Mantri Awas Yojana

Earlier, constructing or purchasing a house was a costly endeavor. Thanks to the Pradhan Mantri Awas Yojana (PMAY), people from Economically Weaker Section (EWS), Low Income Group (LIG), and Medium Income Group (MIG) can conveniently construct or purchase a house.

The Pradhan Mantri Awas Yojana promises to deliver affordable housing for all eligible applicants before 2022.

The system of availing interest rate subsidy under the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (CLSS) is simple.

You have to find a location for constructing the house and find a lender, such as PNB Housing Finance, offering the lowest home loan interest rate. You have to apply for the PMAY-CLSS scheme, and the lender will approve the loan and transfer the interest subsidy to your registered bank mecidiyeköy escort account.

Pradhan Mantri Awas Yojana – Features

The features are as follows:

  • An interest subsidy of up to 6.5% for fifteen (15) years for all eligible beneficiaries.
  • More preference is given to senior citizens and differently-abled individuals while allotting ground floor houses.
  • The scheme promotes eco-friendly and sustainable houses.
  • There has to be a toilet in every house that the beneficiaries construct under the PMAY scheme.
  • Empowering women by including them as owners or co-owner.

Who is Eligible to Apply For Interest Subsidy Under The Pradhan Mantri Awas Yojana Scheme?

People falling in either of the following three categories can apply for interest subsidy under the Pradhan Mantri Awas Yojana:


The borrowers falling in this category have an annual income up to INR 6 lakh. An EWS beneficiary can construct or purchase a house with a carpet area of 30 sq. mts. For LIG beneficiaries, the carpet area should be less than 60 sq. mts. Your maximum age at the time of loan maturity should be less than 70 years. The repayment term of the loan will be twenty (20) years.


Any first-time homebuyer with an annual income between INR 6 lakh and 12 lakh falls in this category. A MIG-I beneficiary can construct or purchase a house with a carpet area of fewer than 120 sq. mts.

You can get a 4% interest subsidy up to INR 9 lakh loan amount. Hence, the effective interest rate will be much lower than the lowest home loan interest rate for non-PMAY home loan borrowers.

Although the loan term is usually twenty 20 years, lenders sometimes sanction up to thirty 30 years loan terms.


Any first-time homebuyer with an annual income between INR 12 lakh and 18 lakh falls in this category. You can get a 3% interest subsidy up to INR 12 lakh loan amount. The repayment term can be between twenty and thirty years.

How Can You Apply on this?

You can apply through a PMAY-enlisted lender like PNB Housing Finance. The lender may ask you to show documents like PAN Card, Aadhar Card, and income proof.

Once the lender approves the loan amount, you can move ahead with your plan to purchase or construct a house. The lender will transfer the interest subsidy amount to your bank account as per the agreement.


The Pradhan Mantri Awas Yojana website is the place where you can find all information related to the scheme.

Alternatively, you may contact a lender who will help you with the application and approval process.

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