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Home > What is Pradhan Mantri Awas Yojana (PMAY)

What is Pradhan Mantri Awas Yojana (PMAY)

Transcripts

Vinodji: Hello Sharmaji! How are you?

Sharmaji: Hello Vinodji, I am fine. Can you please tell me about Pradhan Mantri Awas Yojana?

Vinodji: 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.
Sharmaji: And, who is eligible for this scheme?

Vinodji: The eligibility is dependent on the income group you fall in.

Income Group

Annual Household Income

EWS

Up to ` 3 Lacs

LIG

` 3.01 to ` 6 Lacs

MIG 1

` 6.01 to ` 12 Lacs

MIG 2

` 12.01 to ` 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.
Sharmaji: So, what are the benefits and subsidy offered in this Yojana?

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

Income Group

Subsidy on maximum Loan Amount

Interest Subsidy (%)

Maximum Subsidy Tenure
(In years)

Max. Subsidy amount

Up to ` 3 Lacs

` 6 Lacs

6.5%

20

` 2.67 lacs

Above ` 3 Lacs up to ` 6 Lacs

` 6 Lacs

6.5%

20

` 2.67 lacs

Above ` 6 Lacs up to ` 12 Lacs

` 9 Lacs

4%

20

` 2.35 lacs

Above ` 12 Lacs up to ` 18 Lacs

` 12 Lacs

3%

20

` 2.30 lacs

Sharmaji: Okay. And, what are the documents required for this scheme?

Vinodji: The documents required are very basic like:

  • 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

Sharmaji: Any idea how do I avail this scheme?

Vinodji: You can visit any bank or housing finance company like DHFL and enquire about the Pradhan Mantri Awas Yojana scheme.

Sharmaji: Thank you Vinodji for all the guidance on Pradhan Mantri Awas Yojana. I will call DHFL’s toll free number 1800 22 3435 right away and apply for the subsidy scheme.

Vinodji: Definitely!

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