What is Pradhan Mantri Awas Yojana

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Pradhan Mantri Awas Yojana (PMAY) falls under the Government’s mission - “Housing for All by 2022” for urban housing. It makes home loans affordable for the urban poor by providing subsidy on the Interest Rate of a home loan during repayment by way of EMI.

PMAY is loaded with features and benefits as broadly outlined below:

  • The interest subsidy rate provided by the scheme is up to 6.5 % on housing loan to all beneficiaries taking loans with a tenure of up to 20 years
  • Interest rate subsidy, however, varies basis income slabs
    • Up to 6 lakh per annum - Credit-linked subsidy of 6.5 per cent will be available for loan amounts up to Rs 6 lakh
    • Up to 12 lakh per annum - People earning up to Rs 12 lakh per annum will get 4 per cent interest subsidy on a loan amount of Rs 9 lakh
    • Up to 18 lakh per annum - People earning up to Rs 18 lakh per annum income category will get a 3 per cent subsidy on a loan amount of Rs 12 lakh
    • Any additional loan beyond the subsidised loan amount will be at a nonsubsidised rate
  • Under the PMAY scheme, differently able and senior citizens can get the preference of having a house on the ground floor
  • Houses will be constructed using sustainable and eco-friendly technologies


The PMAY benefits can be availed if you wish to acquire a new house from the developer or the builder and also for buying a house on resale. You may even take a loan for the construction of a house. Moreover, it is interesting to know that PMAY also applies for upgrading a ‘kutcha’ house to a ‘pucca’ house under the Credit Linked Subsidy Scheme (CLSS) component.

The preferential and key beneficiaries under PMAY are;

  • Scheduled castes and scheduled tribes
  • Economically Weaker Section (EWS) of the society
  • PMAY is applicable to borrowers belonging to the:
    • Economically Weaker Section (EWS - with a maximum annual family income of Rs. 3,00,00)
    • Low Income Group - (LIG - with maximum annual family income of Rs. 6,00,000) and
    • Middle Income Groups (MIG - I & II - with a maximum annual family income of Rs. 18,00,000)


Provisions have also been made for widows, transgender, senior members and differently able individuals.

Pradhan Mantri Awas Yojana takes a giant stride to help fulfill your dream of owning a home. It energizes your enthusiasm to approach a bank or a private housing finance company for a home loan given the fact that EMIs can turn out to be more affordable.


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