PM Awas Yojna

Pradhan Mantri Awas Yojana (PMAY) is a central government scheme aimed at providing housing to all in urban areas by 2022. The PMAY Mission provides central assistance in various states and union territories to provide housing to all eligible families and beneficiaries. PMAY mission has been implemented in various agencies including bank. The categories are classified according to annual income and household size under the PMAY scheme.


The PMAY scheme provides a large number of families across the country the opportunity to purchase housing at low prices. This is done through interest grant. The beneficiary families of the Pradhan Mantri Awas Yojana receive a deposit or interest grant on their home loan. The amount of interest subsidy is based on the income group of that family.


As per the specifications of the scheme, only families deprived of pakka house are eligible to apply to avail the Pradhan Mantri Awas Yojana. Neither the applicant nor any member of his family should have a pucca house in any place of India for eligibility to get the benefit of PMAY scheme. In addition, the PMAY scheme may include husband, wife, unmarried sons and / or unmarried daughters in the beneficiary family. According to the 2011 census for PMAY housing loans, the property should be located in the statutory cities. The funds received from the scheme should be used by the beneficiary families to purchase a new house or to construct an existing kaccha or semi-pakka house.


Interest subsidy for EWS / LIG / MIG will be based on the following components:

EWS: Rs. Annual household income up to 3 lakhs and houses up to 30 square meters in size. LIG- Rs. Annual household income from 3 to 6 lakhs and houses of size up to 60 square meters.

MIG I – Defining families whose annual income is Rs. 6,00,000 /- to Rs. Up to Rs.12,00,000 /-.

MIG II – Defined families whose annual income is Rs. 12,00,001 / – (Rs. Twelve lakhs) to Rs. 18,00,000 / – (Rs. Eighteen lakhs). Under this scheme, the carpet area of ​​the house should be up to 160 square meters. for MIG-I beneficiaries and up to 200 square meters.

Beneficiaries, up to Rs. 18,00,000 / – (Rs. Eighteen lakhs). Interest subsidy will be at the rate of 4.0 (four) per cent and 3.0 (three) per cent respectively on the principal amount of the loan. For MIG I and MIG II borrowers / beneficiaries and Rs 9.00 (for MIG I as the case may be) under this grant Nine) Lakh and for MIG II Rs. 12.00 (Twelve) lakhs. Maximum loan amount, irrespective of the total loan term, will be admissible for interest grant for 20 (twenty) years. or for the entire duration of the loan, whichever is less. In both these schemes, advance interest subsidy is payable.

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