Pradhan Mantri Awas Yojana is Here: It’s Time to Rejoice Home Buyers


Buying a beautiful home is a dream of many? Don’t you agree with the same? I am sure you are, isn’t it? Now, when it comes to buying a home, some buy their first home, while on the other hand, some want to buy another. But, one thing that needs to be mentioned here is the fact that home buying is something which is not everyone’s cup of tea. It is no doubt a tedious as well as a time-taking task. If we talk about a common man, a middle-income group, this section while looking for a home usually blames the government and thinks that government doesn’t care about them, thus they are completely on their own. Well, now no more worries as Pradhan Mantri Awas Yojana (PMAY) is the answer of all.

Yes, in the past few months, I am sure you must have heard about the same in the news. So, what is so special about the same? What’s the hype about it? Is it just another lofty Government subsidy programme? Well, all you need to do is just hold your queries right there and read the article below to find the answers of all your questions…

What is PMAY?

A scheme launched by Prime Minister Narendra Modi, designed to enable ‘Housing for All’ by the year 2022. Under the scheme, the Government’s aim is to construct more than 2 crore houses across the length and breadth of the country within a stipulated period of next 7 years.

     Who are the Target Beneficiaries of the Scheme?

The scheme mainly targets the poor and people belonging to specific groups from the society.

  • Women, irrespective of caste and religion
  • EWS (Economical Weaker Section of Society)
  • LIC (Lower Income Group)
  • Medium Income Group 1 (MIG 1)
  • Medium Income Group 2 ( MIG 2)
  • Scheduled Tribes (ST)
  • Scheduled Casts (SC)

What are the three substantial phases?

Phase 1: Phase 1 would span from April, 2015 to March, 2017. During this phase, a total of 100 cities would see the developmental work started.

Phase 2: The phase 2 would span from April, 2017 to March, 2019. During this phase, a total of more than 200 cities will be covered.  

Phase 3: The phase 3 would span from April ,2019 to March, 2022. During this phase, the left over cities would be covered.  

What is the Interest Subsidy in Awas Yojana?

People belonging to different categories will get different interest subsidies.

Category           Interest Subsidy         Loan Amount (in ₹)             Carpet Area Sq Mt

EWS                    6.50%                          6 Lakh                                       30

LIG                      6.50%                          6 Lakh                                        60

MIG 1                   4%                               9 Lakh                                       90

MIG 2                    3%                              12 Lakh                                     110

How much subsidy applicants can get?

The Government would be granting the subsidy to the people belonging to different categories so that they can easily own their dream home. The subsidy amount ranges from ₹1 Lakh-₹2.30 Lakh

What is the maximum loan tenure?

The maximum loan tenure under this scheme is 20 years.

What is the limit of the loan amount that can be availed under PMAY?

There is no limit on the loan amount under PMAY. Though the loan eligibility will be decided by the bank based on various factors and the subsidy benefit will be limited to a specific loan amount.

From where PMAY can be availed?

You don’t need to worry as 70 Financial Institutions in partnership with NHB (National Housing Bank) are PMAY- ready. You just need to get the form and get started.

Can Balance Transfer be availed under PMAY?

No, you can not avail BT under PMAY.

Is there any toll-free number for PMAY?

Yes, to ensure that all your queries and concerns can easily be solved, below are the toll-free number you can dial anytime.




Key Highlights of Pradhan Mantri Awas Yojana

  • An average of ₹1 Lakh would be granted by the Government to all the beneficiaries.
  • An interest subsidy of 6.5% would be given through CLSS to each beneficiary belonging to EWS LIG categories.
  • A Central Government assistance of ₹1.5 Lakh will be given to each beneficiary for promoting housing stock.
  • Also, ₹1.5 Lakh will be given to all eligible urban poor who want to construct their home in urban areas.

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