5 Mins

What is PMAY?

The Pradhan Mantri Awas Yojana (PMAY) – Urban is a Credit Linked Subsidy Scheme launched by the Government of India on 25th June 2015. Under this Yojana, the Government ensures housing for all in urban areas. The scheme aims to provide pucca houses for all eligible citizens by 2022.

The scheme aims to provide housing for Economically Weaker Sections (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II). Under this scheme, the eligible citizens will get a subsidy on home loan interest for purchase or construction or improvement or extension of the home.

In the MIG-I category, the interest subsidy on a loan is 4% for a loan up to INR 9 lakhs. For the MIG-II category, the interest subsidy for a loan up to INR 12 lakhs is 3%. The individuals can take an additional loan if required; however, the interest rate is not subsidised for the additional loan amount.

You may also like to read Pradhan Mantri Awaas Yojana Gramin (PMAYG)

Who is eligible for PMAY?

The PMAY scheme aims to provide housing to the urban poor. It is a Credit Linked Subsidy Scheme (CLSS). This means that the beneficiaries are eligible for interest subsidy if they take a loan to construct or buy a house.

Following is the eligibility criteria for PMAY:
  • The applicant or any member of the family shall not own a pucca house in any part of the country.
  • A household with an annual income up to INR 18,00,000 can apply for the PMAY scheme. One can also include the annual income of their spouse while applying.
  • One cannot avail the benefits of PMAY on the already built house.
  • The individual and the family seeking PMAY, should not have availed any central assistance under any housing scheme. From either State or Central Government.
  • In accordance with the Census 2011 data, all statutory towns and towns notified subsequently are eligible for coverage under PMAY.
  • Senior citizens and differently-abled individuals are eligible for ground floor housing.
  • Married applicants can apply for the scheme as joint ownership or a single subsidy.
  • The completion of the house for which the loan is taken must be completed within 36 months of receiving the 1st instalment of the loan.

Pradhan Mantri Awas Yojana Beneficiaries

Income GroupAnnual IncomeMaximum Eligible Loan Amount
Economically Weaker Section (EWS)Up to INR 3 LakhINR 6 Lakh
Light Income Group (LIG)INR 3 to 6 LakhINR 6 Lakh
Medium Income Group (MIG1)INR 6 to 12 LakhINR 9 Lakh
Medium Income Group (MIG2)INR 12 to 18 LakhINR 12 Lakh

How do I check my PMAY?

To check PMAY application status, one needs to follow the steps below:

  1. Visit the official website of the PMAY scheme http://pmaymis.gov.in/.
  2. On the taskbar, click on the ‘Citizen Assessment’ option.
  3. Under this option, select ‘Track Your Application Status’ from the drop-down.
  4. By clicking the above option, one will be redirected to the ‘Track Application Status’ page.

On this page, the user will have to choose from either of the two options.

  • Option 1: By name, mobile number, and father’s name. By choosing this option, one will have to enter the details like state, district, and city one belongs to, along with the name, mobile number, and father’s name.
  • Option 2: Assessment ID. By choosing this option, one needs to enter the Assessment ID provided at the time of application. Additionally, one will also need to provide their phone number, as mentioned in the application form.

By clicking on any of the above two options, the user will know the status of their application. However, option 2 is simpler and faster than the first option.

How do I get PMAY benefits?

To take advantage of the PMAY scheme, one must apply for the scheme. Individuals can apply for PMAY through the official website. Following are the steps to get PMAY benefits:

  1. Visit the official website of PMAY at https://pmaymis.gov.in/.
  2. Under the ‘Citizen Assessment’ menu, select the ‘Benefit under other 3 components’.
  3. To proceed, enter the ‘Aadhaar’ number or ‘Virtual ID’ along with ‘Name as per Aadhaar’. And, click on check.
  4. This redirects the page to the Information Survey Page. One needs to fill in all the required details in the PMAY application form.
  5. Agree to the ‘Disclaimer’ by clicking on the check box, also enter the ‘Captcha’ and click on ‘Save’ to proceed.
  6. Upon successfully saving the application, one can print the online PMAY application form.
  7. To complete the process, an individual has to submit the PMAY application form along with all the supporting documents. These documents have to be submitted at the nearest Customer Service Centres or banks or financial institutions.

Furthermore, one can also apply for the PMAY scheme offline. By visiting the nearest Customer Service Centres, one can get the application form. One can get the form for a nominal fee of INR 25 + GST. They can submit the duly filled application form along with all the supporting documents at the CSC center.

How long does it take to get PMAY approval?

The Government verifies all the details provided by the applicant before granting subsidy on loan interest. Usually, it takes 3-4 months for the Government to verify the details and grant PMAY approval.

The first step in a PMAY home loan is to apply. Once the application procedure is complete, the applicant will get an application ID or assessment ID. This ID will help in tracking the status of the PMAY subsidy approval. Any applicant will have to go through 5 steps to get PMAY approval. Following are the steps.

  1. Unique application ID generation
  2. Primary Lending Institution (PLI) performs due diligence by
  3. Upload of subsidy claim on Central Nodal Agency Portal.
  4. Approval of subsidy claim
  5. Release of subsidy claim to the PLIs.

The individual can check the subsidy in their loan account statement once the subsidy claim is released. They will know if their subsidy is approved when the EMI for their loan is lower than the initial amount.

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