Get
a call
Get
The App

Download the App Now

Get the App

Pradhan Mantri Awas Yojana

Time bound process of the submission of your subsidy application

The Pradhan Mantri Awas Yojana (PMAY) allows eligible first-time home owners to claim subsidies against the purchase of their first property subject to its norms. If you dream of owning a home via PMAY and have applied for a home loan with Piramal Capital & Housing Finance then our team of experts can help you through every stage of the application process.

Once your subsidy is approved, it is adjusted against your home loan automatically, making purchasing your dream home even more affordable. Our dedicated relationship managers are also available when you need them to answer any questions that you may have about the home loan application process or about the PMAY and its status. With interest rates as low as 6.5% thanks to a credit-linked subsidy, home ownership is now more affordable than ever before. All the other benefits of a home loan from Piramal Capital & Housing Finance such as flexible tenures and installments are also active, to help make home ownership affordable.

Key Features of PMAY

Subsidies up to ₹ 2.67 lakh for loan amounts within ₹ 6 lakh.
If the annual household income is less than ₹ 6 lakh, a maximum loan of ₹ 6 lakh at 6.5% interest can be availed under PMAY.
If the annual household income is between ₹ 6 lakh and ₹ 12 lakh, then a maximum of ₹ 9 lakh can be availed at 4% interest.
If the annual household income is between ₹ 12 lakh and ₹ 18 lakh, then a maximum loan of ₹ 12 lakh can be availed at 3% interest.

Scheme Details

CLSS Scheme Type Eligibility Household Income(₹) Carpet Area-Max(sq. ft.) Interest Subsidy (%) Subsidy calculated on a max loan of Loan Purpose
EWS and LIG Upto ₹ 6,00,000 646 sq. ft. 6.50 % ₹ 6,00,000 Purchase/Self Construction
MIG 1 ₹ 6,00,001 to ₹ 12,00,000 1722 sq. ft. 4.00 % ₹ 9,00,000 Purchase/Self Construction
MIG 2 ₹ 12,00,001 to ₹ 18,00,000 2153 sq. ft. 3.00 % ₹ 12,00,000 Purchase/Self Construction

Eligibility

  • Salaried
    • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
    • In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
    • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

    Age

    • Minimum Age- Minimum Age- 21 years
    • Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)
      Income contributor (Others) - 62 yrs (or restricted to retirement age)

    Employment Type

    Working in a
    • Govt. institution
    • Public Sector Undertaking
    • Private Sector Companies such as Limited Companies / Private Limited companies
    • MNC
    • Partnership firm / LLP
    • Proprietorship concern (Individual / HUF)
    • Institutions run by Trust / NGO / Society / others

    Documents needed

    • Income Tax Returns for the latest 2 years
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.
  • Self-employed
    • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
    • In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
    • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

    Age

    Minimum Age- 23 years

    Maximum Age- 70 years

    Employment Type

    • Self Employed Professionals: Qualified doctor (MBBS/MD/MS), CA and Architect.
    • Self Employed Non-Professionals, Business Owners, Proprietorship, Partners of Partnership Firm and Promoter/Director of closely held private and public limited companies.

    However, Director of listed Public companies will be treated as Salaried

    Documents needed

    • Last 2 Years ITR With Compitation / CA Audited Financials Where Ever Applicable
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months.
    • Documentation pertaining to the property offered as collateral.

Interest Rate

Interest Rate
Customer Type Rates
Salaried / Self Employed Interest Rates starting from 10.50%* p.a
Fees & Charges
Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate
Schedule of Fees & Other Charges Details
Processing Fees
  • Home Loan: Processing Fees up to 3 % of Loan amount + applicable taxes (payable before disbursement of Loan)
  • On cancellation or withdrawal or rejection of loan application (prior to handing over of loan cheque) minimum of ₹ 5000/- + applicable taxes or the initial processing fee, whichever is lower, will be held back
Part Payment/Pre-closure charges
  • Home Loan (for the purpose other than business) availed by Individual/s at Floating Rate of Interest: No charges.
  • Home Loan availed by Individual/s at Fixed Rate of interest: 2% of principal amount of Loan being prepaid+ applicable taxes. No prepayment charges shall be payable for partial or full payments made from own sources. The expression “own sources” for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution. The Borrower will be required to submit such documents that the Lender may deem feet and proper to ascertain the source of the fund.
  • Home Loan availed by Non-individual as a borrower at a Floating or Fixed Rate of Interest: 2% of principal amount of Loan being prepaid+ applicable taxes.
Loan repayment instrument dishonour charges ₹ 500/- + applicable taxes
CERSAI charges ₹ 500/- + applicable taxes
Loan Pre-closure Statement ₹ 1000/- + applicable taxes
List of documents deposited with the Lender ₹ 500/- + applicable taxes
Loan Repayment Schedule ₹ 500/- + applicable taxes
Change of Loan repayment mode ₹ 500/- + applicable taxes
"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" ₹ 5000/- + applicable taxes
No Due Certificate issuance charges 1st time free; subsequently ₹ 500/- + applicable taxes
Statement of Account Free once a year; subsequently ₹ 500 + applicable taxes
Photocopy of documents ₹ 500/- + applicable taxes
Retrieval of original property documents ₹ 500 + applicable taxes
Additional Charges 2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes
For detailed fees & charges and other Terms & Conditions click here

Documents

  • Salaried

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name

    Proof of Income

    • Last 3 Months Salary Slips
    • 2 Years Form 16.
    • 6 Month Bank Statement With Salary Credit
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name and address.

    Co-applicant

    Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases

    • spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)
  • Self-employed

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card

    Proof of Income

    • Last 2 YEARS ITR With Computation.
    • CA Audited Financials Where Ever Applicable
    • 6 Months Primary Bank Statement

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.

    Co-applicant

    Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases

    • Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)

Frequently Asked Questions

  • What is PMAY & Does PCHFL offer Loan under PMAY scheme?

    PMAY stands for Pradhan Mantri Awas Yojana which is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government of India with the aim of making affordable housing available to various sections of the society.

    PCHFL does offer Home Loans under PMAY scheme.

  • PCHFL does offer Home Loans under PMAY scheme.
    • A beneficiary family not owning a Pucca house (an all-weather dwelling unit) in any part of India is eligible for this subsidy subject to various criteria as defined for the family under various schemes for EWS/LIG/MIG-1 and MIG-2.
    • Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house.
  • What are the documents required to apply for the Pradhan Mantri Awas Yojana Subsidy Scheme?

    To avail the PMAY subsidy, you will need to submit:

    • Identity Proof
    • Address Proof
    • Proof of income
    • Property documents
  • What is the maximum tenure for which PMAY subsidy is applicable?

    The Pradhan Mantri Awas Yojana subsidy scheme is applicable for a maximum tenure of 20 years.

  • How long does it take to get the PMAY subsidy?

    Considering the numerous applicants of the Pradhan Mantri Avas Yojana, the subsidy will be received within 3-4 months after the government runs a thorough check on the submitted documents.

  • How does the Pradhan Mantri Awas Yojana subsidy work?

    Under the PMAY scheme to provide affordable homes, the government will provide an interest subsidy of 6.5% on housing loans for a 20-year tenure.

  • Is it possible to avail PMAY subsidies after a balance transfer?

    A borrower can avail subsidies under the Pradhan Mantri Avas Yojna when they first acquire or construct the house. While the borrower can transfer the home loan balance, they will not be eligible to avail the subsidy upon the balance transfer.

  • How can I check my PMAY application status?

    You can track your PMAY application status on the NHB website www.pmayuclap.gov.in using the application i.d provided by PCHFL.

From homeowner’s heart