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How to Avail Home Loan Subsidy under Pradhan Mantri Awas Yojana


The government of India started Pradhan Mantri Awas Yojana in June 2015 to give Indian city dwellers a “Home for All” by the end of 2022. The government has given Rs. 2,000,000,000 to help with this.

The PMAY goal is divided into four main parts:

  • Rehabilitating existing slum dwellers with the help of the private sector
  • Enhancing and developing houses of legatees
  • Promoting low-cost housing for weaker sections with the help of a credit-linked subsidy
  • Low-cost housing built by the government and the private sector together

How to Get a Home Loan Subsidy under the Pradhan Mantri Awas Yojana?

To get a subsidy on your home loan through the PMAY programme, you must do one of the following:

Find out if you are eligible for a PMAY mortgage subsidy before you apply (EWS, MIG, or LIG). How much carpet you can get through the PMAY programme depends on how much money you make. You can use an online PMAY Subsidy Calculator to determine how much you can make on your mortgage.

The online application for the Pradhan Mantri Awas Yojana is made. The PMAY form can be filled out and sent online and in person. Even though sending in a paper form takes a lot of work, you can send in an online payment form by following the steps below:

  • PMAY-HFA (Urban) is the main page of the PMAY website (pmaymis.gov.in)
  • Choose “Citizen Assessment” and the area where you want to apply for the programme.
  • Please enter your Aadhaar card information to link it to your profile (this is mandatory)
  • You’ll be taken to a form where you’ll have to give more personal information.
  • Click “Save” to save your PMAY form for later use.

Choose the subsidy option for a home loan when you fill out your loan application. After filling out the PMAY form, the user must contact a bank or NBFC (offline or online). Along with the PMAY form, the lender must submit other documents, such as proof of income, information about assets, information about the land, information about co-applicants, etc.

PMAY’s Core Components

  • The Pradhan Mantri Home Loan Subsidy Scheme is made up of the following key parts:
  • The interest rate on home loans will go down to 6.5% APR for terms of up to 15 years.
  • People with old or disabilities will get homes on the ground floor.
  • In the third step of the plan’s three-step process, 4041 municipal municipalities will be set up.

PMAY Financial Aid

The main goal of the PMAY Scheme is to help the least developed parts of India as much as possible while also making them stronger and better. PMAY gives the following grants to help with this:

  • Every PMAY member gets a stipend from the government, which is often more than Rs. 100,000.
  • Each PMAY member would get a central relief payment of Rs 150,000. This would increase the number of homes available.
  • LIG and EWS get a 50% subsidy through CLSS, which stands for Credit-linked Subsidy Scheme.
  • The poor people in cities will get Rs. 150,000 to fix up their homes and build new ones.

Qualifications for the PMAY

  • Mortgage loans are the only loan to get help from the PMAY CLSS subsidy.
  • Under this program, the most you can borrow is INR 6 Lakhs.
  • The most the customer can get is INR 2.67 lakh in subsidies.
  • Most recipient households have two single children, a wife, and a husband. Even though the adult wage earner is not married, the family could still be called a typical MIG household.
  • Nowhere in India should a house that is welcoming have a pucca house.
  • Since the married couple owns the pucca home together, they will only be eligible for one PMAY subsidy.
  • The PMAY program’s benefits can only be used by families who have never gotten help from a government-run housing programme.
  • Borrowers who have used balance transfer options in the past for their mortgage loans can’t get the incentive.
  • Families who want PMAY funds for MIG projects must give their Aadhaar numbers.

How do I get the Benefits of the Pradhan Mantri Awas Yojana?

To make sure that people can use the product it’s meant for. The process of the application was made easy. It’s not too hard to fill out an application.

  1. Submit your application for a home loan at a bank or non-bank financial institution (NBFC) that offers the subsidy and meets your needs best.
  2. Go to the PMAY website to get the application for the subsidy programme.
  3. Print the file and fill in all the important fields.
  4. Give the completed application and any other paperwork that is needed to a nearby business that will take it.
  5. If eligible, your request will be sent to CNA.
  6. If CNA approves your application, you will get a subsidy using the money you received from the lender.
  7. The money from the subsidy will be sent to your mortgage account to lower the total amount you owe.

When a woman is the only one in the family who brings in money, she will get her way. The government also gives people who are old or have disabilities more help. Institutions in India, such as housing boards, development agencies, and urban municipal governments, are helping with this project. “Home for All” is another name for the PMAY programme.


The Union Cabinet has extended the Pradhan Mantri Awas Yojana-Urban (PMAY-U) programme until December 31, 2024, except for the Credit-Linked Subsidy Scheme (CLSS). For MIG I and II under PMAY U, the CLSS vertical was good until March 31, 2021. For LIG/EWS, it was good until March 31, 2022. During this long time, no new homes will be allowed to be built. Visit the website for Piramal Finance to learn more about the PMAY or Pradhan Mantri Awas Yojana.