PM Awas Yojana 2021 - 2022
| Income Groups | Economically Weaker Section (EWS) Low Income Group (LIG) Medium Income Group (MIG) |
| Maximum Home Loan Amount | ₹ 6 Lakh to ₹ 6 Lakh |
| Interest Subsidy | 3% to 6.50% |
| Eligible Interest Subsidy Amount | ₹ 2.30 Lakh to ₹ 2.67 Lakh |
| Eligible Carpet Area | 30 sq. m. to 200 sq. m. |
| Maximum Annual Income | Upto ₹ 18 Lakh |
Interest subsidy and carpet area eligibility depends on the income group of the borrower.
Income group for a borrower changes based on his/her income.
Pradhanmantri Awas Yojna
Pradhan Mantri Awas Yojana was launched on 1 June 2015 to provide affordable housing to the urban poor. It is a Credit Linked Subsidy Scheme (CLSS), which means beneficiaries under PMAY scheme are eligible for interest subsidy if they avail a loan to buy or construct a house. The mission of this scheme is to provide housing to all by the end of 2022.
Awas Yojana Benefits
Those who are eligible under this scheme will get subsidy on home loan interest rates. The details such as subsidy rate, maximum loan amount and other details have been given in the table below:
| EWS | LIG | MIG I | MIG II | |
|---|---|---|---|---|
| Maximum Annual Income of the Applicant | Up to ₹ 3 Lakh | ₹ 3 - 6 Lakh | ₹ 6 - 12 Lakh | ₹ 12 - 18 Lakh |
| Interest Subsidy | 6.50% | 6.50% | 4.00% | 3.00% |
| Maximum Home Loan Amount | ₹ 6 Lakh | ₹ 6 Lakh | ₹ 9 Lakh | ₹ 12 Lakh |
| Maximum Interest Subsidy amount | ₹ 2.67 Lakhs | ₹ 2.67 Lakhs | ₹ 2.35 Lakhs | ₹ 2.30 Lakhs |
| PMAY Carpet area (Max) | 30 sq. m. | 60 sq. m. | 160 sq. m. | 200 sq. m. |
Please note that tenure of home loan is up to 20 years and the net present value is evaluated at a discounted rate of 9% of the interest subsidy.
PMAY Features
The main features and benefits of PMAY scheme are mentioned as follows:
Pradhan Mantri Awas Yojana Urban
The details of Pradhanmantri Aavas Yojna urban scheme including features, benefits, and eligibility criteria are given below:
Features & Benefits of PMAY Urban scheme
The main features and benefits of PMAY Urban Scheme are:
Eligibility Criteria 2021-2022
The eligibility criteria of PMAY Urban are mentioned below:
Beneficiary List for PMAY Urban
Documents Required for PM Urban Awas Yojana
FAQs
How to Apply for the PM Awas Yojana Online?
You can apply for PMAY online by visiting the official website of PMAY. The process begins with AADHAR Verification by entering the 12-digit Aadhar number under the ‘Citizen Assessment’ option. After verification, fill in all personal details in the application form and click the ‘save’ button. On successful application, you will be allotted a system generated application number, that can be used for future reference.
How to claim PMAY subsidy?
You can claim PMAY subsidy by buying a home that is suitable to your income, and that meets the carpet area requirements set under the scheme. Further, to claim subsidy, you need to apply as an unmarried person or as a family representative that holds an annual family income of less than ₹ 3 Lakh, and none owns a pucca house assigned under his or her name.
Is PMAY applicable for resale flats also?
PMAY is applicable for resale flats also, however, the loan availed by the applicant should be dated after May 2016. Further, the applicant must not hold any previous home under his or her name and must be a new home loan applicant.
Is PMAY scheme applicable for Home loan balance transfer also?
A home loan balance transfer allows home loan borrowers to shift to a lower interest rate on the outstanding balance amount by switching lenders. However, in the case of PMAY, this provision is applicable only for home loan borrowers who availed a loan after June 17, 2015.
How to check your name in PMAY 2021 Beneficiary List?
You can check your name in PMAY 2021 Beneficiary List by following these steps:
Step 1 : Visit the official website – pmaymis.gov.in.
Step 2 : Click on ‘Search Beneficiary’
Step 3 : Enter Aadhaar number
Step 4 : Click ‘Show’
Is Pradhan Mantri Yojana available to existing home loan borrowers?
Existing home loan borrowers are eligible for this scheme, provided they fulfill all the relevant eligibility criteria.
What is the last date of Pradhan Mantri Awas Yojana application?
The last date to submit your application for Pradhan Mantri Aavas Yojana is 1 March 2022.
How to edit your details after submitting application for PMAY?
Visit the official website of Pradhan Mantri Awas Yojana and enter your application reference number along with Aadhaar details. Click on ‘Edit’ option. Do the changes and submit them again.
How can I check my PMAY List 2021?
Visit the official website – pmaymis.gov.in. Click on ‘Search Beneficiary’ and then enter your Aadhaar number. Click ‘Show’.
How can I check my PMAY Gramin list?
If you are applying for the PMAY Gramin scheme, you will receive a registration number. Then, visit the PMAY-Gramin official website. Enter the registration number. If your registration number is resent on the list, you can find other details.
What are the three phases of Pradhan Mantri Awas Yojana?
Phase 1 : 100 cities will be covered in selected states and UTs from April 2015 to March 2017.
Phase 2 : 200 additional cities will be covered from April 2017 to March 2019.
Phase 3 : Remaining cities will be covered from April 2019 to March 2022.
What are the Functions & Technology Sub-Mission of PMAY Scheme?
The Functions and Technology Sub-Mission of PMAY Scheme covers the following:
How does PM Awas Yojana work through the borrower’s bank?
After you submit the application, the bank will claim the subsidy benefits from the National Housing Bank, provided you are eligible for PM Awas Yojana Scheme. The NHB will then investigate whether anyone is making multiple applications under the scheme. Once confirmed, the subsidy amount will be given to the applicant’s bank. And then, the money will be transferred to the loan account.
List of Public Sector Banks Under PMAY Scheme
List of Private Sector Banks Under PM Awas Yojana
Popular Housing Finance Companies Under Pradhan Mantri Awas Yojana
Data Source: https://www.myloancare.in/
