Ab ghar ka sapna, sabka hoga pura!
Pradhan Mantri Awas Yojana (PMAY) envisions our honorable Prime Minister Shri Narendra Modi's mission of housing for all by the year 2022. Under this scheme, interest subsidy on purchase of house is provided to customers belonging to Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group - 1 (MIG-1) and Middle Income Group (MIG-2).
Subsidy upto 2.67 lacs is provided under PMAY for Home Loans from banks such as SBI, ICICI, HDFC, Citi Bank, Axis Bank and other top Loan Providers in India. The subsidy percentage varies between 3-6.5% per annum (p.a.) depending upon many factors which we shall discuss below.
Who are eligible for subsidy under PMAY Scheme?
The following is the eligibility criteria for subsidy under PMAY Scheme :
- Any household with an annual income between Rs. 3-18 lacs can apply for this scheme.
- The applicant or any other family member cannot own a pucca house in any part of the country.
- The beneficiary cannot avail PMAy benefits on an already built house.
- If the applicant is married, either of the spouses can get a subsidy or both of them can jointly get a single subsidy.
Subsidised Interest Rate Chart for Different Sections
| Parameters | Middle Income Group-1 (MIG-1) | Middle Income Group-2 (MIG-2) | Lower Income Group (LIG) | Economically Weaker Section (EWS) |
| Household Annual Income | Rs. 6-12 lakh | Rs. 12-18 lakh | Rs. 3-6 lakh | Upto Rs. 3 lakh |
| Subsidy on Home Interest Rate | 4% per annum (p.a.) | 3% per annum (p.a.) | 6.5% per annum (p.a.) | 6.5% per annum (p.a.) |
| Eligible Loan Amount for Subsidy | Rs. 9 lakh | Rs. 12 lakh | Rs. 6 lakh | Rs. 6 lakh |
| Maximum Amount of Subsidised Interest | Rs. 2.35 lakh | Rs. 2.30 lakh | Rs. 2.67 lakh | Rs. 2.67 lakh |
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