What is Pradhan Mantri Awas Yojana (PMAY)?
- Pradhan Mantri Awas Yojana (PMAY) is a Government of India scheme to provide Affordable Housing for All (HFA).
- Prime Minister Narendra Modi announced the scheme on 15 August 2015.
Objectives of the Pradhan Mantri Awas Yojana (PMAY)
- The scheme aims to build 20 million affordable homes for urban and rural poor by March 2022.
- Housing would be provided to poor urban populations (PMAY-U) and rural poor (PMAY-G or PMAY-R) under the Pradhan Mantri Awas Yojana program.
Features of The Pradhan Mantri Awas Yojana (PMAY)
- The scheme aims to provide affordable housing to economically challenged urban and rural populations in India by 2022, with priority given to women, minorities, and people from scheduled castes and tribes.
- Other minorities like widows, transgender people, and people from lower-income groups are also given preference under this scheme.
- Moreover, senior citizens can benefit if they apply for the ground-floor properties and the government approves their claims.
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Details
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Economically Weaker Section
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Low Income Group
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Medium Income Group I
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Medium Income Group II
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Range of annual income of the household
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INR 0 to INR 3 lakhs
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INR 300,001 to INR 6 lakhs
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INR 600,001 to INR 12 lakhs
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INR 12,00,001 to INR 18 lakhs
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Maximum amount of home loan which can be availed to claim an interest subsidy
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Up to INR 6 lakhs
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Up to INR 6 lakhs
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Up to INR 9 lakhs
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Up to INR 12 lakhs
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Available interest subsidy
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6.50% per annum
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6.50% per annum
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4% per annum
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3% per annum
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Maximum duration of the home loan
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20 years
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20 years
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20 years
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20 years
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Maximum carpet area of the dwelling unit
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30 square meters
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60 square meters
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160 square meters
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200 square meters
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Discount rate applicable for the calculation of the Net Present Value of the interest subsidy available under the scheme
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9% per annum
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9% per annum
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9% per annum
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9% per annum
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Maximum amount of interest subsidy available under the scheme
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INR 267,280
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INR 267,280
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INR 235,068
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INR 230,156
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Eligibility for The Pradhan Mantri Awas Yojana (PMAY) Scheme
A person is eligible for the Pradhan Mantri Awas Yojana (PMAY) subsidy if:
- They are categorised under the EWS, LIG, and MIG
- They do not own any pucca house before applying for the CLSS scheme
- They don't belong to a location not mentioned in the 2011 census
- The property papers have a woman's name, solely or jointly
- They have not availed any financial aid from any financial institution from any PMAY, CLSS, or other similar schemes to qualify for receiving subsidies
- Renovation or extension of an existing property is finished within thirty-six months from the date of the first instalment of the loan (only in case of renovation, if person wants to build or buy a new property this clause does not apply)
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Economic Sections
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Annual Income Range
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Eligible Subsidy (%)
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EWS
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Upto Rs. 3 Lakh
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6.5
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LIG
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Between Rs. 3 Lakh and Rs. 6 Lakh
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6.5
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MIG I
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Between Rs. 6 Lakh and Rs. 12 Lakh
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4
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MIG II
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Between Rs. 12 Lakh and Rs. 18 Lakh
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3
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How to Apply for The Pradhan Mantri Awas Yojana (PMAY) Scheme?
Here are the steps to apply for PMAY, both online and offline:
Apply for Pradhan Mantri Awas Yojana Online
- Visit the official PMAY portal at https://pmaymis.gov.in/ to start the application process.
- Scroll down to the 'Citizen Assessment' section.
- Select 'Benefit under 3 components' from the drop-down menu to proceed.
- Enter your Aadhaar details, as it's mandatory for the application process.
- Fill in your personal details, including your name, contact number, bank account number, and income details.
- Save the application form and enter the captcha code before submitting it.
- It's recommended to take a printout of the submitted application form for future reference.
Apply for Pradhan Mantri Awas Yojana Offline
If you wish to apply for the scheme through offline mode, follow these steps:
- Locate the nearest CSC office managed by the State Government.
- Obtain an application form from the office.
- Fill out the form with personal information, including your name, age, address, and income.
- Pay the application fee of Rs. 25 (excluding GST).
- Submit the completed application form to an authorized official at the CSC office.
Tax Benefits under Pradhan Mantri Awas Yojana (PMAY)
You might be wondering if the amount you have received under the Pradhan Mantri Awas Yojana (PMAY) subsidy is taxable or not?
No, the Pradhan Mantri Awas Yojana (PMAY) subsidy is fully exempt from tax. Below are the tax benefits one can avail:
- Section 80C - You can get deductions of up to Rs. 1.50 Lakh per year on the home loan principal repayment under section 80C.
- Section 24(b) - Deductions of up to Rs. 2 Lakh per year on home loan interest payments can be claimed under Section 24(b).
- Section 80EE - First-time homebuyers can avail yearly tax relief of up to Rs. 50,000 under Section 80EE.
- Section 80EEA - If your property comes under the affordable housing category, you can get deductions of up to Rs. 1.50 Lakh per year on home loan interest payment under Section 80EEA.
Documents required for the PMAY Scheme
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Documents Required for PMAY Scheme
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Salaried Applicants
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Self-employed Applicants
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Application form
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Required
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Required
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Proof of identity
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Pan Card is mandatory along with additional identity proof such as Aadhaar Card, Voter ID Card, Driving License, Passport, Photo Credit Card, or any other Photo-identity card issued by the government.
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Pan Card is mandatory along with additional identity proof such as Aadhaar Card, Voter ID Card, Driving License, Passport, Photo Credit Card, or any other Photo-identity card issued by the government.
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Proof of address
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Acceptable documents include a valid passport, Voter ID Card, Aadhaar Card, utility bill, rent agreement, life insurance plan, residence address certificate, savings bank account statement in post office, property tax receipts, credit card statement not older than three months, etc.
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Acceptable documents include a valid passport, Voter ID Card, Aadhaar Card, utility bill, rent agreement, life insurance plan, residence address certificate, savings bank account statement in post office, property tax receipts, credit card statement not older than three months, etc.
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Proof of income
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Six months’ bank statement, last two months' salary slip, and ITR or latest Form 16.
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ITR for the preceding two years, Profit & Loss and Balance Sheet information. Also, provide the last six months’ account statement for the business and a similar statement for personal bank account.
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Property documents
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Agreement to sell, a chain of property documents, the allotment letter or buyer agreement, and receipts related to any payments made to the developer.
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Agreement to sell, a chain of property documents, the allotment letter or buyer agreement, and receipts related to any payments made to the developer.
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Address Proof for Businesses
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Not applicable
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One document to prove the existence of an individual’s business is mandatory, such as a trade license certificate, Shops and Establishment Certificate, sales tax, PAN Card or VAT registration certificate, SEBI Registration Certificate, Memorandum of Association, Partnership Deed, etc.
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How to Check Your PMAY Application Status?
You can check the PMAY status online by visiting the official website of the PMAY scheme.
- Once the webpage opens, opt for the 'Citizen Assessment' and in that, opt for 'Track your Assessment status'
- You will be redirected to another page with 'Track Application Status'.
- After you click on the track application status, you will get two options as given below:
- By Personal Details: Provide your name, father's name, and mobile number. Select the city, town, state, or village from the dropdown list. Once you have provided the necessary details, you can view your PMAY status.
- By Assessment ID: Select this option, provide your contact details as prompted, including the contact number you used in your PMAY application form. Once you enter the number, you can view your PMAY status.
Wrapping up
The PMAY scheme was launched to boost the affordability of homes for those who do not have the means to own one. The scheme aimed to complete 20 million houses nationwide based on location and eligibility. However, if you’re not eligible and looking to take a loan, you can check out the Fi home loan calculator to get a clear picture of how much EMI you will need to pay, depending on your loan amount and duration.
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Frequently Asked Questions
1. What is the definition of a PMAY beneficiary family?
PMAY beneficiary families consist of the family members like husband, wife, and unmarried children. It should be noted that beneficiaries or these members should not be owning any pucca house before applying for PMAY scheme or any other similar schemes in any part of the country under any Central Assistance scheme.
2. What is Pradhan Mantri Awas Yojana (PMAY) subsidy?
PMAY subsidy is an interest subsidy offered to Pradhan Mantri Awas Yojana beneficiaries who apply for a loan to purchase or build a new house. The central government provides a Credit Linked Subsidy Scheme (CLSS) with an upfront interest subsidy ranging from 3% to 6.5% depending on the individual profile and category. The PMAY scheme provides the subsidy for loans taken to build, purchase, improve, or extend a house. The maximum subsidy on the interest amount is ₹2.67 Lakh, and the loan amount is provided over a period of twenty years.
3. Who is eligible for PMAY?
PMAY is eligible for those who belong to the economically weaker section (EWS), low-income group (LIG), and middle-income group (MIG) categories.
4. Can I apply for PMAY in 2023?
Pradhan Mantri Awas Yojana applications must be submitted by 31 December 2024.
5. How do I check my PMAY application ID?
To asses the application ID for PMAY, go to the official PMAY website and select 'Search Beneficiary.' Enter your Aadhaar number, and click on the 'show' button to see your PMAY Assessment ID.
6. How do I check my PMAY status?
- Once the webpage opens, opt for the 'Citizen Assessment' and in that, opt for 'Track your Assessment status'
- You will be redirected to another page with 'Track Application Status'.
- After you click on the track application status, you will get two options as given below:
- By Personal Details: Provide your name, father's name, and mobile number. Select the city, town, state, or village from the dropdown list. Once you have provided the necessary details, you can view your PMAY status.
- By Assessment ID: Select this option, provide your contact details as prompted, including the contact number you used in your PMAY application form. Once you enter the number, you can view your PMAY status.
7. Is Pradhan Mantri Awas Yojana (PMAY) subsidy taxable?
No, the Pradhan Mantri Awas Yojana (PMAY) subsidy is fully exempt from tax.
