PMAY - Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana or PMAY was introduced by the Ministry of Housing & Urban Affairs in line with the vision of our Honourable Prime Minister “Housing for All by 2022”. Urbanrise was first amongst the real estate developers who took up the initiative to provide Aspirational Homes to rising urban market in Chennai and Hyderabad. The Ministry of Housing & Urban Affairs has set a deadline of March 31, 2022, to build fair priced quality homes across 25,000 cities and towns in 26 states across the country. This scheme is for the benefit of the economically weaker sections, the lower-income groups, the urban poor and the rural poor.
Urbanrise is striving hard to work towards the mission of giving homes to the aspiring EWS and LIG Indians across Chennai and Hyderabad.

PMAY Eligibility Calculator

Have you availed central assistance under any housing scheme from Govt. or any benefit under PMAY?

Any of your household member or you own a pucca house anywhere in India?

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Is adult female part of applicant's household?

  • Congratulations!

    You may save

    1,45,301

    on your Home Loan, under PMAY!

    Subsidy Category - MIG-II

  • Effective Interest Rate

    %

    Net Reduction in EMI



Frequently Asked Questions

According to the census 2011 report, India has 24.67 crore households in which 68% of the population live on urban and 32% rural areas. On considering these accounts, 69% of the city's population live in their own home. The rest of the remaining percentages of people are still dreaming about their own home. The government has created a scheme called "Housing for all", most fruitful welfare program in the hope of transforming the developing country India for better sunshine.
The Housing and Urban Development Corporation has been implementing this scheme in the state with the help of National Housing Bank, Central Rural Development, Tamil Nadu Slum Clearance Board and other department’s assistance to improve the livelihood of the urban and rural population.
  • You can get the benefit of your Pradhan Mantri Awas Yojana based on the income, property availability and approach under that specified category.
  • They should not own a pucca house in India.
  • Considering married couples, either one of the family members can be qualified to avail the scheme. However, Economically Weaker Section & Low-Income Group, these two segments cannot be implemented without women's equal participation. They have collective rights to activate the scheme.
  • The beneficiary's family should not have any help under the Indian Government's housing scheme under the Central Assistance and Pradhan Mantri Awas Yojana.

 

 

Category

(EWS - Economically Weaker Section)

&

(LIG - Lower Income Group)

 

 

 

Middle Income Group

 

Type of section

Economically Weaker Section

Lower Income Group

 

Middle Income Group - I

Middle Income Group - II

Maximum family income

Rs. 3 lakhs

Rs. 6 lakhs

Rs. 12 lakhs

Rs. 18 lakhs

Estimated subsidy for maximum loan

Rs.6 lakhs

Rs 6 lakhs

Rs 9 lakhs

Rs 12 lakhs

Subsidy interest

6.50%

6.50%

4.00%

3.00%

Maximum carpet area

30  sq.m /323 sq.ft

60 sq.m / 645 sq.ft

160 sq.m /1722 sq.ft

200 sq.m /2152 sq.ft

Purpose of availing

Home Buying / Self-construction / Renovation & Extension

Home Buying / Self-construction / Renovation & Extension

Home Buying / Self-construction / Renovation & Extension

Home Buying / Self-construction / Renovation & Extension

Project End Time

31/03/2022

31/03/2022

31/03/2020

31/03/2020

Maximum subsidy

Rs 2.67 lakhs

Rs 2.67 lakhs

Rs 2.35 lakhs

Rs 2.30 lakhs

Maximum period of time

20 Years

20 Years

20 Years

20 Years

Document type

Acceptable documents

Identity Proof

PAN card, Voter identity card, Aadhaar card, Driver's license etc.

Address Proof

Driver's license card, Electricity bill, Telephone bill etc.

Community Category Proof

Caste Certificates or OBC Certificate or Minority Community Certificate etc.

 

Nationality Proof

Passport, Adhar Card, Birth Certificate etc.

  1. Apply Interest through Prime Lending Institutions for a home loan with subsidy (Credit Linked Subsidy Scheme)
  2. To provide credit, they verify and qualify PMAY for a loan linked grant program.
  3. If the required basic information is fulfilled, the Housing Loan institution will submit the Loan Officer's claim to the Central Nodal Agency (CNA).
  4. Provides requests to the Central Sector Agency and releases subsidies through Housing Loans.
  5. Subsequently, India's home loans are adjusted by calculating the debtor's home loan account, thereby reducing the loaned outstanding and effective Equivalent Monthly Instalment (EMI).
Twenty-five million houses will be built at the end of 2022. According to the findings on 25 June 2015, around 31 million USD was allocated for the project.
  • Swachh Bharat Abhiyan - Clean India Mission
  • Saubhagya Yojana - Electricity to all households
  • Ujjwala Yojana - Free liquefied petroleum gas connections
  • Accessibility of pure drinking water
  • Pradhan Mantri Jan Dhan Yojana – Zero balance account for every citizen
The project is functioning under two sections.
  1. Pradhan Mantri Awas Yojana - City (Urban)
  2. Pradhan Mantri Awas Yojana - Village (Gramin)
The main benefits of pradhan Mantri Awas Yojana for your attention.
  • This program forwarded with the main objective called credit-linked subsidy
  • Nearly 2 crore homes are received by urban residents. Moreover, 60% of people benefit from the rural areas. Due to this, living standards for Indian citizens are improvising
  • Priority Paid Interest Grants benefit. Typically, interest rates for the home loan offer more than 10% of the PMAY project in banks, and 6.5% subsidy per person.
  • More women beneficiaries will be rewarded under the low-income division
  • Interest subsidy is available for a maximum period of 20 years
  • No gap between the amount of loan or amount of property is available
  • Net Present Value (NPV) of interest subsidy is estimated at 9% of the discount rate
  • If there is anything in the non-subsidized rate, additional debt beyond specific limits
  • It has been emphasized that the construction of houses under this scheme should be eco-friendly to appreciate the environment.
  • Pradhan Mantri Awas Yojana has fulfilled thousands of people's own home dream in India today. The government has reduced GST from 12 % to 8 % to attract and benefit the future beneficiaries of this scheme.
  • For the first time, the homebuyer must pay 8% GST for a home loan with the CLSS.
The Credit Linked Subsidy Scheme(CLSS) is launched by Prime Minister Narendra Modi under "Pradhan Mantri Awas Yojana" in 2015 to gratify the dreams of the commoners of India and to achieve the goal “Housing for all" by 2022.
Under CLSS, the Economically Weaker Section people, Low-Income Group and Middle-Income Group are the ones which will be benefitted.
In the present budget 2019 session, few statements were filed to improve Pradhan Mantri Awas Yojana, as the scheme is to come up with essential modification into force within a few months. As a result, the carpet area, has been increased in some sectors. Changes have been made to attract more people who have no idea of owning home yet.
The project is especially focusing on Economically Weaker Section and/or Low Income Group /Middle-Income group I & Middle-Income group II. Apart from buying a home, you can benefit from the extension, renovation and other construction work of the project.
There are a few qualifications to pass to get a home loan successfully through CLSS. For example, the applicant's family income should not be more than Rs. 18 lakh per year and the maximum carpet (area of the walls) is 150 square meters worth of subsidies. Tax exemptions are available for low-cost housing projects. Anyone who does not meet the above requirements must pay 12% GST.
According to the Government's approval, the carpet area of the property is increased from 120 square meters to 160 square meters.
The carpet area has been increased from 150 square meters to 200 square meters.
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