PMAY - Frequently Asked Questions
Who can avail Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme?
A beneficiary family
• Provided that he / she does not own a pucca house (an all-weather dwelling unit) in his / her name in any part of India
• Provided also that in the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme
What constitutes Household/Beneficiary family?
• A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters
• An adult earning member (irrespective of marital status) can be treated as a separate household
What are the income norms for various categories?
The income norms for various Household categories are defined as under:
• EWS households/individuals with an annual income up to Rs. 3.00 lakh
• LIG households/individuals with an annual income more than Rs. 3.00 lakh and up to Rs. 6.00 lak
• MIG I households/individuals with an annual income more than Rs.6.00 lakh and up to Rs.12.00 lakh
• MIG II households/individuals with an annual income more than Rs12.00 lakh to INR 18.00 lakh
What are the documents required to apply for the PMAY subsidy scheme?
Following documents needs to be submitted to avail PMAY subsidy scheme:
• Declaration Form (Stamp duty to be the same as Affidavit, as per State Laws)
• Permanent Account Number (PAN). If PAN is not assigned, Form 60 is required.
• Aadhaar Number all the applicants in the Beneficiary family (For MIG I & MIG II category)
• Income proof of the applicant [Applicable Income Proof documents - ITR or Form 16 (1 year)/ Salary Slip (Gross Monthly Salary*12)].
• PMAY Addendum (Stamp duty to be the same as Top-up addendum, as per State Laws)
• End-Use Undertaking Certificate
How will I receive the interest subsidy benefit under Pradhan Mantri Awas Yojana?
Once the loan amount is disbursed subject to eligibility, BHFL will claim the subsidy benefit the subsidy for eligible borrowers from NHB (National Housing Bank).
For all eligible borrowers, the subsidy amount would be paid to BHFL. Once BHFL receives the interest subsidy, it will be credited upfront to the loan account and EMI will be readjusted.
Is there any limit to the loan amount or the property value?
There is no limit to the loan amount, however interest subsidy will be calculated on a maximum of Rs. 6 lacs for EWS/LIG, Rs. 9 lacs for MIG I and Rs. 12 lacs for MIG II.
Also, there is no limit to the property value but there is a limit to the carpet area for each of the category.
The carpet area of houses being constructed or enhanced under this component of the mission should be up to 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.
The maximum carpet area of the dwelling unit is 120 sq.m./1291.67 sq. feet for MIG I category and 150 sq.m./1614.59 sq. feet for MIG II category.
What is the interest subsidy applicable for each of the category?
The applicable interest subsidy on the eligible loan amount for each of the category is given below:
a.) EWS/LIG: 6.5%
b.) MIG I: 4%
c.) MIG II: 3%
What is the maximum tenure on which the PMAY subsidy is applicable?
The PMAY subsidy is applicable for a maximum considered tenure of 20 years. BHFL can offer tenor as per existing policy however, subsidy will be calculated, lower of
a) 20 years
b) Offered tenor by BHFL
Are there any additional eligibility norms apart from income, first pucca house and carpet area norms?
The property should have basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity etc.
Is it required to provide the Aadhaar card details for all the members of the beneficiary family?
Yes. To process the case under PMAY scheme for MIG I & MIG II categories, it is mandatorily required to provide the Aadhaar card details of all the applicants in the beneficiary family
What is the processing fee to avail the scheme?
BHFL will not take any processing charge from the beneficiary for eligible housing loan amount as per income criteria under the Scheme. For additional loan amounts beyond the eligible loan amounts for interest subsidy, processing fees will be charged by BHFL.
Whether repairing work to the existing house is covered for benefit under the Scheme?
Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation to make it into a pucca house. However, this is applicable only for applicants in the EWS and LIG categories.
What is the TAT(Turn Around Time) for Foreclosure Statement?
The TAT for issuance foreclosure statement is typically 12 working days.