• Apply now

Money in bank in 24 hours

Apply now

Buying your first home? Check your eligibility for PMAY

  • Highlights

  • Those with income up to Rs.3 lakh, Rs.6 lakh are eligible

  • Apply with income between Rs.12 lakh and Rs.18 lakh

  • Get interest subsidy from Rs.1.33 lakh to Rs.2.67 lakh

  • Women get preference under PMAY

PMAY or Pradhan Mantri Awas Yojana seeks to bridge the gap for those individuals who are not homeowners today, but want to purchase their own home by providing interest and tax subsidy. The immediate target of the government is to move 20 million urban poor unto a house of their own by 2022. The PMAY scheme has been well received and is regarded as a well-thought-out incentive for the low-income and mid-income groups in India. The fact that realtors are coming up with developments offering affordable housing is further fuelling the growth of the scheme.

To check if you too can apply under this scheme, see the Pradhan Mantri Awas Yojana eligibility criteria below. As PMAY covers a lot of groups/sections, the eligibility has been divided into various sections. They are:

1. Economically Weaker Section [EWC]

Any household where the income is less than Rs. 3 lakhs per annum falls under the EWS category. However, merely stating a claim is not enough; if your household falls under this category, you need to provide documentary evidence of the annual income to be able to apply. Here you get a maximum interest subsidy of Rs.1.33 lakh to Rs.2.67 lakh depending on your eligible loan amount. This amount is divided into Rs.3 lakh, Rs.6 lakh, and Rs.10 lakh.

2. Light Income Group [LIG]

The Light Income Group comprises households where the annual income ranges between Rs.3 to 6 lakh. The income of all members of the family is pooled together to determine whether you qualify for this category. You will need to prove your household income by presenting relevant documents. Here you get a maximum interest subsidy of Rs.1.33 lakh to Rs.2.67 lakh depending on your eligible loan amount. This amount is divided into Rs.3 lakh, Rs.6 lakh, and Rs.10 lakh.

Home Loan EMI calculator

3. Medium Income Group [MIG1]

The first of the Medium Income Group category, the household income cap to apply under this group needs to be below Rs.12 lakhs annually. Households under this category if listed on PMAY List of beneficiaries can avail a housing loan with subsidised home loan interest rates for an eligible loan amount up to Rs. 9 lakh. The total interest subsidy you can avail is Rs.2.5 lakh.

4. Medium Income Group [MIG2]

The second of the Medium Income Group category caters to households who have an annual income between Rs.12 lakh and Rs.18 lakh. These households are offered interest subsidy up to Rs. 2.3 lakh with an eligible loan amount of Rs.12 lakh.

5. Minorities

Individuals belonging to households from minority groups such as Scheduled Castes, Scheduled Tribes, and OBC sections are also considered under the PMAY scheme. To apply under this section, you need to provide relevant caste and income certificates. The differently-abled and transgender people are also given preference.

6. Preference to women

Women are given a lot of importance under the PMAY scheme and having a woman as a co-applicant is mandatory unless there is no female head in the family. Moreover, the scheme gives preference to women applicants, no matter whether they are single professionals, married, or widows. The total interest subsidy you can claim goes up to Rs.2.67 lakh. In the same vein, women also receive an added exemption on stamp duty and nominal home loan interest rates by lenders regardless of income.

7. Existing home loan borrowers

If you already have approval on your home loan application or if your home loan application is under review since January 2017, you will also be eligible for PMAY.

In an announcement made in January 2018, the government has slashed the GST rate from 12% to 8% for those qualifying for aid under the Pradhan Mantri Awas Yojana to further reduce the cost of housing.

Bajaj Finserv brings you pre-approved offers for personal loans, home loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Done with Bajaj Finserv.

PMAY subsidy scheme for MIG I & II category is not extended by regulatory. Category wise scheme validity is mentioned below:
1. EWS & LIG category is valid up to 31st March 2022
2.MIG I & MIG II category was valid up to 31st March 2021

The information, products, and services included in or available on bajajfinserv.in may include inaccuracies or typographical errors. Changes are periodically added to the information herein. bajajfinserv.in and/or its respective suppliers / affiliates may make improvements and/or changes on the bajajfinserv.in website at any time.
The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up

Product Guidance

A complete guide to applying for a home loan

Subscribe Now

Subscribe Now

Subscribe to our monthly newsletter and get the latest updates

Thank you for subscribing