PMAY Eligibility Criteria and Application Process

PMAY is an affordable housing initiative that provides financial support to aspiring homeowners. But to enjoy the benefits, you must meet and be aware of the eligibility requirement and the application process.

One of the most ambitious affordable housing initiatives launched by the government of India, the Pradhan Mantri Awas Yojana is part of the ‘housing for all’ project started by the central government. Under the scheme, the government aims to build more than two crore permanent housing units in different parts of the country both in rural and urban areas.

Apart from building new homes, under the PMAY initiative, the government also aims to provide monetary benefit to all home loan applicants in India and make buying the home affordable for all. The benefit offered is in terms of a subsidy on the home loan interest rate. To ensure that every citizen gets maximum benefit, the subsidy benefit you get may vary based on the income group you belong.

Since the advent of the PMAY scheme, several home loan applicants have benefitted from it. And, if you are looking to buy a new home and wish to apply for a home loan, you can get the interest subsidy, you must meet the eligibility requirements, which are discussed below:

•         You are any other member in your family should not own a home in any part of India.
•         You or any other member in your family must not have received monetary support from any other state or central government affordable housing scheme.
•         If you are married and are applying for the PMAY interest subsidy benefit, you can apply for a home loan individually or jointly with your spouse. Only one person will get the interest subsidy benefit.
•         One of the important requirements to get PMAY home loan interest subsidy is that the property you wish to buy must mandatorily be registered in the name of a female family member as a joint owner. This is irrespective of whether they sign as a co-borrower of the loan and they contribute towards the loan repayment.
•         You can avail the interest subsidy benefit on home loan availed to carry out repair works in your existing home or to convert your kutcha home into a permanent (pucca) home.

Now that you are aware of the eligibility criteria to avail PMAY subsidy benefit, you must know the application process. There are two ways to apply for PMAY subsidy – online and offline. Let us look at the steps involved in the online and offline application process.

Offline Application Process

•         To avail the PMAY subsidy benefit on home loan interest rate, you can visit the office of any financial institution that is authorised to extend the PMAY benefit and fill the home loan application and submit it with necessary KYC documents.
•         Once the lender approves the loan, you must fill the PMAY scheme form and submit the same to the lender.
•         After the amount is disbursed, the lender will submit your application to the nodal agency and once your details are verified by relevant government agencies, they will credit the subsidy amount to the loan account.
•         After the subsidy amount is credited to your loan account, the lender will then adjust the EMI accordingly.

Online Application Process

Many people in India prefer applying for the PMAY benefits online as it is fast, and convenient.

•         The first step to get the subsidy is to visit the PMAY official website.
•         Next, navigate through to the ‘citizen assessment’ section and click on the appropriate options under it. If you are a slum dweller, you must click the ‘slum dweller’ option or you can click ‘benefit under other 3 categories’ option.
•         After you choose the appropriate option, a new screen will appear where you will be prompted to enter your 12-digit Aadhaar card number.
•         Next, you will be redirected to the PMAY scheme application page. Here, you must enter personal details and press the submit button. Based on the details you enter; the system will automatically determine your subsidy eligibility.
•         After the information you provide is saved, you will get your application number. Make sure to keep this number handy for future reference and to check the status of your application.
•         You can also consider taking a print out of the application form.
•         Lastly, you must submit the form at any of the authorised bank or housing finance companies for approval.