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PMAY Scheme Benefits

Pradhan Mantri Awas Yojana is a social welfare initiative launched by the Government of India in June 2015. It is a credit-linked subsidy scheme (CLSS) that aims to construct 2 crore pucca houses with basic amenities for the economically weaker sections of rural and urban India. There are several Pradhan Mantri Awas Yojana benefits that applicants can avail themselves if they qualify for them.

For instance, one of the benefits of PMAY is that those applying for a loan under this scheme can leverage a reduced GST interest rate of 8%, compared to 12%.

Check out all the benefits of Pradhan Mantri Awas Yojana and make an informed choice before going forward with the application.

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Key Benefits of the PMAY Scheme

Some of the primary advantages of this scheme are as follows –

  • Affordable Loan Subsidy

    The Pradhan Mantri Awas Yojana is a subsidy-based housing scheme with two segments based on the area – PMAY-Urban and PMAY-Gramin. However, it is applicable only to those belonging to economically weaker sections (EWS), lower-income groups (LIG) and middle-income groups (MIG). The eligible loan subsidy and annual income range for each section are stated below:

​Section Annual Income Range Eligible Subsidy
EWS Up to Rs.3 lakh 6.5%
​LIG Rs.3 lakh-Rs.6 lakh 6.5%
MIG-I Rs.6 lakh-Rs.12 lakh 4%
MIG-II Rs.12 lakh-Rs.18 lakh 3%

  • Specific Carpet Area

    One of the benefits of the scheme is also that it details specific carpet areas that each beneficiary is eligible for, based on their income and beneficiary qualification. This helps beneficiaries plan out their application and move with more clarity, under such affordable housing schemes .

  • Tax Benefits

    Beneficiaries of the PMAY Scheme will also benefit from a reduced rate of GST on their home loans, from 12% to 8%. Properties that are still under construction under the CLSS are also eligible for a reduced GST of 8%.

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Advantages of PMAY-U

Compiled below are the different Pradhan Mantri Awas Yojana benefits under PMAY-U.

Features MIG-I MIG-II
Interest rate subsidy 4% 3%
Dwelling unit carpet area (maximum) 160 square metres 200 square metres
Interest rate subsidy amount (maximum) Rs.2.35 lakh Rs.2.35 lakh
Maximum home loan amount Rs.9 lakh Rs.12 lakh
​Tenure 20 years 20 years
​Discount rate for interest subsidy NPV (net present value) 9% 9%

Advantages of PMAY-G

Compiled below are the different Pradhan Mantri Awas Yojana benefits under PMAY-G.

Features EWS LIG
Interest rate subsidy 6.5% 6.5%
Dwelling unit carpet area (maximum) 30 square metres 60 square metres
Interest rate subsidy amount (maximum) Rs.2.67 lakh Rs.2.67 lakh
Maximum home loan amount Rs.6 lakh Rs.6 lakh
Tenure 20 years 20 years
​Discount rate for interest subsidy NPV (net present value) 9% 9%

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Application Process for the PMAY Scheme

The application process for the PMAY scheme is easy and illustrated below for your benefit. Follow these steps to avail its benefits.

  1. Visit the official PMAY website and click on the “Citizen Assessment” tab from the “Menu” option.
  2. Next, enter the Aadhaar number, and fill up the application page.
  3. Finally, download the saved and filled-out application and submit it at the concerned office along with all necessary documents.

Also, check the   PMAY eligibility criteria  before applying for the benefits of PMAY scheme to minimise the chances of rejection.

Disclaimer: PMAY subsidy scheme for MIG I & II category is not extended by regulatory. Category wise scheme validity is mentioned below:

EWS & LIG category is valid up to 31st March 2022

 MIG I & MIG II category was valid up to 31st March 2021

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