What is PM Awas Yojana?
Pradhan Mantri Awas Yojana (PMAY) — Urban is a flagship government scheme launched by the Ministry of Housing and Urban Affairs to ensure affordable housing for all urban citizens by 2024. Under this scheme, eligible home loan borrowers receive a Credit Linked Subsidy (CLSS) — a direct interest subsidy credited to their loan account upfront, significantly reducing their EMI and total loan cost.
If you are buying your first home and your annual household income qualifies, you may be eligible for a subsidy of up to ₹2.67 lakh — credited directly to your home loan by the bank.
Who is Eligible?
The scheme covers four income categories for urban areas:
| Category | Annual Household Income | Subsidy Rate | Max Loan for Subsidy | Max Benefit |
|---|---|---|---|---|
| EWS | Up to ₹3 Lakh | 6.5% | ₹6 Lakh | ~₹2.67 Lakh |
| LIG | ₹3 – ₹6 Lakh | 6.5% | ₹6 Lakh | ~₹2.67 Lakh |
| MIG-I | ₹6 – ₹12 Lakh | 4% | ₹9 Lakh | ~₹2.35 Lakh |
| MIG-II | ₹12 – ₹18 Lakh | 3% | ₹12 Lakh | ~₹2.30 Lakh |
Core Eligibility Conditions
- The applicant or any family member must NOT own a pucca (permanent) house anywhere in India.
- The property must be in an urban area (Statutory Town / Notified Planning Area).
- The woman of the household should be a co-owner (mandatory for EWS/LIG categories).
- The home loan must be taken from a bank, housing finance company, or MFI recognized by NHB or HUDCO.
- Aadhaar card is mandatory for the application.
Documents Required for PMAY
Identity & Address
- Aadhaar Card
- PAN Card
- Passport / Voter ID / Driving License
- Ration Card (if applicable)
Income Proof
- Salary slips (last 3 months)
- Form 16 / IT Returns
- Bank statements (6 months)
- Employment certificate
Property Documents
- Sale agreement / Allotment letter
- Builder NOC / Possession letter
- RERA registration number
- Approved building plan copy
Bank Documents
- Home loan sanction letter
- Property valuation report
- Title / ownership documents
- Encumbrance certificate
Frequently Asked Questions
Can I apply for PMAY if I already have a home loan?+
PMAY subsidy is available at the time of taking the home loan. If you have already taken a loan but not claimed the subsidy, speak with your bank — some banks allow retroactive PMAY application if the loan is recent.
Does the property price affect PMAY eligibility?+
For EWS/LIG: property value up to ₹45 lakh is allowed. For MIG-I: up to ₹60 lakh. For MIG-II: up to ₹80 lakh. There is no restriction for very affordable properties below ₹30 lakh.
How long does it take to receive the subsidy?+
After submitting the PMAY application through your bank, the subsidy is typically credited to your loan account within 3–6 months. Once credited, your outstanding loan amount reduces and your EMI drops accordingly.
Can Riddhi Siddhi Properties help me apply for PMAY?+
Yes! We regularly assist buyers with PMAY eligibility checks, document preparation, and bank coordination. Contact Keval Gala for free guidance.
Check Your PMAY Eligibility
Talk to Keval Gala for a free eligibility check and step-by-step guidance on claiming your subsidy.
+91 80079 81876