With the slogan ‘The Central Government launched housing for All’ by 31st March 2022, the Pradhan Mantri Awas Yojana or PMAY home loan in 2015.

The major objective of the Pradhan Mantri Awas Yojana was to offer affordable housing solutions. It also promised to give subsidies under the PMAY home loan to the urban poor.

The Pradhan Mantri Awas Yojana aims to build more than 2 crore houses for the urban poor. It includes the Economically Weaker Sections (EWS) and Low Income Group (LIG). The mission is supported by the Central Government of India via funding assistance of Rs.2 trillion.

People can also avail PMAY scheme which is the credit linked subsidy scheme (CLSS) to avail home loan at a lower interest rate. This way, they can buy a home and pay a lower EMI to cherish a dream home purchase.

PMAY Features at a Glance

  • The PMAY home loan offered is to be subsidized at the rate of 6.5% for a tenor as long as up to 15 years.
  • Senior citizens and differently abled applicants will get preferences in getting homes on the ground floor.
  • The construction materials used for the building of the home will be eco-friendly and will employ sustainable technologies.
  • The PMAY home loan scheme is a 3-phased project with a focus on 4041 legal towns and cities.

Steps to Avail Benefits under the PMAY Home Loan Scheme

The application process of the Pradhan Mantri Awas Yojana is simple and easy to apply. Have a look:

Step 1) Go and apply for PMAY home loan from your preferred bank or non-banking finance companies (NBFCs). You can do that at a lender that you find the best offering benefits and subsidies.

Step 2) Browse the official website of the Pradhan Mantri Awas Yojana https://pmaymis.gov.in to download the subsidy plan application form.

Step 3) Take a print out of the subsidy scheme application form and fill up the required columns with the correct details.

Step 4) Submit the completely filled application form along with the required documents to a nearby office. You can also submit it an office accepting these forms or any other nearby location.

Step 5) If you are found to be eligible, then your case will then be forwarded to the CNA for further processing and action.

Step 6) if your applied application for the Pradhan Mantri Awas Yojana or PMAY home loan gets approval, then the CNA will send the subsidy account. It will be sent to your selected particular lender who has lent you the home loan amount.

Step 7) The subsidy amount, will then be credited into your housing finance account. In turn, it will lead to a decrease in the total principal loan amount.

A woman applicant who is the sole breadwinner for her family will be given first preference. It will be in the approval of the application for the home loan under PMAY scheme.

Depending on your needs and eligibility, you can now apply for the Pradhan Mantri Awas Yojana after following the discussed steps.

Author Bio: Gaurav Mittal is a Content writer and he loves to write about Finance & Insurance Articles.