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How to take home loan under PMAY

To apply for a loan under PMAY, the annual income for MIG I should be below Rs 12 lakh and for MIG II it should be between Rs 12 lakh and Rs 18 lakh.

Jun 17, 2019, 06.30 AM IST
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The PMAY application is rendered invalid if any applicant from a family owns a pucca house in India.
Prime Minister Awas Yojana (PMAY) is a central scheme aimed at ensuring housing for all. It offers credit-linked subsidy that divides applicants into four groups—Economically Weaker Section (EWS), Light Income Group (LIG), Medium Income Group (MIG I) and Medium Income Group (MIG II). The applicant should be able to satisfy the eligibility criteria for the applicable group.

1. Income threshold
To apply for loan under PMAY, the annual income for MIG I should be below Rs 12 lakh and for MIG II it should be between Rs 12 lakh and Rs 18 lakh. The carpet area for the housing unit should be within the permissible limits of the applicable category.

2. Loan application
The applicant needs to make a loan application to his preferred bank or NBFC. The form will contain details of the applicant, his income, investments, other loans, property details and details of the co-applicant.

3. Subsidy scheme application
A PMAY subsidy scheme application form can be downloaded from The form can be accessed online under “Citizen Assessment” tab by clicking on “Benefit for other 3 components”. The applicant must enter Aadhaar number and name. Once details are verified, the form can be fi lled up. Applicant’s name, income, number of family members, address, contact number, age of head of the family, religion, caste etc. need to be given.

4. Submission of loan documents
The subsidy application should be enclosed as a part of other documents required for the loan application such as income proofs, KYC documents and property related documents.

Points to note
  • The PMAY application is rendered invalid if the applicant or anyone from his/her family owns a pucca house in India.
  • Priority is given if the applicant is a woman and sole breadwinner of the family.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of

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