Owning a house is still a dream for many in India. The Government of India has introduced a scheme called "Pradhan Mantri Awas Yojana." It is a financial scheme which offers subsidies on home loan interest rates for low and middle-income groups.

What is PMAY?
  • Schemes for Different Sections - The subsidies are available to three groups – the middle-income group (MIG), the lower-income group (LIG) and the economically-weaker section (EWS).
  • Subsidy - This scheme grants subsidies to people LIG or EWS segments. This subsidy can be used only for possessing a house. Lower the income, higher the subsidy.
  • Subsidized rate of interest - The Pradhan Mantri Yojana promises a substantial decrease in the rate of interest. If you avail a loan under this scheme up to Rs 6,00,000, the applicable rate of interest will be 6.5% as against the market rate of 10.5%.

Applying for Subsidized Loan
1. Identify the income group you fall under.
2. Locate a bank which provides home loans under the PMAY.
3. Submit a regular home loan application. Submit a letter stating your intent to opt for PMAY.

Eligibility
• You must be an Indian citizen.
• Your family’s combined income must be less than Rs. 18 lakh a year.
• Female applicants are given preference over male applicants.
• Eco-friendly buildings get approved faster.
PMAY is a beneficial scheme to get your dream house. This scheme covers millions of people. So, grab this golden opportunity to own a home of your own.

How to check PMAY Application Status

You can check PMAY List online to see if your application is approved or not.