Pradhan Mantri Awas Yojana - Urban - PMAY(U)
The Ministry of Housing and Urban Affairs (MoHUA) introduced the Pradhan Mantri Awas Yojana – Urban (PMAY-U) on June 25, 2015. The PMAY scheme aims to provide affordable housing to all eligible urban households.
Benefits of PMAY Urban Scheme:
Some of the main benefits of the PMAY Urban scheme are mentioned below:
- Subsidized Interest Rate - Enjoy a low 6.50% p.a. interest rate on housing loans for 20 years.
- Priority for Special Groups - Differently-abled and senior citizens receive preferential ground floor allocations.
- Eco-Friendly Construction - Sustainable and environmentally conscious technologies utilized in building.
- PAN-India Coverage - The scheme spans 4041 statutory towns, with initial priority given to 500 Class I cities in 3 phases.
- Early Credit-Linked Subsidy - Implementation of the credit-linked subsidy begins at the project's inception, covering all statutory towns in India.
- Women Beneficiaries: Preference in given to women beneficiaries.
- Direct Benefit Transfer: Under PMAY-U, financial assistance is provided via DBT. Therefore, fraud is reduced and funds will be transferred to the beneficiary.
- Ownership Title: The beneficiary will be the legal owner of the property.
- Reduction in
Slums: Slum dwellers will be provided
alternate housing. This will reduce congestion and improve living conditions.
Highlights of PMAY-U
Official Website | |
Launch Date | 25th June 2015 |
Toll Free Number | 1800-11-6163 - HUDCO 1800 11 3377, 1800 11 3388 - NHB |
Complaints or Suggestion | |
Office Address | Pradhan Mantri Awas Yojana Ministry of Housing and Urban Affairs Nirman Bhawan, New Delhi- 110 011 Contact: 011 2306 3285, 011 2306 0484 Email: pmaymis-mhupa@gov.in |
PMAY Guidelines |
Pradhan Mantri Awas Yojana Beneficiaries (PMAY)
The beneficiaries under the PMAY scheme can be listed as follows:
Beneficiary | Annual Income | Eligible Subsidy (%) |
Middle Income Group I (MIG I) | Rs.6 lakh to Rs.12 lakh | 6.5 |
Middle Income Group I (MIG II | Rs.12 lakh to Rs.18 lakh | 6.5 |
Lower Income Group (LIG) | Rs.3 lakh to Rs.6 lakh | 4 |
Economically Weaker Section (EWS) | Up to Rs.3 lakh | 3 |
In addition to these, people belonging to SC, ST, and OBC categories and women belonging to EWS and LIG income groups will also be eligible for the PMAY scheme.
Identification and Selection of Beneficiaries under PMAY
- The Pradhan Mantri Awas Yojana (PMAY-Urban) - Urban schemes primarily target the housing needs of urban poor. Apart from this, the scheme also addresses the housing needs of slum residents living in narrow pockets of slums where infrastructure, sanitation and drinking water are poor.
- Beneficiaries of PM housing scheme PM housing scheme mainly include Middle Income Groups (MIGs), Low-income Groups (LIGs), and Economically Weaker Section (EWS).
While the beneficiaries from the EWS category are eligible for complete assistance under the scheme, beneficiaries from LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.
In order to be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is required to submit an affidavit as income proof to the authority.
Key Highlights of PMAY Scheme
Features | MIG-I | MIG-II |
Interest Rate Subsidy | 4.00% | 3.00% |
Dwelling Unit Carpet Area (Maximum) | 160 sq. m | 200 sq. m |
Subsidy Amount (Maximum) | Rs. 2.35 Lakh | Rs. 2.30 Lakh |
Maximum Home Loan Quantum for Subsidy | Rs. 9 Lakh | Rs. 12 Lakh |
Home Loan Tenure (Maximum) | 20 years | 20 years |
Interest Subsidy NPV (Discount Rate) | 9% | 9% |
Pradhan Mantri Awas Yojana (PMAY) Subsidy Calculator
PMAY scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest. The rate of interest is comparatively much less than commercial rates, thus offering people subsidised loans.
To calculate the EMI, log on to the Pradhan Mantri Awas Yojana website and fill in the following details: http://pmaymis.gov.in/EMI_Calculator.aspx
- The total loan amount in rupees
- The rate of interest
- The total loan period in months
- Once the following details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.
How to Get PMAY Interest Subsidy?
- Apply for a home loan from any listed lending institution asking for subsidy.
- The lending institution will review your application and you are eligible, your application will be sent to the Central Nodal Agency.
- Upon verification, if your application is approved and no discrepancies are found, the Central Nodal Agency will disburse the subsidy amount to the lending institution.
- This amount will be credited to your account by the lending institution which will lower your total loan amount.
- You can continue paying the EMIs towards the balance loan amount.
How to transfer PMAY Subsidy to the Borrower's Bank?
The bank from where the individual is taking the loan will claim the subsidy benefit for the eligible applicants from the National Housing Bank (NHB). The National Housing Bank will then check to investigate whether anyone is making multiple applications under the scheme.
Once confirmed, the CLSS or subsidy amount will be given to the borrower's Bank. Once the amount is received, the money will be credited directly to the Loan Account.
PMAY Loan Eligibility
The PMAY beneficiaries will be selected on the basis of the ‘The Socio economic and caste Census 2011’. The government will consult the panchayat and the tehsil before finalising the PMAY beneficiaries list. This will be done to ensure transparency in the project and to ensure that only the right people get the housing.
Learn more about the PMAY Eligibility.
How to Apply for the PM Awas Yojana Online?
You can apply for PM Awas Yojana (PMAY) through the PMAY portal. The PMAY application process is very straightforward and easy to use. All you need to do is enter your Aadhaar number. Follow the on-screen instructions and complete and submit the PMAY application form.
Urban PMAY
- Visit the official PMAY portal.
- Click on the ‘Citizen Assessment’ option or the ‘Apply Online’ option.
- Depending on your income group choose EWS/LIG/MIG.
- Enter all the requested details such as your personal information, Aadhaar number, income details, etc.
- Submit your application.
Your application will be verified by the concerned authority. You can visit the PMAY portal to track the status of your application.
How to check PMAY Application Status?
To check the status of your PMAY application, you can simply log in to the official portal of Pradhan Mantri Awas Yojana at https://pmaymis.gov.in. After that, you can just navigate to the tracking option and follow the on-screen directions to check the status of your application.
How to Edit Your Details After Submitting Application for PMAY
- Visit the official website of Pradhan Mantri Awas Yojana
- Enter your application reference number and your Aadhaar details
- Click on the “Edit” option
- You will now be allowed to edit your application details
- PMAY Resource: PMAY Online Application Form
PMAY Functions of Technology Sub-Mission
PM Awas Yojana Technology Sub Mission will cover following:
- Better Habitat Designing & Planning of the Buildings
- Planning to Develop Environment Friendly Houses
- Best Construction Practices
- Arranging the Most Innovative Technologies
- Picking the Most Suitable Materials
PMAY Customer Care Helpline Numbers
In case of any queries relating to the application process, interest rates and any other scheme related queries, customers can contact the toll-free helpline number:
- 1800-11-6163 (Urban, HUDCO)
- 1800-11-3388 (Urban,NHB)
- 1800-11-3377 (Urban,NHB)
- 1800-11-6446 (Gramin)
Those facing any issues related to the application process can contact the above toll-free numbers according to the locations.
Top 10 Banks offering Home Loans Under PMAY Scheme
Top 10 banks in India which offer loans under the PMAY scheme are listed below:
FAQs on Pradhan Mantri Awas Yojana – Urban 2024
- How much time does it take to get the subsidy amount from PMAY?
It usually takes around 3 to 4 months for the subsidy amount from PMAY to be credited to the beneficiary. This is subject to the verification process of the government.
- How to get the Assessment ID for PMAY?
The Assessment ID for PMAY is generated by the PMAY portal after an applicant successfully completes the registration process. This ID can be used to track the status of the application as well.
- If I am a woman can I apply for this scheme?
Yes, this scheme gives priority to women who are running a family within the lower income groups. However, if your husband, father or any other family member that you reside with has applied, your application will be rejected.
- I am a senior citizen and fall under the local income groups? While the PMAY scheme seems financially viable, as an elderly person I would prefer a housing in the Ground Floor. What should I do?
You simply need to apply as a senior citizen, since all senior citizens are provided the priority for having access to Ground floor housing. However, ensure that you apply early since the priorities among senior citizens for ground floor is also shared with differently abled beneficiaries as well.
- How long will the PMAY project last?
The PMAY project is supposed to last until 2024. But this is the date, which ensures that all the regions in India have beneficiaries, who can avail the scheme. The construction and ultimately the beneficiaries moving in may take longer.
- What is the maximum annual income should I have to be eligible for PMAY?
Your annual income should not be more than Rs. 18 lakh. However, there are no lower limits for the PMAY income requirement.
- What is a Central Nodal Agency when we are talking about PMAY?
These are basically nodal agencies that are identified by the Ministry or Government to function as bodies which implement the Credit linked subsidy.
- What does one mean, by carpet area in lieu with Pradhan Mantri Awas Yojana?
Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
- What is TDR or Transfer of Development Rights?
This term simply ensures the availability of a particular amount that is additional on the built up with respect to the surrendered or relinquished area of land which allows the owner to use an added built-up area for himself/herself in some other land.
- Can I apply if I do not have an Aadhaar Card?
In order to apply online, it is mandatory for all citizens to have an Aadhaar Card. It is advised to get your Aadhar Number from the nearest Common Service Centers (CSC) as soon as possible.
- Do I have to pay for the registration?
You will only have to pay an application fee of Rs.25 plus service tax at the Common Service Centres. However, there are no charges levied if you are applying online.
News about PMAY
Union Budget 2024: Investment of Rs.10 lakh crore under PM Awas Yojana
Investment of Rs.10 lakh crore will cater one crore urban poor under the PM Awaas Yojana – Urban 2.0 and will provide central assistance of Rs.2.20 lakh crore over next five years.
Number of houses allocated under PMAY is expected to rise
Affordable housing is likely to get a boost with predictions of more funding through the Pradhan Mantri Awas Yojana (PMAY) and housing loan subsidies in Budget 2025. If these plans are realized, it could boost the housing finance sector and increase investor interest in related stocks.
Since the election results were announced on June 4, housing finance companies have seen a significant increase in their stock prices. Companies like LIC Housing Finance, Can Fin Homes, HUDCO, PNB Housing Finance, Home First, Aptus Value Housing, and Aavas Financiers have seen their shares rise by 46 percent, outpacing the Nifty 50's 12% increase.
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