First time home buyers can avail interest as low as 6.5% under the Pradhan Mantri Awas Yojana (PMAY) as a credit linked subsidy.

Driven by the projected growth of urbanisation and consequent housing demands of India, the government initiated the Pradhan Mantri Awas Yojana program under the “Housing for All” initiative to provide affordable housing solutions. High priority and preference are given to the needs of the Middle Income Group (MIG), Lower Income Group (LIG), and Economically Weaker Section (EWS) of the population.

Avail the benefits of the PMAY subsidy scheme:

  • • Get subsidies up to INR 2.67 lakh for loan amounts within INR 6 lakh.
  • • Applicants with an annual household income of less than INR 6 lakh can avail a maximum loan of INR 6 lakh at 6.5% interest.
  • • Applicants with an annual household income between INR 6 lakh and INR 12 lakh can avail a maximum loan of INR 9 lakh at 4% interest.
  • • Applicants with an annual household income between INR 12 lakh and INR 18 lakh can avail a maximum loan of INR 12 lakh at 3% interest.


CLSS Scheme Type Eligibility Household Income(₹) Carpet Area- Max(sq. ft.) Interest Subsidy (%) Subsidy calculated on a max loan of Loan Purpose
EWS and LIG Upto ₹ 6,00,000 646 sq. ft. 6.50 % ₹ 6,00,000 Purchase/Self Construction
MIG 1 ** ₹ 6,00,001 to ₹ 12,00,000 1722 sq. ft. 4.00 % ₹ 9,00,000 Purchase/Self Construction
MIG 2 ** ₹ 12,00,001 to ₹ 18,00,000 2153 sq. ft. 3.00 % ₹ 12,00,000 Purchase/Self Construction


  • • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
  • • In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
  • • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.


The beneficiary family will comprise husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)


All statutory towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to statutory town.


What are the documents required to apply for the Pradhan Mantri Awas Yojana Subsidy Scheme?

To avail the PMAY subsidy, you will need to submit:

  • • Identity Proof
  • • Address Proof
  • • Proof of income
  • • Property documents

What is the maximum tenure for which PMAY subsidy is applicable?

The Pradhan Mantri Awas Yojana subsidy scheme is applicable for a maximum tenure of 20 years.

How long does it take to get the PMAY subsidy?

Considering the numerous applicants of the Pradhan Mantri Avas Yojana, the subsidy will be received within 3-4 months after the government runs a thorough check on the submitted documents.

How does the Pradhan Mantri Awas Yojana subsidy work?

Under the PMAY scheme to provide affordable homes, the government will provide an interest subsidy of 6.5% on housing loans for a 20-year tenure.

Is it possible to avail PMAY subsidies after a balance transfer?

A borrower can avail subsidies under the Pradhan Mantri Avas Yojna when they first acquire or construct the house. While the borrower can transfer the home loan balance, they will not be eligible to avail the subsidy upon the balance transfer.

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