In recent years, affordable housing has become a reality for millions of Indians, thanks to the Pradhan Mantri Awas Yojana or PMAY scheme introduced by the Central Government. The scheme, launched in 2015, aims to provide easy access to housing for India’s urban and rural poor by March 2022.

There are projects under the scheme, for both the urban and rural sectors, that will contribute to the construction of houses in selective towns and cities of India. However, individuals looking to avail the benefits of Pradhan Mantri Awas Yojana 2019 must comply with several eligibility criteria.

So, for anyone looking to apply for the scheme, it is crucial to understand different aspects of it in detail first.

What are the Objectives of PMAY?

The PM Awas Yojana aims to fulfill the following objectives by 2022

  • Providing financial aid to those who cannot afford to undertake the cost of constructing a residential property
  • Bringing the private and public sectors together to provide housing to individuals belonging to Economically Weaker Section or EWS, Low Income Group or LIG and Mid Income Group or MIG.
  • To provide facilities to specific target demographics like women belonging to the scheduled castes, scheduled tribes, and other minority sections.

Features of the PMAY

The Pradhan Mantri Awas Yojana 2019 for both urban and rural sectors has the following features

  • The houses will be constructed using only eco-friendly and sustainable materials
  • During the allocation of houses, senior citizens and differently-abled individuals will get special preference to avail the ground floor.
  • For those availing the credit-linked subsidy scheme or CLSS, the home loan interest rate is subsidized up to 6.5% for twenty years.
  • Individuals belonging to the economically weaker section or EWS, low-income group or LIG and mid-income group or MIG are eligible to benefit from PMAY.
  • There are 500 Class I cities and 4041 towns set to benefit under PMAY.


Eligibility Criteria for PMAY

Individuals seeking the benefits of Pradhan Mantri Awas Yojana 2019 are divided into three principal categories. Each of these categories must know the PMAY eligibility criteria and follow them to become beneficiaries. They are

  • Individuals availing the loan must not have a pucca house under his/her or any of their other family member’s names anywhere in India.
  • Individuals having an annual household income of less than Rs. 3 Lakhs for EWS, between Rs. 3 Lakh and Rs. 6 Lakh for LIG, below Rs. 12 Lakh for MIG I and between Rs. 12 Lakh and 18 Lakh for MIG II are eligible to avail benefits under Pradhan Mantri Awas Yojana.
  • Beneficiaries should not have availed the benefits of any other government housing schemes.
  • Married couples can avail of single or joint ownership deals. However, both the deals will receive only one subsidy.

Such subsidies ensure the further affordability of housing advances due to a reduced rate of interest on the credit. However, it is essential to compare lenders and settle for one that provides the best features on their advances. Under such circumstances, going for Bajaj Finserv’s Home Loan ensures affordable interest rates and hence, reduced cost of credit. Their housing advances come with a host of lucrative features that include –

  • A convenient balance transfer option
  • Top-up Loan
  • Attractive rate of interest, etc.

They also bring you a pre-approved offer that makes availing loans faster and easier. These offers are available on various financial products including secured credits like home loans, unsecured credits like personal loans, business loans, etc.

How to Apply For PMAY?

Individuals looking to go for Pradhan Mantri Awas Yojana apply process, can do so via their online site. The Ministry of Housing and Urban Development has set up an online page that requires you to enter all the key information about yourself. This page first requires you to enter your Adhaar number. Once your Adhaar number is verified, you will need to fill up the second page which will require you to enter your details.

Individuals can apply for the PMAY under two categories, namely, slum dwellers and the other three components. The other three components include those under EWS, LIG, MIG I and II. So before applying, ensure that you have chosen the right category to make the process of availing benefits under PMAY easy and hassle-free.

Also, you can check the PMAY List online to see if your application is approved or not.

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