Pradhan Mantri Awas Yojana (PMAY)

Under the Pradhan Mantri Awas Yojana, the Government of India aims to fulfil the dream of every first time home buyer in India, by offering him/her an affordable home loan to buy a "pucca" residential house.

Monthly Income

Hi ! Your loan eligibility will be

EMI p.m
Monthly Income
Loan Tenure (in Years)
Interest Rate
%

Hi ! Your loan eligibility will be

EMI p.m
Monthly Income
Loan Tenure
Years
Interest Rate
%
Loan Amount

Hi !Your Loan EMI will be

p.m
Loan Amount
Loan Tenure (in Years)
Interest Rate
%

Hi ! EMI you need to pay is

p.m
Loan Amount
Loan Tenure
Years
Interest Rate
%

First-time home buyer, who will be the end users. Loan applicant should not have applied any Central/State Government subsidy or benefit for housing under PMAY. Individual loan applicants should not own property under their name at present and along with any of the family members(including dependants).

Self-Construction, renovation or improvement loans only for EWS & LIG categories.

The property should be in urban areas basis 2011 Census.

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 as per MIG category).

All Statutory Towns as per Cencus 2011 and towns notified subsequently will be eligible for coverage under the Scheme.

Scheme Details

CLSS Scheme Type Eligibility Household Income( Rs ) Carpet Area-Max(sqm) Internet Subsidy(%) Subsidy calculated on max loan of Loan Purpose Validity of scheme Max
Subsidy
( Rs )
Women Ownership
EWS and LIG Upto Rs.6,00,000 60 sqm 6.5 % Rs.6,00,000 Purchase/self Construction/Extension 31/03/2022 2.67 Lacs Yes
MIG 1 ** Rs.6,00,001 to Rs. 12,00,000 120 sqm 4.00 % Rs. 9,00,000 Purchase/self
Construction
31/03/2019 2.35 Lacs Not mandatory
MIG 2 ** Rs.12,00,001 to Rs. 18,00,000 150 sqm 3.00 % Rs. 12,00,000 Purchase/self
Construction
31/03/2019 2.30 Lacs Not mandatory

*women ownership is not mandatory for construction / extension

*As per ammendment dated 15.03.2018, an adult earning member (irrespective of marital status) can be treated as a seperate household. Provided also in case of a married couple, either of spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the scheme.

**for MIG - 1 & 2 loan should be approved on/or after 01/01/2017

  • Aadhar number(s) of the beneficiary family are mandatory for MIG category.
  • The interest subsidy will be available for a maximum loan tenture of 20 years or the loan tenture whichever is lower.
  • The interest subsidy will be credited upfront to the loan amount of beneficiaries through HDFC resulting in reduced effective house loan and Equated    Monthly Installment (EMI).
  • The New Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%
  • The additional loan beyond the specified limits. If any to be at non-subsidized rate.
  • There is no cap on the loan amount or the cost of the property.

*for more details onn the scheme please refer www.mhupa.gov.in

Note: Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. Content herein are parameters outlined under the scheme for assessment of entitlement.

How to Apply

Apply

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Check Eligibility

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Submit Application

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Loan Approved

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Customer Review

Documents Required

For PMAY

KYC Documents

Purpose

Proof of both identity and residence (any 1)

Documents

  • Valid Passport
  • Voter ID Card
  • Aadhaar Card
  • Valid Driving Licence
  • PAN Card
  • Utility bill: Electricity, Telephone, Postpaid mobile, water bill, etc.
  • Ration Card
  • Letter from employer
  • Bank statement /copy of passbook reflecting address
  • Valid Rent Agreement
  • Sale Deed

Income Documents

Purpose

Salaried Individuals Self Employed Professional Self-Employed Non Professional

Documents

  • Salary slips for the last 2 months or salary certificate*
  • Cash salary - Income details on Company Letterhead (Salary upto Rs.30, 000 p.m.)
  • Copy of bank statements for the past 3 months (salary account)
  • Certificate of qualification for professionals: CA, Doctors or Architects
  • Copy of last two years' income tax returns, along with computation of income
  • Copy of last two years' P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or TDS Certificate
  • Bank Statement for the last 6 months (Savings account, current account and O/D account)
  • Copy of last two years' income tax returns, along with computation of income
  • Copy of last two years' P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or TDS Certificate
  • Bank Statement for the last 6 months (Savings account, current account and O/D account)

*If varaible components like over time and incentives are reflected, then salary slips for the past 6 months are required.

Property Documents

Purpose

Salaried Individuals

Documents

  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index - II
  • NOC from builder
  • All builder linked documents(Applicable for cases which are not   approved or previously not funded by DHFL)
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order

Note: Original documents are required for verification purpose only.

PMAY FAQ

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A beneficiary family not owning a house in any part of the India is eligible for this subsidy subject to income criteria as defined for the family.

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).

Woman ownership or co-ownership is mandatory for EWS and LIG. However, this condition is not mandatory for self construction/extension or MIG categories.

After the loan is disbursed, the required details are sent by HDFC to NHB for validation of data and other checks. NHB after necessary due diligence approve the subsidy to eligible borrowers.

No, but the subsidy will be limited to the loan amount defined against each category and additional amount will be at non- subsidized rate of interest.

You can apply for housing loan under CLSS at any HDFC branches.