Prime Minister Home Loan Subsidy Scheme (PM Home Loan Subsidy Yojana) An important initiative of the government is, the objective of urban poor, economically weaker section (EWS), lower income group (LIG) and Middle Income Group (MIG) People have to help in buying or building their homes. Prices of land and house are continuously increasing in cities of India, making it a major challenge for the common citizens to buy a house. In such a situation, this plan is proving to be a boon for those who were still dreaming of a pucca house, but could not fulfill their due to economic compulsions.
The government gives subsidy at interest rate on home loans to eligible citizens under this scheme, which reduces the EMI of the loan and makes it easier to buy a house. The special thing is that this plan Pradhan Mantri Awas Yojana (PMAY) There is an integral part of it, which the Central Government started by 2022 under the target of ‘Housing for all’, and has now been extended by 2025. Under this scheme, millions of families have been benefited so far and the application process is completely online, due to which transparency is also maintained.
PM Home Loan subsidy Yojana Full Description
The Prime Minister’s Home Loan Subsidy Yojana is a credit linked subsidy scheme (CLSS) being run under the Pradhan Mantri Awas Yojana (PMAY). In this scheme, the government subsidize eligible citizens at home loans taken from banks or financial institutions to buy, build or expand homes. The subsidy amount can be up to a maximum of Rs 2.67 lakh, which is deposited directly in the loan account of the beneficiary.
The main objective of this scheme is to provide houses available to urban poor and middle class families at a cheaper rate, so that they can leave the rented house or slum and live in their pucca house. There are some eligibility conditions and necessary documents to take advantage of the scheme, whose information is given below.
PM home loan subsidy scheme
| point | Description |
|---|---|
| Name of the scheme | Prime Minister Home Loan Subsidy Scheme (PM Home Loan Subsidy Yojana) |
| For whom | Citizens of EWS, LIG, MIG-I, MIG-II category of urban areas |
| Main advantage | Interest subsidy up to Rs 2.67 lakh on home loan |
| Maximum loan amount | EWS/LIG: 6 Lakh, Mig-I: 9 Lakh, MIG-II: 12 lakh rupees |
| Interest rate subsidy | EWS/such as: 6.5%, MiG-I: 4%, MiG-II: 3% |
| Maximum loan period | 20 years |
| Application process | Fully online (PMAY Urban Portal) |
| Required documents | Aadhar card, income certificate, identity card, property documents |
| Validity of the scheme | 31 December 2025 |
| Who can’t take | Those who have already have a pucca house or have taken advantage of a government housing scheme |
| Female ownership | It is necessary to have a woman’s name in EWS/LIG category (exemption in some cases) |
Benefits of Scheme
- Loan at low interest rate: Eligible citizens get interest subsidy up to 6.5%, which reduces EMI.
- Easy to buy home: Financially weaker sections can now buy their home.
- Direct subsidy: The amount of subsidy is directly transferred to the loan account.
- Women Empowerment: The name of the woman in the EWS/LIG category is necessary in ownership.
- Online application: The application process is transparent and easy.
- For the first time home buyers: Those who do not already have a sure house, priority.
Eligibility for Plan
- The applicant should be an Indian citizen.
- There should be no firm house in the name of the applicant or any family member.
- The applicant should not take advantage of any government housing scheme before.
- The annual income of the applicant should be according to the following category:
- EWS (Economically weaker section): Up to 3 lakh rupees
- LIG (low income group): From 3 lakh to 6 lakh rupees
- Mig-i (middle income group-i): 6 lakh to 12 lakh rupees
- Mig-II (middle income group-II): 12 lakh to 18 lakh rupees
- In the EWS/LIG category, the name of the woman should be owned (if there is no woman in the family).
- Loans for MIG-I and MIG-II category can only be used to buy homes.
- The maximum duration of the loan is 20 years.
- The family will consist of husband and wife and unmarried children.
- Preference is given to women, minorities, transgender, widows.
Required documents
- Aadhaar Card (Aadhaar Card)
- Income Certificate
- Identity Proof
- Property documents
- Passport Size Photo
- Copy of bank passbook
- Self declaration form
Loan and subsidy details under the scheme
| Category | Annual income limit | Maximum loan amount | Interest subsidy | Maximum subsidy amount | Maximum carpet area |
|---|---|---|---|---|---|
| Evs | Up to 3 lakh rupees | 6 million | 6.5% | 2.67 lakh rupees | 30 square meters |
| Low income group | 3-6 lakh rupees | 6 million | 6.5% | 2.67 lakh rupees | 60 square meters |
| ME-me | 6-12 lakh rupees | Name 9 million | 4% | 2.35 lakh rupees | 160 square meters |
| ME-II | 12-18 lakh rupees | 1.2 million | 3% | 2.30 lakh rupees | 200 square meters |
Application process for plan
How to apply online:
- Visit the official website of Pradhan Mantri Awas Yojana (Urban).
- Click on ‘Citizen Assessment’ on the home page.
- Select your category (EWS/LIG/MIG).
- Enter the Aadhaar number and click on ‘Check’.
- The new page will open, fill the name, mobile number, date of birth, address, family information.
- Give information whether a loan is taken from a bank or financial institution.
- Scan and upload the necessary documents.
- Fill the captcha code and click on ‘Submit’.
- Note the application number, so that you can see your application status further.
Necessary things for application:
- All information should be correct and verified.
- The documents should be clear and valid.
- Check the application status from time to time.
The main advantages of the scheme
- Cheap EMI: The monthly installment decreases due to interest subsidy.
- Home dream full: For the first time, the home buyers are directly benefited.
- Promotion of women ownership: Priority to women empowerment.
- Transparent process: Transparency and tracking easier from online application.
- Direct subsidy: Subsidy amount transferred directly to the loan account.
Frequently asked questions (FAQs)
Q1. Is this scheme for rural areas too?
No, this scheme is only for citizens of urban areas.
Q2. Can those who already have a house already apply?
No, those who already have a pucca house or have taken advantage of any government housing scheme are not eligible.
Q3. When will the subsidy amount be received?
After all the documents and eligibility are verified, the amount of subsidy is directly transferred to the loan account.
Q4. How to see the status of the application?
After the application, you can check the status on the portal with the application number received.
Q5. Is the woman’s name necessary?
In the EWS/LIG category, the name of the woman is necessary in ownership, but in some cases may be discount.
Important things related to the scheme
- The benefit of the scheme will be available only to those who buy homes for the first time.
- The maximum duration of the loan is 20 years.
- Loans for Mig-I and Mig-II category can only be used to buy homes, while also for home expansion or repair for EWS/LIG category.
- All documents should be correct and valid, otherwise the application may be canceled.
- The validity of the scheme is till 31 December 2025, so apply in time.
conclusion:
Prime Minister Home Loan Subsidy Yojana is a real and government scheme that makes it easy to buy a house for urban poor and middle class families. Millions of people have so far built their dream home by taking advantage of the interest subsidy being given by the government. If you are also eligible, apply in time and take advantage of the scheme.
Disclaimer: This article is written only for the purpose of information. The Prime Minister’s Home Loan Subsidy Scheme is completely real and recognized by the government, but the eligibility, document and application process can be changed from time to time. Be sure to get the latest information from the official portal or concerned department before applying. Avoid any fraud or fake website.
