About Pradhan Mantri Awas Yojana

Loanpao facilitates the Pradhan Mantri Awas Yojana (PMAY), a Government of India initiative to provide affordable housing for all by 2025. It offers credit-linked subsidies for home loans under urban (PMAY-U) and rural (PMAY-G) schemes, with subsidies up to ₹2.67 lakh for eligible beneficiaries in EWS, LIG, and MIG categories.

Why Choose Pradhan Mantri Awas Yojana?

  • Interest Subsidy: Up to ₹2.67 lakh
  • Loan Amount: Up to ₹50,00,000
  • Interest Rates: 6.5% - 8% per annum
  • Tenure: Up to 20 years
  • Processing Fees: Up to 0.5% or ₹10,000
  • Disbursal within 15-30 days
  • Supports EWS, LIG, and MIG categories

Are You Eligible?

Criteria Requirement
Applicant Type Indian citizen
Income EWS: < ₹3 lakh p.a., LIG: < ₹6 lakh p.a., MIG: < ₹18 lakh p.a.
Property Ownership No pucca house in India
Property Type New purchase, construction, or extension
Credit History Good credit score (preferably 650+)

What Documents Do You Need?

  • KYC: Aadhaar, PAN, or voter ID
  • Income Proof: ITR, salary slips, or income certificate
  • Property Documents: Sale agreement, NOC, or title deed
  • Bank Statement: Last 6 months
  • Proof of No Pucca House: Self-declaration or affidavit
  • Construction Plan: For self-construction loans
  • Passport-size photographs

Competitive Interest Rates & Fees

Bank/Lender Interest Rate (p.a.) Processing Fee
SBI 6.5% - 7.5% 0.3% - 0.5% or ₹3,000 - ₹10,000
HDFC Bank 6.7% - 8.0% 0.5% or ₹5,000 - ₹10,000
ICICI Bank 6.6% - 7.8% 0.4% or ₹4,000 - ₹10,000
Punjab National Bank 6.5% - 7.6% 0.35% or ₹3,500 - ₹10,000
LIC Housing Finance 6.8% - 8.0% 0.5% or ₹5,000 - ₹10,000

Extra Charges:

  • Late Payment Charges: ₹500 + 1% on overdue amount
  • Foreclosure Charges: Nil for floating rates
  • GST: Applicable on processing fees

Note: Rates and fees are indicative as of May 2025 and subject to change. Subsidy credited to loan account.

Calculate Your EMI

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How to Apply for Pradhan Mantri Awas Yojana

  • Register on the PMAY portal (pmaymis.gov.in) or visit a bank.
  • Verify eligibility based on income and property ownership.
  • Submit KYC, income proof, property documents, and bank statements.
  • Apply for a home loan through a PMAY-empanelled bank.
  • Undergo verification by bank and PMAY authorities.
  • Receive loan and subsidy (credited to loan account) within 15-30 days.

Common Questions About Pradhan Mantri Awas Yojana

What is PMAY?
A scheme providing affordable housing loans with subsidies for EWS, LIG, and MIG categories.
What is the subsidy amount?
Up to ₹2.67 lakh, depending on income category and loan amount.
Who can apply?
Indian citizens with income < ₹18 lakh p.a. and no pucca house.
What is the maximum loan amount?
Up to ₹50,00,000, based on bank approval.
How long does disbursal take?
Within 15-30 days after verification.
Is collateral required?
Property serves as collateral for the home loan.
What is the repayment tenure?
Up to 20 years.
Are there special offers?
Apply by 31st May for waived fees for EWS/LIG and free home loan consultation.
Can I apply for both urban and rural PMAY?
No, only one scheme (PMAY-U or PMAY-G) per applicant.
Can I prepay the loan?
Yes, with no foreclosure charges for floating rates.