Pradhan Mantri Awas Yojana (PMAY) scheme online applications for budget home loans

Are you looking for information on the Government of India PMAY home loan revised scheme? Searching for the PMAY application form online? This article provides the official website link for the application form and also gives updates on the likely changes in the Pradhan Mantri Awas Yojana (PMAY) scheme through which low income families can apply for subsidized home loans.

In June 2015, the Central Government of India had launched the ambitious scheme for ensuring a home for all. Known as the Pradhan Mantri Awas Yojana (PMAY) scheme, the government had promised to construct 2 crore houses by 2022, with the initial phases beginning the year the scheme was launched and this ending in March this year. The next phase is scheduled to begin in April this year and end in May 2019. The third and final phase is scheduled for 2019, to end in 2022.

Who are the beneficiaries?

Under the first phase of the initial launch of PMAY, the beneficiaries were:
  1. Women

  2. Members of Scheduled Castes

  3. Members of Scheduled Tribes

  4. People in the Economical Weaker Section (EWS) - this is a household with an annual income up to Rs.3 lakhs.

  5. People in the Low Income Group (LIG) - this is a household with an annual income between Rs.3 lakhs and up to Rs.6 lakhs.

What was the application process?

Along with the prescribed application form, the applicant had to submit an affidavit as proof of income. This income was to be up to Rs.3 lah per annum for EWS applicants and up to Rs.6 lakh per annum for low income group (LIG) applicants. The interest subsidy was fixed at 6.5%.

What is the revised scheme of PMAY?

Under the revised scheme, for a loan amount up to Rs.9 lakh, a middle income category will likely be introduced and the interest rate subsidy for a tenure of 15 years or during tenure of loan, whichever is lower, will be 4%. A 3% rebate can be availed of for a loan of Rs.12 lakh. Those buying homes will thus benefit with lower EMIs with the reduction in the interest rates. For a loan amount of Rs.12 lakh, with the subsidy rate of 3%, the subsidy amount will be Rs.1.9lakh. The effective EMI for a 15-year loan pre-subsidy will thus be Rs.11,817 and post-subsidy it will be Rs.9,931.

Eligibility criteria under the revised scheme

As yet, the eligibility criteria has not been clearly defined. However, the general criteria of the PMAY scheme is that the applicant will get an interest subsidy only if he/she does not own any house anywhere in India.

As per the guidelines, a beneficiary family is defined as one which comprises of husband, wife and unmarried children. The beneficiary family should not own a pucca house (an all weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India.

How to apply

You will find the relevant application form online at:

You can refer to the March 2016 guidelines too.

(Updates will be put in this article - check back here regularly)

Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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