What Is PMAY (Pradhan Mantri Awas Yojana)?
Launched in 2015, the PMAY scheme aims to provide "Housing for All" by 2025.
Under Credit Linked Subsidy Scheme (CLSS), eligible home buyers can receive interest subsidy on home loans up to ₹2.67 lakh.
PMAY Loan Categories
| Category | Annual Household Income | Subsidy Rate | Max Subsidy |
|---|---|---|---|
| EWS (Economically Weaker Section) | Up to ₹3 lakh | 6.5% | ₹2.67 lakh |
| LIG (Low-Income Group) | ₹3–6 lakh | 6.5% | ₹2.67 lakh |
| MIG-I (Middle-Income Group I) | ₹6–12 lakh | 4% | ₹2.35 lakh |
| MIG-II (Middle-Income Group II) | ₹12–18 lakh | 3% | ₹2.30 lakh |
PMAY Eligibility Criteria
Applicant must not own a pucca house in India
Family must include self, spouse, and unmarried children
Loan must be for buying, constructing, or renovating a home
Women co-ownership required for EWS/LIG categories
First-time home buyer status required (under CLSS)
Benefits of PMAY Subsidy Loan
✅ Interest subsidy up to ₹2.67 lakh
✅ Applicable on home loan principal for faster repayment
✅ Available for purchase, construction, or extension
✅ Makes EMI more affordable
✅ No prepayment penalty
How to Apply for PMAY with Vizzve Finance
Check Eligibility – Use Vizzve's digital checker
Apply Online – Fill in PMAY + loan application
Upload Documents – KYC, income proof, property details
Loan Disbursal + PMAY Processing – We handle the rest
Subsidy Credit – Credited directly to your loan account
Required Documents
Aadhaar card (mandatory for all family members)
Income proof (salary slips/ITR)
Property documents
PAN Card
Duly filled PMAY application form
Property ownership affidavit (if required)
Why Choose Vizzve for PMAY Subsidy Loan?
⚡ Fast-track PMAY processing
📱 100% digital journey
🏠 Personalized home loan solutions with subsidy support
📞 End-to-end assistance from Vizzve experts
✅ Tie-ups with PMAY-recognized lenders for seamless execution
Vizzve Insight
The PMAY subsidy can significantly reduce your home loan EMI burden—making home ownership truly affordable for first-time buyers.
FAQs
Q1. Can I apply for PMAY if I already own a home?
No, PMAY is for first-time homebuyers only.
Q2. How long does the PMAY subsidy take to be credited?
Usually between 3–6 months after loan disbursal.
Q3. Can both husband and wife claim PMAY benefits separately?
No. PMAY is allowed only once per family.
Q4. Does Vizzve charge for PMAY application?
No. Vizzve offers free PMAY assistance when you apply for a home loan.
Published on : 23rd July
Published by : SMITA
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