Home is a basic necessity for all. An own house provides a significant place in society. It has the powers to give you an individual identity and a status in the social milieu.  Owning a house can be regarded as the birthright of every Indian. 

Keeping this goal in mind, a scheme was launched by our honorable Prime Minister Shri Narendra Modi in the year 2015 – ‘Housing for All’, a scheme to help every section of the society have their own house to live in pride and dignity.

Mission: The objective of this scheme is to provide homes for all by 2022.

 This mission provides houses with basic amenities for the weaker sections of the society so that their families, wife, and kids can live in a better, cleaner and protected environment.

The scheme was launched for the Economically Weaker Section, Lower Income Group and Middle Income Group wherein an interest subsidy is provided on the purchase, the construction, the extension and the improvement of the house.

Features and benefits of the PMAY scheme:

  • 6.5% is the interest subsidy rate  that is  provided by the scheme with a tenure of up to 20 years
  • There is a variation with the interest rates as it depends on the income of the individual
  • Individuals earning up to 6 lakh per annum will get 6.5 percent interest subsidy on a loan amount of Rs 6 lakh
  • Individuals earning up to 12 lakh per annum will get 4 percent interest subsidy on a loan of Rs 9 lakhs
  • Individuals earning up to Rs 18 lakh per annum will get 3 percent interest subsidy on a loan amount of 12 lakhs
  • Additional loans more than the subsidized loan amount will be at a nonsubsidized rate
  • Differently able and senior citizens get the preference of having a house on the ground floor
  • Houses are constructed on eco-friendly technologies


  • Economically Weaker Section – EWS / Low-income Groups – LIG / Middle Income Groups – MIGs with below listed annual income can avail this scheme.
  • Women too can apply for this loan but need to be citizens of India
  • Neither should you own a home nor any other family member of the beneficiary own pucca of their own anywhere in the country.
  • Schedule tribes and scheduled castes are also eligible
  • Provisions have also been made for widows, transgender, senior members, and differently able individuals.

Contributing factors towards the PMAY scheme are

•              Private developers using the land as a resource will improve the lifestyle of slum dwellers

•              Providing affordable homes through a loan-linked subsidy for the weaker sections

•              Good quality homes are in collaboration with both private and public sectors.

•              Home improvement and constructions are also eligible in the scheme

You can check out our blog on Pradhan Mantri Awas Yojana: Subsidy, houses and loans available! to give you a better understanding of the PMAY scheme and adjustment of subsidy, loan parameters, availing of loan, house area, etc.

How to apply for this scheme?

1.             Individuals can visit the official website and apply and a valid Aadhaar card is required.

2.             Individuals can apply by filling up a form which is available at a cost price of Rs. 25 + GST

at Common Service Centers (CS

You can check out our blog on 7 documents you must keep at handy before you apply for home loan under PMAY for a break down on the important documents required before you apply for a home loan under PMAY.

Realtors who support the PMAY Scheme in Bangalore

There are 17 Affordable housing projects in and around Bangalore.

To name a few, Swarna Griha, Nitesh Estates, Purvankara, Golden Gate, Brigade, Shriram, Ozone Group, etc. Ashoka Group, TATA Housing, and Godrej properties have plans to support this scheme too.

Properties for sale under PMAY scheme in Tumakuru – Based on property recommendations and property score, the Swarna Griha housing project stands tall. They have launched low-cost housing projects in Tumakuru

Bottom line:

PMAY is an effort to make homeownership affordable to people who fall within the lower and middle-income groups. This move will help every Indian experience the joy of being a homeowner and with no regard to their economic background.