Features and Benefits of Pradhan Mantri Awas Yojana (PMAY)
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**Disclaimer: Interest rates and market conditions are subject to change. This information is accurate as of July 2025 and is meant for informational purposes only. Please consult with certified financial advisors for advice specific to your situation. Home loan approval is subject to the bank's terms and conditions.
Credit at sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Pradhan Mantri Awas Yojana (PMAY) falls under the Government’s mission - “Housing for All by 2022” for urban housing. It makes home loans affordable for the urban poor by providing subsidy on the Interest Rate of a home loan during repayment by way of EMI.
PMAY Is Loaded With Features And Benefits As Broadly Outlined Below
The PMAY benefits can be availed if you wish to acquire a new house from the developer or the builder and also for buying a house on resale. You may even take a loan for the construction of a house. Moreover, it is interesting to know that PMAY also applies for upgrading a ‘kutcha’ house to a ‘pucca’ house under the Credit Linked Subsidy Scheme (CLSS) component.
The Preferential And Key Beneficiaries Under Pmay Are
Provisions have also been made for widows, transgender, senior members and differently able individuals.
Pradhan Mantri Awas Yojana takes a giant stride to help fulfill your dream of owning a home. It energizes your enthusiasm to approach a bank or a private housing finance company for a home loan given the fact that EMIs can turn out to be more affordable.
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