How to Realize your Dream of Owning a House Using PMAY? - Home Loan Stories | Kotak Mahindra Bank
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors
Apply Now
17 MAY, 2021

Millions of people across the country are forced to stay in rented apartments due to exorbitant property prices. To address the concern of such citizens, the Indian Government introduced the Pradhan Mantri Awas Yojana in the year 2015. Under this scheme, the Government intends to provide 20 million affordable houses to individuals from different economical sections. The houses will have all the basic facilities such as electricity, water supply, sanitation facility, proper sewage system, etc. The PMAY scheme can certainly help many people fulfil their dream of owning a house.

Furthermore, to encourage more people to buy a house, the Government has introduced the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY). Under this scheme, people belonging to the Economical Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG) can avail subsidy on home loan interest rates.

Have a look at the table below to understand the income bracket for each group, interest rate subsidy, and maximum loan amount that can be availed.






Annual income

Rs 3 Lakh

Between Rs 3 Lakh and Rs 6 Lakh

Between Rs 6 Lakh and Rs 12 Lakh

Between Rs 12 Lakh and Rs 18 Lakh

Interest rate subsidy





Maximum loan amount

Rs 6 Lakh

Rs 6 Lakh

Rs 9 Lakh

Rs 12 Lakh

If you have been thinking of buying a house, the PMAY scheme can bring you a step closer to fulfilling the dream of buying a house. The good part is that you can apply for PMAY online in a hassle-free way. All you have to do is follow the below-mentioned steps to fill the PMAY online application form

Step 1: Log on to the official website of Pradhan Mantri Awas Yojana at

Step 2: Click the ‘Citizen Assessment’ dropdown and choose the ‘Slum Dweller’ or ‘Benefits under other 3 components’ option.

Step 3: Enter your Aadhaar number and click submit.

Step 4: You will be directed to the next page wherein you will have to fill the PMAY application form.

Step 5: Once all the information is provided, type the captcha code in the box and click on the ‘Save’ option.


Make sure that you fill the application form accurately, as any mistake or false information can lead to the rejection of your PMAY application. Also, it is advisable to check your PMAY eligibility criteria before starting with the application process:

The eligibility criteria for the Pradhan Mantri Awas Yojana is mentioned below:

PMAY Eligibility Criteria

  • The beneficiary or his/her immediate family should not own a ‘pucca’ house
  • Any family member of the beneficiary must not have availed assistance under any housing scheme from the Government.
  • For married couples, either of the spouse (or both together in case of joint ownership) will be eligible for a single subsidy on home loan interest rates.

Benefits and Features of PMAY

  • The PMAY scheme enables equal housing opportunities for all.
  • Houses under the PMAY scheme are constructed using eco-friendly construction technology and materials. This will reduce the environmental damage in and also lower the pollution to a certain extent.
  • The PMAY scheme can help reduce the home loan EMI, thereby reducing the repayment burden.
  • Home loans taken under the PMAY scheme can be repaid in long tenures lasting up to 20 years.

You can apply for a home loan under the PMAY scheme with any leading bank or financial institution. At Kotak Mahindra Bank, applying for a home loan is a simple and quick process. Moreover, if you are an eligible beneficiary of the PMAY scheme, you can get up to Rs 2.67 lakh interest subsidy (6.5 % p.a.) on a housing loan.  So why wait? Calculate your eligibility, apply for PMAY, and purchase your dream house, today.

Latest Comments

Leave a Comment

200 Characters

Read Next

Load More

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.