About Pradhan Mantri Awas Yojana (PMAY)

The Bank has introduced Housing Loan Scheme under Pradhan Mantri Awas Yojana (PMAY) to extend housing loans to the economically weaker section with annual income upto Rs 3.00 lakh and Lower Income Group with annual income upto Rs 6.00 Lakh and Middle Income Group with annual income upto Rs 12.00 lakh and Rs18.00 lakh (MIG I and MIG II respectively) as on 05/09/2017 under Credit linked scheme as part of Mission Housing for all by 2022 for the urban poor.


  • The PMAY scheme offers a large number of families across the country an opportunity to purchase a house at a low cost. This is done through interest subsidies.
  • The beneficiary families of the Pradhan Mantri Awas Yojana receive credit or interest subsidies on their home loan. The amount of interest subsidy is based on the income category to which the family belongs.


  • According to the specifications of the scheme, only families without a pucca house are eligible to apply for the benefits of Pradhan Mantri Awas Yojana. Neither the applicant nor any of the family members should own a pucca house in any part of India to be eligible to avail the PMAY benefits.
  • Additionally, the PMAY scheme considers a beneficiary family to comprise of a husband, wife, unmarried sons and/or unmarried daughters. The property for the PMAY housing loan must be located in statutory towns as per the 2011 census.
  • The funds from the scheme can be used by beneficiary families for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.