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First time home buyers can avail interest as low as 6.5% under the Pradhan Mantri Awas Yojana (PMAY) as a credit linked subsidy.

Driven by the projected growth of urbanisation and consequent housing demands of India, the government initiated the Pradhan Mantri Awas Yojana program under the “Housing for All” initiative to provide affordable housing solutions. High priority and preference are given to the needs of the Middle Income Group (MIG), Lower Income Group (LIG), and Economically Weaker Section (EWS) of the population. Click here to know more about the Pradhan Mantri Awas Yojana.

Take a home loan with Piramal under the PM Awas Yojana subsidy scheme to purchase or construct your new house.

Avail the benefits of the PMAY subsidy scheme:

  • Get subsidies up to INR 2.67 lakh for loan amounts within INR 6 lakh.
  • Applicants with an annual household income of less than INR 6 lakh can avail a maximum loan of INR 6 lakh at 6.5% interest.
  • Applicants with an annual household income between INR 6 lakh and INR 12 lakh can avail a maximum loan of INR 9 lakh at 4% interest.
  • Applicants with an annual household income between INR 12 lakh and INR 18 lakh can avail a maximum loan of INR 12 lakh at 3% interest.

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Super Loan
  • Key features
  • approved-projects
  • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
  • In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
  • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
    The beneficiary family will comprise husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
    All statutory towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to statutory town. Please click here to view the list of towns.
Scheme Type
Eligibility Household
Carpet Area-
Max(sq. ft.)
Interest Subsidy (%)Subsidy calculated
on a max loan of
Loan Purpose
EWS and LIGUpto ₹ 6,00,000646 sq. ft.6.50 %₹ 6,00,000Purchase/Self Construction
MIG 1 **₹ 6,00,001 to ₹ 12,00,0001722 sq. ft.4.00 %₹ 9,00,000Purchase/Self Construction
MIG 2 **₹ 12,00,001 to ₹ 18,00,0002153 sq. ft.3.00 %₹ 12,00,000Purchase/Self Construction

What is PMAY & Does PCHFL offer Loan under PMAY scheme?

PMAY stands for Pradhan Mantri Awas Yojana which is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government of India with the aim of making affordable housing available to various sections of the society.

PCHFL does offer Home Loans under PMAY scheme.

Who Can Avail Subsidy under Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY)?

  • A beneficiary family not owning a Pucca house (an all-weather dwelling unit) in any part of India is eligible for this subsidy subject to various criteria as defined for the family under various schemes for EWS/LIG/MIG-1 and MIG-2.
  • Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house.

What are the documents required to apply for the Pradhan Mantri Awas Yojana Subsidy Scheme?

    To avail the PMAY subsidy, you will need to submit:
  • Identity Proof
  • Address Proof
  • Proof of income
  • Property documents

What is the maximum tenure for which PMAY subsidy is applicable?

The Pradhan Mantri Awas Yojana subsidy scheme is applicable for a maximum tenure of 20 years.

How long does it take to get the PMAY subsidy?

Considering the numerous applicants of the Pradhan Mantri Avas Yojana, the subsidy will be received within 3-4 months after the government runs a thorough check on the submitted documents.

How does the Pradhan Mantri Awas Yojana subsidy work?

Under the PMAY scheme to provide affordable homes, the government will provide an interest subsidy of 6.5% on housing loans for a 20-year tenure.

Is it possible to avail PMAY subsidies after a balance transfer?

A borrower can avail subsidies under the Pradhan Mantri Avas Yojna when they first acquire or construct the house. While the borrower can transfer the home loan balance, they will not be eligible to avail the subsidy upon the balance transfer.

How can I check my PMAY application status?

You can track your PMAY application status on the NHB website using the application i.d provided by PCHFL.


We are in the business of financial planning but the day I finalised my property, I needed to get a loan and I found Piramal to be the best option. They cater to all the requirements of the customers and helped me at every single step along the way.

Nirmal Dand,
Financial Planner