What is PMAY scheme for females?
The Pradhan Mantri Awas Yojana (PMAY) is India’s flagship scheme for empowering women of India. The Prime Minister of India, Shree Narendra Modi, introduced this PMAY scheme for women on 25 June 2015 with a vision of housing for all with water, electricity, a kitchen, and a toilet.
The Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (Urban) aims to provide interest subsidies on home loans for economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG). The subsidies reduce the effective loan burden and monthly EMI payments for beneficiaries. The scheme offers a 6.5% subsidy for EWS/ LIG on loans up to ₹6 lakhs and 3-4% for MIG on loans up to ₹9-12 lakhs. The National Housing Bank (NHB), HUDCO, and SBI are central nodal agencies managing the PMAY scheme.
The government is also building affordable homes for the urban and rural population of India who fall under the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle-Income Groups (MIG-1 and MIG-2).
Along with women applicants, widows, transgenders, and women with disabilities are given more preference under the PMAY scheme for women.
However, many factors decide your PMAY eligibility, such as your annual family income, home carpet area, and others. Our PMAY Subsidy Calculator can help you check your eligibility and know your exact PMAY subsidy amount.
Here’s everything you need to know about the Pradhan Mantri Awas Yojana for ladies.
If you are planning to buy or construct your first pucca home, you can significantly reduce costs and save even more by applying to the Pradhan Mantri Awas Yojana for females. The PMAY Urban scheme comes with special interest rates and perks only for women.
In addition to this, many leading banks and NBFCs offer extra benefits to women home loan applicants. Let’s learn more about the Pradhan Mantri Awas Yojana benefits for ladies in 2024.
What are the Pradhan Mantri Awas Yojana benefits for women?
- Affordable Home Loan Interest Rates: Under the Pradhan Mantri Awas Yojana, a woman can avail of a home loan at the lowest interest rate, starting from 6.95% per year. However, the home loan interest rate for women depends on many factors, such as her CIBIL score, whether she is a working professional, etc.
- Home Loan Interest Rate Discount: Women housing loan applicants also get an additional home loan interest discount of around 0.05%.
- PMAY Subsidy: The PMAY scheme mandates that at least one woman from each family must be a registered co-owner of a house. If a woman is a co-owner, she can get a PMAY subsidy of up to Rs. 2.67 lakhs on the interest part of the borrowed home loan.
- Home Loan Interest Rebate Under PMAY: Women from Economically Weaker Sections (EWS) and Lower Income Groups (LIG) can receive a 6.5% discount on loans up to Rs. 6 lakh.
- Stamp Duty Discount: When women home buyers apply under the PMAY scheme, they can get a 1-2% stamp duty concession on residential properties in certain states of India.
- Property Registration Discounts: Women homebuyers can receive reduced registration fees, which usually range from 1% to 4% of the property cost.
- Property Tax Concessions: Women are also eligible for lower property taxes on properties registered in their names.
- Flexible Home Loan Repayment Tenure: Women applicants can avail of the home loan for up to 20 years (240 months).
- Zero Pre-Payment Charges under PMAY: Women applicants don’t need to worry about prepaying any amount other than regular EMIs to bring down the EMIs further. The PMAY scheme comes with the advantage of no pre-payment charges under this scheme.
- Tax Benefits: Women owners can claim a deduction of up to Rs. 1.5 lakh on the principal and Rs. 2 lakh on the interest part of the housing loan. Couples who co-own and both have incomes can save up to Rs. 3 lakh on principal and Rs. 4 lakh on interest part.
How to apply for Pradhan Mantri Awas Yojana online?
A woman applicant looking to buy her first pucca home or construct a house can apply for PMAY online by following these simple steps:
- Land on the official website of the Pradhan Mantri Awas Yojana.
- Look for the ‘Citizen Assessment’ tab and select ‘benefit under the other 3 components’.
- Feed your 12-digit Aadhaar Number. Once it gets verified, then you can proceed to the next page of the application.
- The Government of India uses applicants’ Aadhaar as a verification parameter to prevent the system from being defrauded.
- On the next page, you will need to provide your personal details. It should be followed by information like the state of residence and existing residential address. You also need to add the family’s head and other similar information as asked.
- Once done, you can now submit the application.
Women home loan applicants are being given preference by the Government of India. This way, if you apply for a home loan under PMAY, then you may get speedy approval. In turn, it can help you fulfill your aspiration of moving or constructing your dream home fast.
But you need to hurry, as PM Awas Yojana scheme is set to end this December 2024. Use our Home Loan EMI Calculator to plan your finances and monthly expenses better.
