How Pradhan Mantri Awas Yojana Can Support Women In Buying Homes

PMAY for Women: The Pradhan Mantri Awas Yojana (PMAY), launched in 2015 under the “Housing for All” initiative, continues to roll out incentives that make property ownership more accessible and affordable for women across India.

PMAY is meant to give interest subsidy on home loans and other financial assistance to people from the Economically Weaker Sections (EWS), Low Income Groups (LIG) and Middle-Income Groups (MIG). One of its progressive features is a provision where priority will be given to women in property allotment as property owners or co-owners, especially in the cases of families applying under the EWS and LIG categories.

Since in many such settings, women may not have had equitable access to property, this will hopefully rectify the imbalance. PMAY-awarded homes provide basic facilities such as a kitchen, water supply, electricity, and sanitation facilities. Women who are homebuyers can avail of various financial incentives through the scheme.

A major advantage includes a subsidy of up to Rs 2.67 lakh for women who co-own property. Moreover, female applicants in the EWS or LIG categories can avail of an interest subsidy of 6.5 per cent on loans up to Rs 6 lakh. 

Stamp duty and registration costs for women are also reduced, which in turn makes the property transactions less financially burdensome for women. In a few states, including Maharashtra, stamp duty for PMAY-registered homes is capped at Rs 1,000, while others offer complete waivers. Registration fees may drop to as low as 1 per cent of the property value, compared to higher rates for male buyers.

Women also benefit from concessions in property taxes in several states when the house is registered in their name. On the tax front, a self-occupied home allows for annual deductions of up to Rs 2 lakh on interest payments and Rs 1.5 lakh on principal repayment. In case the house is co-owned, both partners can claim tax benefits individually, provided they contribute financially to the loan.

To apply, prospective women homebuyers can visit the official website pmaymis.gov.in. After selecting ‘Citizen Assessment’ and completing Aadhaar verification, the applicant must fill in personal, financial, and banking details before submitting the form. Rural women can access PMAY Gramin (PMAYG) benefits by registering via the PMAYG Awas Plus app.

With targets to build 3 crore homes across PMAY Urban and PMAY Gramin by 2029, the government’s focus on gender inclusivity is clear. Under the government’s target, around one crore pucca houses will be constructed under PMAY-Urban 2.0 and 2 crore homes will be built under PMAY-Gramin.

FAQ

How does PMAY help rural women?

Under PMAY G, women in the rural sector are provided with interest subsidy under housing loans and help for the construction and repair of houses.

Are there income limits to qualify?

The women members should come under EWS, LIG or MIG categories and have a household income between Rs 3 lakh and Rs 18 lakh per annum.

How does working impact eligibility?

No, it is applicable to homemakers/salaried/professionals/self-employed women who are the first applicant and owner or co-owner.