Pradhan Mantri Awas Yojana Goa - PMAY (U)

As we all know, 2014 has been a long way. Eight years ago, the former Gujrat Prime Minister Narendra DamodarDas Modi was elected as the 14th PM of the Indian Government. Under his guidance, The Bharatiya Janata Party has faced many successes and challenges. 

The BJP government has implemented several plans, schemes, and development programs in the last eight years. For example, Jan Dhan Yojna (2014), Make in India (2014), Skill India Mission (2014), Sansad Adarsh Gram Yojna (2014), Swacch Bharat Mission (2014), Beti Bachao Beti Padhao (2014), etc.

Indians have evaluated such programs in several distinct manners. Some influenced TV channels, and western media had Criticized those brutally, whereas several international media praised the efforts of NaMo. 

This article will discuss the extensively popular and thriving program, Pradhan Mantri Awas Yojna (2015), and its journey in State Goa. 

Pradhan Mantri Awas Yojna

PM Narendra Modi has been one of those intelligent national leaders who have shown brilliance and gloriousness whenever it's the question of the welfare of Indians. It was 2015 when the former chief minister of Gujrat and his cabinet members proposed a unique scheme that helps people ( needy) get houses and homes at a pocket-sized cost. It was unlike other national ( support development) programs implemented by the Indian Government. 

A Brief Introduction

The Indian Government launched the Pradhan Mantri Awas Yojana (PMAY) in 2015 to provide inexpensive accommodation to all inhabitants by 2022. The Administration of Center trial Government wanted to provide an incentive discount to its descendants via this credit-linked subsidizing program, which would allow them to take out mortgages to buy or construct a home. The program was created to support intermediate families, Economically Weaker Areas, and low-income individuals. 

The program is structured into two divisions-

  1. Pradhan Mantri Awas Yojana-Urban and 
  2. Pradhan Mantri Awas Yojana Gramin, based on the locations it supports (Pradhan Mantri Awas Yojana Rural).

The Pradhan Mantri Awas Yojna (Goa) provides housing loans relatively inexpensive for the urban needy by giving equity reduction rebates throughout payback using Equated Monthly Installments.

The authority partially pays residence acquisitions per its Dwelling for Everyone by 2022 aim by providing the chosen discount via several independent elements.

The national administration's Pradhan Mantri Awas Yojana provides pre-determined incentives to persons developing, renovating, or Purchasing houses in India. 

This article will explain how the reimbursement functions for several types of candidates in Goa, who are grouped into distinct parts depending on their yearly revenue.

How Does It work?

Before you want to be a part of the PMAY (Goa), you must know every little detail about the subsidy plan, interest rate, validity, loan amount, etc. Let's begin with the eligibility criteria for the Pradhan Mantri Awas Yojana (Goa).


If you are yet to enroll in the PMAY program and are thinking of the requirements, hold on and read this portion properly, unless you don't want to miss out!

There are primarily two significant sections of the eligibility for PMAY. 

EWS (Economically Weaker Section) (30 Sq. ft.)

  • Annual income – Upto three lakhs,
  • Loan amount – Upto six lakhs,
  • Tenure period – 20 years,
  • Subsidy rate- 6.50%.

LIG (Low Income Groups) ( 60 Sq. ft.)

  • Annual income – Upto three lakhs,
  • Loan amount – Upto six lakhs,
  • Tenure period – 20 years,
  • Subsidy rate- 6.50%.

This arrangement is obtainable for purchasing or establishing housing items in the 4,041 legislated municipalities as of the 2011 national survey, as well as 274 other municipalities that have been independently informed by the obtaining or establishing subsidization that the ordinary person or partner must not possess an all-weather-durable residence in any portion of India, either in their title or in the signature of any single baby of the husband and wife. A debtor can use this credit to enlarge his present home, whether self-acquired or acquired, and buy or build a new home. The pre-existence of a complete residence is not required if the borrower wishes to utilize the advantages of installing bedrooms, kitchens, toilets, and other improvements to his current home. Likewise, the revenue that qualifies for the plan is the earnings of the entire home, not just the chief. One can expect a maximum discount of Rs. 2,67,280.

As a result, the authorities would effectively give a discount for certain mortgages, while the lender is responsible for any additional risks.

*Please remember

The reimbursement rate would decrease if the mortgage quantity exceeds Rs 6 lakhs. Just mortgages issued on or after June 17, 2015, are eligible for the discount.

Inexpensive housing: PMAY Goa

To encourage the production and acquisition of inexpensive apartments, the administration offers subsidies up to a specified budget range. In the Pradhan Mantri Awas Yojna, the cost category of Rs 45 lakhs is recognized as the government-defined maximum for inexpensive accommodation.

PMAY Goa: The process of providing subsidy

The discount is granted as an advance alleviation in the shape of a discount on the final mortgage burden in this plan. On the highest mortgage quantity of Rs 6 lakhs, the current worth of the interest discount is estimated at 6.50 percent for a total term duration of 20 years. The 6.50 percent future outflow of interest is reduced to 9%, and the current value thus obtained is subtracted from the original loan sum accepted by the borrowers. The borrower's liability is equal to the initial mortgage quantity less the gross potential worth of the subsidized advantage. The Instalment is calculated subsequently, depending on the negotiated percentage of interest. 

Though the lenders are required to provide the borrowers with instant credit for the subsidies, the mortgage subsidization receives the portion of the interest subsidization until the request is verified by the coordinating body with which it is recorded. This is the primary cause why lenders are hesitant to support the Government's favorable program.

Lenders must enroll with one of the relevant authorities under the plan.

In addition, the administration has the authority to inform specific organizations that they are qualified to participate in this program. 

Processing Fee & Balance Transfer: PMAY Goa

The creditor is not allowed to recoup any service fees from the customer under the plan. As a result, in addition to the subsidized money, the lender would be awarded a flat amount of Rs 3,000 to compensate for the costs of executing the mortgage request for up to Rs 6 lakhs. Lenders are permitted to reclaim median service charges for extra mortgages exceeding Rs 6 lakhs. 

Even though the borrowers can relocate their old property mortgage, under which the subsidizing advantage was mentioned, the borrower will not be eligible for the discount on the new amount transfer. Furthermore, you will not be eligible to profit from this program if you shift your current property mortgage after the announced time, as the discount is exclusively offered to the borrowers when he buys or builds the property for the first time. It is not necessary to buy a brand-new home. It could potentially be a second-hand home or one built by a constructor.

Benefits: PMAY Goa

There are several benefits of the Pradhan Mantri Awas Yojna. If you are a middle-class man in Goa who wants a newly renovated For accommodation, it's best to avail of the PMAY ( Goa). The benefits are-

  • Affordable housing

PMAY is an excellent way for all eligible ( Terms and Conditions applied) to afford a new house after successfully satisfying all the eligibility requirements.

  • Easy process of loans

Under PMAY (Goa), the government-certified banking institutions offer housing mortgages upto rulers 45 lakhs ( LIG), which you can repay for the next 20 years. There's no extra burden on the poor, needy people. They can slowly pay back their loan amount.

  • Subsidy

The Government of India offers a special discount on house loans under the PMAY program. There is a subsidy for the eligible candidates of up to 6.50%, and the highest amount that one can save under PMAY is a whooping rupee of 2.67 lakhs. 


  1. Can anyone repay the home loan?

The PMAY reimbursement program for Goa that individuals have chosen is exclusively relevant if the mortgage is valid for the whole term; if your pay back a portion of the mortgage, the discount value would be inverted, and customers may lose some of the advantages.

  1. Is it ok to take a loan to pay back the PMAY loan?

The mortgage value and, as a result, the Instalment load would be reduced after your PMAY benefit is granted. Yet, if the PMAY reimbursement covers the total mortgage money, you'll have to repay the current value of the discount you received on the repaid quantity for the rest of the term. Your repayments will be lowered from the non-subsidized portion of the property if the mortgage (extra) is on the non-subsidized section of a similar asset. 


It makes house mortgages more accessible for the urban poor by subsidizing the debt amount on a property mortgage while repaying it via Installments. If you want to purchase a home on reselling, you can utilize the Pradhan Mantri Awas Yojna benefits to get a renovated residence. 

Also Read:

Pradhan Mantri Awas Yojana Odisha
Pradhan Mantri Awas Yojana - PMAY Home Loan
Pradhan Mantri Awas Yojana: PMAY Apply Online For 2022-2023
Pradhan Mantri Awas Yojana: PMAY List 2022-2023
Pradhan Mantri Awas Yojana Urban LIST of 2022 - PMAY Housing
Pradhan Mantri Awas Yojana (PMAY) Ahmedabad List 2022
Pradhan Mantri Awas Yojana Gramin 2022 List
Pradhan Mantri Awas Yojana Karnataka
Pradhan Mantri Awas Yojana Haryana
Pradhan Mantri Awas Yojana Ladakh

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Arun Kumar

I am Arun Kumar working with AddressOfChoice Realty Private Limited as a Digital Marketing Executive. I have 8 Year Experience in same field. I love to share blog and Article.