PMAY Homes to Get Housing Loans: New Facility for Houses Up to ₹25 Lakh to Boost Sales

A large number of houses in the Konkan Board under MHADA have remained unsold and vacant, creating a growing concern for the board as these empty units continue to increase. These vacant houses have become a serious issue, and the board has been applying various methods for their sale. As part of these efforts, the board has now taken a new decision to provide a housing loan facility for the sale of vacant homes under the Pradhan Mantri Awas Yojana (PMAY). This step marks a significant move in supporting the sale of long-pending vacant units, carried out with the guidance of administrative leadership such as IAS Sanjeev Jaiswal, and aims to bring relief to applicants as well as help the board clear its unsold stock.

Under this new arrangement, two financial institutions have been appointed. These financial institutions will provide loans to applicants and interested homebuyers for houses up to ₹25 lakh at an interest rate of four percent. This loan facility is expected to create new opportunities for buyers who were earlier unable to afford PMAY houses due to the absence of accessible home-loan support from banks.

Housing Loan Facility to Accelerate Sale of Vacant Homes

According to the PMAY scheme, the central government has made a provision for housing loans at a four percent interest rate for homes up to ₹25 lakh. However, applicants and interested buyers in the Konkan Board were not receiving such loans from banks even for PMAY homes. This situation became an obstacle for buyers and left many PMAY houses vacant. The new decision now ensures that homebuyers will finally receive loans at this interest rate through the appointed financial institutions.

Due to the lack of affordable home-loan support, many houses in the PMAY category were beyond the reach of potential buyers. As a result, large pockets of PMAY homes remained unsold. But with the new housing loan facility, applicants will be able to take home loans at four percent interest, making the PMAY homes more accessible. Applications for these loans will be processed through the financial institutions appointed specifically for this purpose.
The board expects that this step will help ensure the easy sale of nearly eight thousand vacant homes. The ease of obtaining a loan at four percent is expected to generate positive buyer response and accelerate the clearance of unsold PMAY units.

Thousands of Vacant Homes Await Buyers Across Konkan Region

Thousands of houses in the Konkan Board are currently vacant for various reasons. These include houses in Virar–Boisar, Khopoli, Ghotegaon, Shiravali, Bhandup, Thane and Ambernath. Despite multiple attempts, the sale of these units did not gain enough momentum. The board had already launched a “First Come First Serve” sale through the My Home website for vacant houses, which received some response but not enough to address the scale of unsold stock.

The challenge of attracting buyers persisted, and the lack of a loan facility under PMAY discouraged many from applying. Without access to affordable loans, potential buyers were unable to take advantage of the PMAY houses offered in these regions. This gap between availability and affordability kept thousands of homes vacant even after repeated attempts to promote sales.

The board continued to explore various alternatives, but as months passed, the vacant houses remained unsold. The last six months particularly highlighted the shortage of effective options for clearing the unsold inventory. This prompted the need for a new step that could finally resolve the long-standing issue.

Loan Accessibility Expected to Improve Buyer Response

With the new decision to offer loans at a four percent interest rate for houses up to ₹25 lakh, the board expects a stronger and more positive response from homebuyers. The availability of these loans through appointed institutions is likely to make PMAY homes more attractive and affordable, encouraging eligible applicants to complete their purchase.

This loan facility directly addresses the gap that existed earlier, when applicants were unable to obtain home loans even under the PMAY scheme. The board considers this an important turning point that will help convert existing interest into actual sales. By bridging the financial gap, the board aims to ensure that vacant homes find buyers quickly.

The decision also aligns with the goal of making PMAY homes accessible and reducing the number of unsold units. Since the financial burden on buyers will be lower due to the reduced interest rate, more applicants are expected to apply for these homes across various locations in the Konkan region.

Expected Impact on PMAY Housing Stock
 

The board hopes that nearly eight thousand houses will be sold easily due to the housing loan availability at a four percent interest rate. This expectation reflects the scale of the unsold stock and the belief that financial accessibility will drive the necessary demand. The PMAY homes, previously limited by lack of financing options, are now positioned to attract buyers who were unable to proceed earlier.

The introduction of the loan facility marks a major step toward resolving the long-standing issue of vacant homes. With the new system in place, the PMAY homes are expected to gain better market traction, and the problem of unsold units will likely be reduced.

The decision aims to ensure that the PMAY vacant homes question, which has remained unresolved for a long time, will now move toward a solution. The loan facility ensures that potential buyers receive the financial support required, and the board expects this move to finally clear the existing stock of PMAY homes.