No, you cannot convert your existing home loan to Pradhan Mantri Awas Yojana (PMAY). This scheme was launched by the Government of India in June 2015 with an intention of providing homes for the homeless by getting home loan from banks at subsidised interest rate. Following are the eligibility criteria to avail a home loan under PMAY.

•    The beneficiary should not have a pucca house on the name of the family members in any part of India.     
•    The maximum age of the applicant is 70 years.     
•    In case of a married couple applying for a joint loan, single subsidy will be given.     


 Income Group

 Income level (Per Annum)

Interest Subsidy

 Economically Weaker Section

 Above Rs. 3 Lakhs and below Rs. 6 Lakhs


 Middles Income Group 1

 Above Rs. 6 Lakhs and below Rs. 12 Lakhs


 Middle Income Group 2

 Above Rs. 12 Lakhs and below Rs. 18 Lakhs



If you are looking for a housing loan, you can check your eligibility here for free.