Requirements for Availing Pradhan Mantri Awas Yojana (PMAY) Subsidy

pmay

There are certain eligibility criteria to be fulfilled to avail a loan under the PMAY Scheme. Want to know what are they? Read to know more about it! ……………………………………………………………………………………………………………………………………………………………

What is Pradhan Mantri Awas Yojana (PMAY) Scheme?

With the mission of “Housing for All”, the Government of India launched the Pradhan Mantri Awas Yojana (PMAY) Scheme. The main objective of this scheme is to make housing affordable for 20 million urban and rural poor people by the year 2022.

Eligibility Criteria for Pradhan Mantri Awas Yojana (PMAY) Scheme

The PMAY scheme caters to four income groups of people:

  1. Economically Weaker Section (EWS)
  2. Low Income Group (LIG)
  3. Middle Income Group-I (MIG-I)
  4. Middle Income Group-II (MIG-II)

The PMAY eligibility for loan availability differs with each group/section of people.

Eligibility of PMAY Scheme for EWS/LIG

  • Your family should not hold a pucca house in any part of the country.
  • A woman should be an owner/co-owner of the house.
  • The property should fall under the statutory towns as per 2011 census.
  • The family should include husband, wife and unmarried children.
  • Your annual income should be between Rs.3 lakhs to Rs.6 lakhs.
  • The carpet area of the house should be 30 sq. mts. for EWS beneficiaries and 60 sq. mts. for LIG beneficiaries.
  • You can avail the loan only for the acquisition/construction and extension/renovation of the house.
  • The maximum tenor of the loan is 20 years.
  • The maximum age should be 70 years at the time of repayment.

Eligibility of PMAY Scheme for MIG-I

  • Your family should not hold a pucca house in any part of the country.
  • You must not avail any other loan from other housing schemes from the Government of India.
  • A woman can be the owner/co-owner of the house property, but it is not mandatory.
  • The property should fall under the statutory towns as per 2011 census.
  • The maximum tenor of the loan is 20 years.
  • The maximum age should be 70 years at the time of repayment.
  • The family should include husband, wife and unmarried children.
  • The carpet area of the house should be 120 sq. mts. for MIG-I beneficiaries.
  • Your annual income should be between Rs.6 lakhs to Rs.12 lakhs.
  • You must possess an Aadhaar card to avail this loan subsidy scheme.
  • You can avail the loan only for repair and renovation of the house.
  • Under MIG-I category, you can avail a credit linked subsidy @4% for a loan amount up to Rs.9 lakhs.

Eligibility of PMAY Scheme for MIG-II

  • Your family should not hold a pucca house in any part of the country.
  • A woman can be the owner/co-owner of the house property.
  • The property should fall under the statutory towns as per 2011 census.
  • You must not avail any other loan from other housing schemes from the Government of India.
  • The maximum tenor of the loan is 20 years.
  • The maximum age should be 70 years at the time of repayment.
  • The family should include husband, wife and unmarried children.
  • Your annual income should be between Rs.12 lakhs to Rs.18 lakhs.
  • The carpet area of the house should be 150 sq. mts. for MIG-II beneficiaries.
  • You must possess an Aadhaar card to avail this loan subsidy scheme.
  • You can avail the loan only for repair and renovation of the house.
  • Under MIG-I category, you can avail a credit linked subsidy @3% for a loan amount up to Rs.12 lakhs.

The Bottom Line

If you are planning to buy a house of your own, then you can easily apply for a housing loan under the PM Awas Yojana now by meeting the mentioned eligibility criteria. You can get the subsidy benefits as well under this scheme.

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