What Are Eligibility Criteria For Availing PMAY Subsidy?

What Are Eligibility Criteria For Availing PMAY Subsidy?

The Pradhan Mantri Awas Yojana or PMAY, as it is popularly known, is a housing scheme introduced in the year 2015 with the aim of providing Pucca Houses to all Indian Citizens by 2022. The PMAY is essentially a Credit Linked Subsidy Scheme, which ensures that eligible candidates enjoy a subsidised Home Loan. The government aims to use this reduced financial burden to incentivise people belonging to Economically Weaker Section, Lower Income Groups as well as Middle Income Groups to build their first brick & mortar house.

Eligibility Criteria for PMAY

Availing a Home Loan under Pradhan Mantri Awaas Yojana can prove to be of immense benefit to you, as it can help you save up to 6.5% on the interest rate, i.e., you can save up to Rs 2.67 lakhs, subject to the category you fall under. If you are looking forward to this cost-effective subsidy scheme, here’s a quick guide for you pertaining to the Home Loan eligibility criteria.

First, you must belong to any one of the following six categories:

Economically Weaker Section (EWS)

Individuals with a maximum annual household income of Rs. 3 lakh fall under this category. In order to avail of the PMAY Home Loan herein, the size of your house must be up to a maximum of 323 square feet. Under this section, you are entitled to a Home Loan of up to Rs. 6 lakh, along with a subsidy of 6.5% on the interest rate. This Home Loan can be availed for a tenure of up to 20 years.

Low-Income Groups (LIG)

Individuals with an annual household income between Rs. 3 lakh and Rs. 6 lakh, fall under this category. In order to avail of the PMAY Home Loan, the size of your house must be between 323 square feet and 645 square feet. Under this section, you are entitled to a Home Loan of up to Rs. 6 lakh with a subsidy of 6.5% on the interest rate. This Home Loan can be availed for a tenure of up to 20 years.

 

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Middle Income Group I (MIG I)

Individuals with an annual household income between Rs. 6 lakh and Rs. 12 lakh, fall under this category. In order to avail the PMAY Home Loan herein, the size of your house must be up to a maximum of 1,700 square feet. As an eligible candidate under this segment, you can avail a Home Loan amount of up to Rs. 9 lakh. You can enjoy a subsidy of 4% on the interest rate and an extended repayment period of up to 30 years. 

Middle Income Group II (MIG II)

Individuals with an annual household income between Rs. 12 lakh and Rs. 18 lakh, fall under this category. In order to avail the PMAY Home Loan herein, the size of your house must be up to a maximum of 2,150 square feet. As an eligible candidate under this segment, you can avail a Home Loan amount of up to Rs. 12 lakh. The maximum subsidy offered in this category is of 3% on the interest rate. You can pay off the loan over an extended repayment period of up to 30 years.
  

Minorities

This category includes individuals from minorities such as SC, ST, and OBC. To qualify for a PMAY Loan under this category, you should be able to produce relevant caste certificates along with proof of income.

Women

Single women who fall under the EWS or LIG category are also entitled to enjoy the benefits of the PMAY scheme.

 

Also Read: 10 Important FAQs About Pradhan Mantri Awas Yojana Answered

Additional Eligibility Criteria

Regardless of which of the aforementioned 6 groups you qualify under, you must also meet the following criterion to be considered an eligible candidate for PMAY Home Loan.

  • In order to enjoy the benefits of the subsidy under PMAY, you or any member of your family should not own any pucca house in any part of the nation. Here, the family denotes the male of the house, his wife, and his unmarried children.
  • You should not have availed the benefits of any one or more of the housing scheme offered by the central or the state government. Only then will you be considered eligible for a loan under PMAY.
  • It is mandatory for your house to be on the ground floor if you are a senior citizen (aged 60 or above) or a differently-abled person.
  • You must undertake the construction of the property using eco-friendly materials.
  • If you qualify under the EWS or LIG category, you are required to register the property under the female head of the household’s name. You can also register it under the joint name of the male and female heads. In case, there is no female lead in the family, you can register the property in the name of a male head.
  • The EMI for your Home Loan should not exceed 50% of your monthly household income.
  • Regardless of the tenure you opt for, your age should not exceed a maximum of 70 years, at the time of maturity of the loan.

If you fulfil the above-mentioned Home Loan eligibility criteria, you can apply for the benefits of PMAY.

You can contact any of the authorised Housing Finance Companies, Public Sector or Private Sector Banks to get an approval for PMAY Home Loan and realise your dream of living under your own roof.

 

Also Read: Have You Booked Your Home Under PMAY Yojana Yet?

  

To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

 

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Category: Home Loan