What is the eligibility for Pradhan Mantri Awas Yojana scheme?
Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015,
View all Offers
View all Offers
- 8% OFF
OnePlus 9R 5G (Lake Blue, 8GB RAM, 128GB Storage)₹ 36999₹ 39999Buy On
- 17% OFF
Redmi Note 10 Lite Aurora Blue 4GB RAM 128GB ROM | Alexa Built-in₹ 14999₹ 15999Buy On
- 18% OFF
Redmi Note 10S (Shadow Black, 6GB RAM, 64GB Storage) - Super Amoled Display | 64 MP Quad Camera₹ 13999₹ 16999Buy On
- 31% OFF
Apple iPhone XR (64GB) - Black₹ 32999₹ 47900Buy On
- 11% OFF
Samsung Galaxy Z Flip3 5G (Phantom Black, 8GB RAM, 256GB Storage) with No Cost EMI/Additional Exchange Offers₹ 84999₹ 95999Buy On
The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed.
The benefits given for the different income groups are as follows:
LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh.
In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under.
MIG 1 category
MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years.
MIG 2 category
MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years.
Pradhan Mantri Awas Yojana Eligibility
It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country.
When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy.
The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.
Popular on BI
- Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable
- CRED's ad featuring Rahul Dravid was the most viral ad in IPL 2021: Report
- Best steel plates for lunch and dinner in India
- Amazon-backed office shuttle service Shuttl finds a saviour in Chalo
- Thermal power plants in Tamil Nadu emit more toxic gases than permissible limits, finds study