Since its inception in 2015 by the Government of India, the Pradhan Mantri Awas Yojana (PMAY) has already led to the construction of 1.5 crore houses for those in the lower-income categories. Under this project, a total of around 2 crore houses will be built by 2022 and the beneficiaries on the PMAY list can claim these as per their financial standing and the various components under the scheme.
The Pradhan Mantri Awas Yojana eligibility requirements are relatively easy to meet, thus making it accessible for Indian citizens. Additionally, its credit-linked subsidy scheme (CLSS) component offers an interest subsidy on the home loan interest, making it easier for people to become homeowners. To know more about the Pradhan Mantri Awas Yojana eligibility norms and the benefits of availing a home loan under PMAY, read on.
Income-based Pradhan Mantri Awas Yojana eligibility criteria
Unlike a few other housing schemes in India, PMAY caters to almost all citizens in the country. This is because applicants are categorised based on income, which covers a vast section of the population. Here is a breakup of these to offer more insight.
- Economically Weaker Section (EWS): Annual household income up to Rs.3 lakh
- Lower Income Group (LIG): Annual household income between Rs.3 lakh and Rs.6 lakh
- Middle Income Group I (MIG-I): Annual household income between Rs.6 lakh and Rs.12 lakh
- Middle Income Group II (MIG-II): Annual household income between Rs.12 lakh and Rs.18 lakh
General PMAY eligibility norms for EWS/LIG Category
- Applicants or their family members should not own a pucca house in any part of India.
- Applicants must not have availed Central/State financial assistance under any other housing scheme in India.
- Applicants must register a female member of the family as the property’s co-owner.
- Applicants must choose the property with a location that falls under the limits of a statutory city or town.
- Applicants must adhere to the maximum carpet area mandate of 30 sq. m. and 60 sq. m. for EWS and LIG categories, respectively.
General PMAY eligibility for MIG-I and MIG-II category
- Applicants or their family members must not own a pucca house in any part of India.
- Applicants must not have availed Central/State financial assistance under any other housing scheme in India.
- Applicants must adhere to the maximum carpet area mandate of 160 sq. m and 200 sq. m. for MIG-I and MIG-II income categories.
General PMAY-G criteria
The following citizens are eligible for the PMAY-G scheme, which caters to the rural population.
- Individuals or households that belong to the Scheduled Caste, Scheduled Tribe and other Minority categories.
- Individuals, with family, living in kutcha houses with either zero, one, or two rooms.
- Individual households without any male adult between the ages of 19 and 59 years.
- Individuals that do not own any agriculture equipment, motorized vehicle, or fishing boat.
- Individual households without a literate adult aged at least 25 years.
- Individuals that aren’t eligible to pay any income tax or any professional tax
- Individual households without any bodily-abled member.
- Individuals that do not own land and earn income from casual labour.
- Individuals with a Kisan Credit Card with a limit of Rs.50,000 or more.
- Individuals or households with a disabled member.
What are the benefits of being on the PMAY list?
The PMAY scheme is tactfully designed to help meet the diverse demands of prospective homeowners. For a detailed understanding about the benefits of being on a PMAY list, take a look at these points.
- Credit Linked Subsidy on home loan interest: The biggest relief is that this housing scheme offers interest subsidy on home loans, up to Rs.2.67 lakh, under the Credit Linked Interest Subsidy Scheme (CLSS).
- Those from the EWS/LIG category get the home loan interest rate subsidised by 6.50% on a loan of up to Rs.6 lakh with the tenor of 20 years.
- Those from the MIG-I category get the home loan interest rate subsidised by 4% on a maximum loan amount of Rs.9 lakh with the tenor of up to 20 years.
- Those from the MIG-II category get the home loan interest rate subsidised by 3% on a maximum loan amount of Rs.12 lakh with the tenor of up to 20 years.
- Housing for all: PMAY aims at constructing about 2 crore houses by 2022, which ensures affordable housing with basic amenities like sanitation and drinking water facilities.
- Empowers women: PMAY scheme goes the extra mile to ensure that the benefits of the scheme are not limited in its outreach and offer women the chance to have a property asset.
- Sustainable homes: The homes constructed under the PMAY scheme are eco-friendly and use high-quality materials.
- Addresses regional disparities: The PMAY scheme is not limited to a specific location and this helps reduce regional disparities.
PMAY is considered accessible and progressive as the scheme’s main aim is to enable the urban and rural population to own a home. For accessing a CLSS subsidy, you first need to have an approved home loan, and this is when you may consider the Bajaj Housing Finance Limited Home Loan. With this, you can easily avail of the PMAY CLSS interest subsidy as well, making it cheaper in the long run.
What’s more, you can get approved for a high-value sanction and opt for a flexible tenor all at a competitive interest rate. This loan’s features include personalized insurance schemes, speedy loan processing protocols, quick disbursal, and online provisions. To know if you can qualify for this home loan as a beneficiary, use the PMAY eligibility calculator before you apply and calculate the maximum subsidy available. This will help plan your loan better. To get started, apply online by filling the simple form and sharing basic details.