Pradhan Mantri Awas Yojana (PMAY): Knowing the Eligibility Criteria

Just like all the other schemes from the government, PMAY (Pradhan Mantri Awas Yojana) also has a set of requirements, which one needs to meet to benefit from the housing scheme. Check out this post to know whether you are eligible for PMAY.

To make housing more affordable for the middle-class population, the government of India launched PMAY scheme in 2015. One of the most important aspects of the scheme is CLSS or Credit Linked Subsidy Scheme. Under this scheme, the government offers financial support to the beneficiaries through lending institutions if they meet the eligibility requirements to help them purchase a home of their own.

With the help of this scheme, someone purchasing a home for the first time can save as much as Rs. 2.67 lakhs in the form of interest subsidy. However, what are the requirements to be eligible for PMAY? Let us have a look-

Economic Classes Eligible for the Scheme

The PMAY scheme is targeted towards people from-

  • Economically Weaker Section – This includes families* that have income up to Rs.3,00,000 per annum
  • Low Income Group (LIG)- This includes families* that have cumulative income up to Rs.6,00,000 per annum
  • Medium Income Group (MIG)- This includes families* that have a cumulative income of up to 12,00,000 per annum (MIG I) and household income up to Rs.18,00,000 per annum (MIG II)

*Families comprise of Husband, Wife and Unmarried Sons and Daughters

Eligibility Criteria for EWS and LIG

To be eligible for PMAY, a beneficiary from the EWS or LIG category should not already be an owner of a pucca home in their name in any part of the country. This rule is applicable to other members of the family as well. As per the scheme, a family is defined as a husband, wife, and unmarried children.

Moreover, the beneficiary should not have availed any central or state assistance under any of the housing schemes of the government in the past. For EWS and LIG classes, it is mandatory for the property to be co-owned by a female family member.

Eligibility Criteria for MIG I and MIG II

Just like the requirements for EWS and LIG, a beneficiary from MIG I or MIG II class should not be an owner of a pucca house in their name or in the name of their family members in any part of the country. If you’ve already taken assistance under any government housing schemes in the past, you are not eligible for CLSS under PMAY.

One notable difference in the requirements is female ownership. While female co-owner is mandatory for EWS and LIG, it is only desirable and not mandatory for MIG I and MIG II.

Applying for PMAY

If you are eligible for Pradhan Mantri Awas Yojana, you can get in touch with a lender that is approved under this scheme. The lender will require you to submit the basic loan application documents which will then be forwarded to the NHB (National Housing Board). If everything is in order and your application is approved, the NHB will deposit the interest subsidy directly into your loan account with the lender.

Housing for All by 2022

The PMAY scheme is one of the biggest initiatives of the Indian government to fulfil its “Housing for All by 2022” mission. The CLSS scheme of PMAY has already helped more than 1.60 lakh beneficiaries between 2015-18 and enabled them to fulfil their lifelong dream of owning a home of their own.

If you share the same dream as well, get in touch with a lender approved under the scheme to know more and apply for the credit subsidy.

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