The Pradhan Mantri Awas Yojana (PMAY) is one of the flagship schemes of the Indian government. Launched in 2015, this scheme aims to push the citizens of India towards purchasing their own home through home loan interest subsidy. This scheme has garnered a tremendous amount of success and has been welcomed by almost every individual.
If you’re a person who is looking to construct or purchase your very first home, then here’s what you need to know about the Pradhan Mantri Awas Yojana eligibility criteria. That said, before we delve into this, let’s quickly run through the PMAY scheme.
What is the PMAY scheme?
As you’ve already seen above, the PMAY is a government-backed credit-linked subsidy scheme. It is designed to help bring down the home loan interest by up to Rs. 2.67 lakhs, thereby reducing the financial burden of Indian families that are on their way to owning their first home.
The Pradhan Mantri Awas Yojana targets economically backward sections (EWS), low income groups, and middle income groups. It is an ambitious scheme that aims to ensure that all Indian households that are eligible, receive a house by the year 2022.
What is the Pradhan Mantri Awas Yojana eligibility criteria?
Now that you know what the PMAY scheme is, let’s take a look at the eligibility criteria.
- A household with a yearly income of less than ₹18 lakhs is eligible to apply.
- In the case of households claiming benefits under the EWS category, the total yearly household income should not exceed ₹3 lakhs.
- In the case of households claiming benefits under the low income group (LIG) category, the total yearly household income should be more than ₹3 lakhs but less than ₹6 lakhs.
- In the case of households claiming benefits under the middle income group I (MIG I) category, the total yearly household income should be more than ₹6 lakhs but less than ₹12 lakhs.
- In the case of households claiming benefits under the middle income group II (MIG II) category, the total yearly household income should be more than ₹12 lakhs but less than ₹18 lakhs.
- Neither the applicant nor any other member of their family should already own a house.
- The household applying for the PMAY scheme should not have already received any benefits under any state or central governments for any housing project.
- For a household to be eligible for the benefits under the scheme, the construction of the house for which the home loan has been taken should be completed within 36 months from the date of receipt of the loan.
- In the case of married couples, they are eligible for a single subsidy irrespective of whether they are in joint ownership or not.
- The benefits under this scheme are applicable only for the construction or purchase of new houses.
- In the case of households falling under EWS and LIG categories, a female should mandatorily be either the owner or co-owner of the house.
If you’re planning to purchase your very first home, the PMAY scheme can help bring your dreams closer to reality. If you wish to know more about the Pradhan Mantri Awas Yojana scheme, head on over to Finserv MARKETS.
In addition to allowing you to check your eligibility for the scheme through the dedicated eligibility calculator, Finserv MARKETS also hosts multiple financial products ranging from loans and insurance to investments and credit cards. So then, what’re you waiting for?