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Who is Eligible for Pradhan Mantri Awas Yojana (PMAY) ?

Pradhan Mantri Awas Yojana was launched by the Government of India back in June 2015 to provide affordable housing to the financially weaker sections of the society.

It is a credit-linked subsidy scheme that allows the applicants to avail of home loans at subsidized interest rates. Beneficiaries can avail such loans under this ‘housing for all’ scheme to purchase or build a house.

Who is eligible for PMAY?

The scheme is meant to provide housing benefits to individuals belonging to various categories of society. This division is made based on the income of every household annually. The categories are –

  • LIG (Lower Income Group) – Rs.3 lakh to Rs.6 lakh.
  • MIG 1 (Middle Income Group 1) – Rs.6 lakh to Rs.12 lakh.
  • MIG 2 (Middle Income Group 2) – Rs.12 lakh to Rs.18 lakh.
  • EWS (Economically weaker section) – Up to Rs.3 lakh.

Additionally, individuals have to fulfill the following conditions –

  • Not own a pucca house in the country.
  • Not have enrolled for any other government housing scheme.
  • In the case of an NRI, his/her annual income should be less than Rs.18 lakh.

Individuals should note that they can enroll for the PMAY 2020 irrespective of whether they are married or single. However, the benefit of a subsidized interest rate is extended to only one member per family.

Also, minorities and women under LIG/EWS section can apply for the PMAY loan benefits. However, each section is required to produce adequate documents to prove that they fall under the claimed category.

Applicants must make sure to know the PMAY eligibility criteria before applying for the same.

Available subsidies, loan amount and carpet area under PMAY

To avail benefits under PMAY, an individual is required to meet specific PMAY eligibility criteria as mandated by the Government of India. These criteria are different for every section of society, and are discussed in details below –

  • For LIG (Lower Income Group) – Beneficiaries are eligible for a carpet area of 60 square meters. They can avail of a subsidized interest rate of 6.5% on home loans up to Rs.2.2 lakh.
  • For MIG 1 (Middle Income Group 1) – For this group, the allotted carpet area is 160 square meters. Individuals will receive an interest subsidy of 4% on a loan amount of up to Rs. 9 lakh.
  • For MIG 2 (Middle Income Group 2) – A carpet area of around 200 square meters is allotted to the beneficiaries under this section. The interest subsidy is 3% for a loan amount of up to Rs.12 lakh.
  • For EWS (Economically weaker section) – The beneficiaries under this section can avail of a carpet area of 60 square meters. They can avail loans at a subsidized rate of 6.5% for home loans up to Rs.3 lakh.

What is the interest subsidy extended to the beneficiaries?

The interest rate subsidy on Pradhan Mantri Awas Yojana loan is available for 15 years or the original tenor – whichever is lower. In case the amount is beyond Rs.6 lakh, the subsidy shall stand void. The subsidized amount will be directly credited to the account of the beneficiary.

So, when you apply for Pradhan Mantri Awas Yojana, ensure that you have prior knowledge of the documents required to avail of its benefits. Also, look out for the other things you must know before taking home loans to make the most of such a potential line of credit towards purchasing/building your house.

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