Know about PMAY Eligibility Criteria before Applying

Launched in 2015, PM Awas Yojana aims to provide affordable housing to Indians. To avail this subsidy, one needs to meet the PMAY eligibility criteria successfully. Here are some highlights –

• The applicant and his/her immediate family members must not own any pucca house anywhere in the country.
• Also, applicants must not have availed any government-backed housing schemes previously.
• To avail PMAY subsidies, female ownership is mandatory for EWS/LIG. Female property ownership is desirable for MIG beneficiaries.
• Property location must be within the bounds of statutory towns as per the 2011 Census.
• The property's construction must be completed within 36 months from the first instalment disbursal date.

The benefits under Pradhan Mantri Awas Yojana are available for three income group, EWS, LIG and MIG. Moreover, there is an income and subsidy threshold for each group, which one should be aware of before applying for a home loan.

• EWS: Annual income is up to Rs.3 lakh, with a subsidy of up to Rs.2.67 lakh on a loan of up to Rs.6 lakh.
   
• LIG: Yearly income for this group should be between Rs.3-6 lakh, but the upper subsidy limit remains the same as EWS group.
   
• MIG 1: Here, annual income should be between Rs.6-12 lakh, and the subsidy amount is up to Rs.2.35 lakh on a home loan of up to Rs.9 lakh.
   
• MIG 2: The annual income threshold is up to Rs.18 lakh, and a subsidy of up to Rs.2.30 lakh is available on a loan amount of Rs.12 lakh.

With this housing for all scheme’s help, the government has managed to provide an equal opportunity for every Indian to avail a house without any hiccups.