The Pradhan Mantri Awas Yojana came into effect on 17th June 2015 in an attempt to provide affordable housing to the economically weaker sections, middle-income group, and lower-income-group individuals.
To avail such schemes, you are required to cater to the eligibility criteria set by the Government of India. After application, the Pradhan Mantri Awas 2019 list can be accessed on the official website of this scheme to check if you have qualified for the scheme.
What PMAY offers?
Pradhan Mantri Awas Yojana offers home loan subsidies of –
6.5% to Lower Income Group (LIG) individuals against a loan amount of Rs. 6 Lakh.
6.5% to the Economically Weaker Sections (EWS) with a credit amount of up to Rs. 6 Lakh.
4% to Middle Income Group I (MIG I) with a loan amount of up to Rs. 9 Lakh.
3% to Middle Income Group-II (MIG II) against a loan amount of up to Rs. 12 Lakh.
Who can avail?
To avail such subsidies, you are required to fall under the category as discussed below.
LIG – Between the income group of Rs. 3 Lakh and Rs. 6 Lakh per year.
EWS – annual income below Rs. 3 Lakh can avail of subsidies under this scheme.
MIG I – Annual income ranging anywhere between Rs. 6 Lakh and Rs. 9 Lakh.
MIG II – Borrowers with an income between Rs. 9 Lakh and Rs. 12 Lakh.
Individuals can check their names on the PMAY list on the official portal of PMAY to track the status of their application.
