The Indian government introduced PMAY on June 2015, as an attempt to provide affordable housing to all Indian residents, especially for the economically weaker sections. The primary component of this scheme is the credit linked subsidy under which beneficiaries can gain aids on home loan interest.
Prior to submitting your application, make sure you are aware of the PMAY eligibility that is discussed below –
You should not hold property or house under any government housing scheme.
Your immediate family members including your spouse, children, parents, or any immediate family member should also not be a beneficiary of such schemes.
The property you seek to buy should be included in the scheme.
Based on your annual income, applicants are further classified under groups as –
EWS (Economically Weaker Section) – Income within Rs. 1 Lakh.
LIG (Low Income Group) – Income between Rs. 3 Lakh and Rs. 6 Lakh.
MIG 1 (Medium Income Group 1) – Income within Rs. 12 Lakh.
MIG 2 (Medium Income Group 2) – Income between Rs. 12 Lakh and Rs. 18 Lakh.
According to the Pradhan Mantri Awas Yojana eligibility criteria set by the government, it is mandated that a woman should be the co-owner of the property. It is compulsory for the buyers who fall under the EWS and LIG category and is recommended for other categories.
Check for the hidden costs of buying a home with your preferred lender and decide on to avail the same. This will help you to maintain your finances during the repayment tenor.
