The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme of India’s Central Government led by PM Narendra Modi.
It was launched in 2015 to help the poor population get shelter.
A home loan interest rate subsidy of up to 6.5% to Rs.2.67 lakh is available on a maximum amount of up to Rs.12 lakh. Any amount above Rs.12 lakh will be nonsubsidized.
The PMAY subsidy is available as per one’s yearly income ranging between Rs.3 lakh and Rs.18 lakh.
Read on and know about the PMAY and his eligibility in this quick post!
What PMAY eligibility conditions to meet to apply online?
- The applicant and the beneficiary family (husband, wife, unmarried sons and unmarried daughters) must not have a pucca home anywhere in India.
- The PMAY subsidy can’t be availed on an already built home.
- The applicant/beneficiary household must not have availed housing benefits. They are under the housing finance schemes of Central/State Governments.
- The yearly income of the applicant and the beneficiary family must be between Rs.3 lakh and Rs.18 lakh. Any amount lower than Rs.3 lakh and above Rs.18 lakh won’t make you PMAY eligible.
- The home loan amount on which the PMAY subsidy is availed under the scheme must be used for construction/extension. It must be used within 36 months after the loan’s disbursement of 1st instalment.
If you have already enrolled on the PMAY scheme, you can check your name in the PMAY list online. It is possible to check your PMAY list status for urban and rural after landing on the official website of the PM Awas Yojana.
