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Everyone aspires to move into their own home one day.
If you also don’t have a pucca home in India, you can apply for one easily. You can make the most of the Pradhan Mantri Awas Yojana (PMAY).
The Pradhan Mantri Awas Yojana was launched in 2015 by PM Narendra Modi to help poor sections of society get into their own affordable homes.
However, you need to meet the Pradhan Mantri Awas Yojana eligibility to apply for it.
Read on and know more!
A quick look at Pradhan Mantri Awas Yojana eligibility norms
- You or any members of your family must not have any pucca home anywhere in India. The beneficiary family comprises a husband, wife, unmarried sons and daughters.
- You can apply for the Pradhan Mantri Awas Yojana if your yearly income is up to Rs.18 lakh. The annual income of the spouse can also be included.
- The subsidy benefits on home loans can’t be availed on an already built home.
- The beneficiary family must not have taken any assistance for earlier launched housing schemes of the Central or State Governments.
- The maximum subsidy on a home loan is up to Rs.2.67 lakh.
- The maximum home loan can’t exceed Rs.12 lakh. Any amount above this limit won’t be considered for subsidy.
- Senior citizens and differently-abled citizens will be given preference on ground floor homes.
- The construction or the extension for which the housing loan is availed must be completed within 3 years. It should be from the date of disbursement of the 1st instalment of the loan amount.
If you meet these Pradhan Mantri Awas Yojana eligibility terms, you can apply for the PMAY online.
