PMAY or Pradhan Mantri Awas Yojana is a central government scheme launched in 2015. The objective of this initiative is to offer affordable housing to the financially weaker section in our country.
Some of the commonly asked questions about PMAY include –
Question 1: Who can opt for a loan under this scheme?
The individuals who can opt for this scheme have been divided into four groups which are as follows –
- Low Income Group (LIG) – Individuals earning between Rs.3 lakh to Rs.6 lakh annually come under this group.
- Economically Weaker Section (EWS) – Those earning less than Rs.3 lakh in a year fall within this category.
- Medium Income Group (MIG 1) – Individuals with annual income less than Rs.12 lakh in an entire year is categorized under this group.
- Medium Income Group (MIG 2) – Individuals who earn up to Rs.18 lakh fall under this category.
Question 2: What is the maximum loan beneficiaries can avail?
The maximum loan amount each category mentioned above can avail is –
LIG and EWS – Rs.6 lakh.
- MIG I – Rs.9 lakh.
- MIG II – Rs.12 lakh.
Question 3: How to apply for this scheme?
To apply for this scheme, applicants must log in to the official PMAY website.
After logging in to the site, they have to submit their Aadhaar details.
Next, they need to provide details such as the name of family members, income, address, contact number and the like.
To avail this fund, individuals also need to fulfil strict eligibility parameters. After verification, the Government releases a PMAY list where state-wise beneficiaries’ name is displayed.
It should be noted that women from LIG or EWS, fulfilling the PMAY eligibility criteria, are also eligible to apply for a home loan under this scheme.
