Pradhan Mantri Awas Yojana is a government-sponsored scheme that primarily targets to provide every Indian with a proper house. Individuals have to fulfill the PMAY eligibility criteria to avail its benefits.
A few common FAQs and queries about this scheme are discussed below.
FAQ 1: How much subsidy is offered under PMAY?
Different rates of subsidy are offered under the PMAY scheme depending on the household income of an applicant. These different rates are listed below –
- MIG (Middle Income Group) is divided into 2 categories -
- MIG I families can avail a subsidy of 4% up to a loan sum of Rs.9 lakh.
- MIG II families can avail a 3% subsidy on a loan amount that goes up to Rs.12 lakh.
- For EWS (Economically Weaker Section) and LIG (Low Income Group) applicants, a subsidy of 6.5% is allowed on their loans up to a sum of Rs.6 lakh.
FAQ 2: What are the PMAY eligibility criteria?
The eligibility requirements are listed below –
The applicant must be a citizen of India.
An applicant or his/her immediate family members should not own any house in the country.
An applicant or his/her family members must not have availed the benefit of any other government housing scheme.
FAQ 3: What are the different phases of this initiative?
The initiative was primarily divided into 3 phases. While these phases have not been able to maintain their schedule strictly, a major portion of it has been successful.
Phase 1: From 04/01/15 to 03/01/17.
Phase 2: From O4/01/17 to 03/01/19.
Phase 3: From 04/01/19 to 03/01/22.
Applicants considering to avail home loan under this scheme should check their household earning requirements that are necessary to be able to apply for PMAY.
