Pradhan Mantri Awas Yojana was introduced on 17th June 2015 as an initiative to offer affordable housing to the economically weaker sections in India. To avail a subsidised home loan under the Pradhan Mantri Awas Yojana, you are required to fulfil particular income ceiling, such as –
- EWS – To avail advances under Economically Weaker Sections category, you are required to hold an annual income below Rs. 3 Lakh.
- LIG – You can avail subsidised home loans under PMAY Lower Income Group if you hold an annual family income ranging between Rs. 3 Lakh and Rs. 6 Lakh.
- MIG-I – You are eligible to apply for credits under Pradhan Mantri Awas Yojana Middle Income Group-I if you have an annual household income from Rs. 6 Lakh to Rs. 12 Lakh.
- MIG-II – With a per year income of Rs. 12 Lakh to Rs. 18 Lakh you can avail advances under Pradhan Mantri Awas Yojana 2020 Middle Income Group-II category.
Besides, being among the mentioned income group, Applicants are also eligible for a subsidy if they fulfil all the PMAY eligibility criteria –
● Economically weaker sections (EWS) – A subsidy of 6.5% for a loan amount of Rs. 6 Lakh.
● Lower-income group (LIG) – A loan amount of Rs. 6 Lakh at 6.5% of subsidy.
● Middle-income group-I (MIG-I) – A subsidy of 4% for loans of Rs. 9 Lakh.
● Middle-income group-II (MIG-II) – Loan amount of Rs. 12 Lakh at 3% subsidy.
You can apply for the home loan subsidy scheme by registering yourself on the official portal of PMAY and approaching your preferred lender.
