Pradhan Mantri Awas Yojana or PMAY was launched as an affordable housing scheme by the central government in June 2015. The aim is to build houses for the urban poor in India by March 2022 under the motto of ‘Housing for All’. It is based on a subsidized interest rate on home loans which will make it convenient for prospective borrowers.
Prior to submitting your home loan application, it is important that you know the eligibility criteria of the same if you are a first time home buyer under Pradhan Mantri Awas Yojana scheme –
- Property holder
The applicant should not own a house or property sanctioned by the state or central government. Even his family members should not be beneficiaries of any such government-sponsored housing scheme.
- Beneficiaries
The benefit is extended to the urban poor which is subcategorised into four groups – EWS (Economically Weaker Section), LIG (Low Income Group), MIG 1 (Middle Income Group 1) and MIG 2(Middle-income Group 2).
- Income
The respective income of every household is also a determining factor for determining the eligibility of a loan. It is calculated by considering the amount earned by an applicant, their partner and any immediate household member.
The annual income criteria are divided as –
- For LIG, the income should be between Rs. 3 Lakh and Rs. 6 Lakh.
- For MIG 1, household income should be under Rs. 12 Lakh.
- For MIG 2, the income should be between Rs. 12 Lakh and Rs. 18 Lakh.
Applicants need to submit proper and valid documents to avail the benefits offered by PMAY while applying for such a scheme.
