To provide affordable housing facilities to the economically challenged sections of the society, Central Government came up with PMAY or Pradhan Mantri Awas Yojana back in 2015. However, PMAY subsidy is available to only those who are unable to meet monetary requirements for their house construction or purchases. Individuals need to meet certain eligibility parameters to be a part of PMAY list.
Eligibility criteria to avail PMAY subsidy benefits
RBI’s measures like keeping the repo rate unchanged have been beneficial for this scheme as the interest rates have reduced as a result. It has helped homebuyers to finance their house purchases and opt for high-value home loans at subsidised interest rates. Here are all the PMAY eligibility requirements the Government has set, based on different income groups.
- For Economically Weaker Sections (EWS): The annual income of the applicant should not exceed Rs.3 lakh.
- For Lower Income Group (LIG): Household income should be within Rs.3 to Rs.6 lakh per annum, under PMAY scheme.
- For Middle Income Group I (MIG I): Annual income range should be between Rs.6 and Rs.12 lakh per annum.
- For Middle Income Group II (MIG II): Applicants need to have an annual income range of Rs.12 lakh to Rs.18 lakh.
Under this PMAY scheme for a home loan, the ultimate goal is to construct 2 crore houses by 2022 for the rural and urban population of India. Applicants falling in the above-mentioned income categories will be able to avail the benefits of Pradhan Mantri Awas Yojana subsidy. However, individuals should also know about other factors like not having a pucca house in any part of the country, not being a part of other Government home loan schemes, etc.
