Pradhan Mantri Awas Yojana is an initiative undertaken in 2015 by the Indian Government to provide housing for all. Nonetheless, the features of this CLSS scheme is applicable only for beneficiaries clearing PMAY eligibility criteria.

Every year, the government chooses beneficiaries based on a lucky draw and publishes their name in the PMAY list. Individuals need to register on the official PMAY website to qualify for the subsidy offered under PMAY. Before making an application, it is crucial to take note of the eligibility criteria based on the income group division.

How is PMAY divided according to income-wise eligibility?

The income-wise eligibility division under the PMAY scheme is given as follows –

  • Lower Income Group/Economically Weaker Section:

The applicants in this group must belong to the income bracket between Rs.3 lakh and Rs.6 lakh. They can receive an interest benefit of up to 6.5% as per guidelines. Individuals can receive a subsidy loan amount of upto Rs.6 lakh.

  • Middle Income Group I:

Individuals with an income range between Rs.6 lakh to Rs.12 lakh belong to the MIG-I category. Beneficiaries from this group are eligible to receive a subsidy of 4% on a loan amount of upto Rs.9 lakh.

  • Middle Income Group-II:

Individuals with an income range of Rs.12 lakh to Rs.18 lakh belong to this category. Beneficiaries in this category can receive a 3% subsidy on a loan of Rs.12 lakh.

These are the three income-wise divisions based on which the government allows beneficiaries to secure a home loan under PMAY.

Other eligibility requirements for the PMAY scheme

Other PMAY eligibility criteria set by the government are as follows –

  • The applicant should not own a pucca house in any part of India, either in his/her name or family member.
  • They should not be a beneficiary of any previous government housing scheme.
  • Location of the selected property mustn’t fall outside statutory towns and their adjacent planning area as directed in the 2011 census.
  • Under this affordable housing scheme, the carpet area of the house for EWS beneficiaries should be up to 30 sq. metres and up to 60 sq. metres for LIG beneficiaries.
  • The property should have a female co-owner. However, this obligation is exempted for the house under construction or renovation of semi pucca and kuccha house.

What is the PMAY eligibility criteria for MIG-I and MIG-II scheme?

  • Individuals belonging to both MIG-I and MIG-II scheme shouldn’t be a recipient of a government housing scheme. They shouldn’t be an owner of a pucca house.
  • The carpet area of the house under the MIG-I Scheme should be up to 120 sq. metres. At the same time, the carpet area of the house under the MIG-II scheme must be up to 150 sq. metres.
  • Applicants belonging to a scheduled caste or scheduled tribe group have to submit their respective caste certificates.

This credit link subsidy for all the schemes is available on a home loan for a tenor of 20 years. However, the borrower is obligated to clear the outstanding due before reaching the age of 70 years.

Apart from checking the eligibility specifications for each income class, one must also take due note of the application process.

On successful application, he/she should also keep a tab on the PMAY status.

Since only selected beneficiaries can avail the benefits of the PMAY scheme, they are required to submit valid documents to prove their eligibility for the same. However, if someone fails to fulfil the conditions that PMAY eligibility and documents required, he/she can look for a lucrative alternative like a housing loan.

This credit form offers substantial funds against affordable interest rate and simple eligibility requirements. In this regard, one needs to find a reliable lender.

Many HFCs also offer customised benefits like pre-approved offers that make the complete application process hassle-free and swift. Such offers are usually levied on a financial product like LAP, home loan, etc.

Thus, PMAY is a beneficial scheme designed for individuals looking to own a house by offering a subsidised home loan interest rate. However, one must keep track of the updated norms to fulfil the PMAY eligibility criteria easily. This would make the complete process hassle-free and swift.

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