All you need to know about Pradhan Mantri Awas Yojana - Loan Trivia


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Tuesday 4 September 2018

All you need to know about Pradhan Mantri Awas Yojana

If you are one of those who have migrated towards the urban areas in search of work, then you must have a clear knowledge about PMAY. The demand for the low-cost housing has increased a lot in both rural and urban areas and thus Indian Government has come up with a low-cost housing programme is known as Pradhan Mantri Awas Yojana to provide homes to all people within 2022.
Pradhan Mantri Awas Yojana or PMAY is a proposal to build 2 crore houses by March 31, 2022, and provide homes to all citizens. It also offers financial assistance and subsidies under the Credit-Linked Subsidy Scheme (CLSS) to certain sections when buying a home. Under PMAY benefits, you can get affordable housing if you belong to economically weaker sections (EWS), low-income group (LIG),mid-income group (MIG) and many more. 

You should first be aware of PMAY eligibility criteria:

  • You and your family members should not have a pucca house anywhere in the country
  • If you belong to EWS and LIG, your income should be between Rs.3 lakhs to Rs.6 lakhs per annum
  • If you belong to MIG 1, your annual household income between Rs.6 lakhs to Rs.12 lakhs per annum
  • If you belong to MIG 2, your earnings should be between Rs.12 lakhs to Rs.18 lakhs per annum
  • Your age at the end of the repayment tenor must be less than 70 years
  • The application date should be between 17th June 2015 to 31st March 2022

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