All You Need To Know About Pradhan Mantri Awas Yojana - Loan Trivia

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Monday, 17 September 2018

All You Need To Know About Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana is a subsidy scheme for Home Loan buyers. PMAY Scheme aims to provide ‘Housing for all by 2022’ to enable urban poor and rural populace who match the eligibility criteria purchase a home in their name.

Its eligibility is as follows -

 > Economically Weaker Sections (EWS) - minimum household income of less than Rs. 3 lakhs.

 > Lower Income Group (LIG) - minimum household income of less than Rs. 6 lakhs.

 > Middle Income Group (MIG I) - minimum household income of less than between Rs. 6 lakhs to Rs. 12 lakhs.

 > Middle Income Group (MIG II) - minimum household income of less than between Rs. 12 lakhs to Rs. 18 lakhs.

In addition, the applicant must comply with the following -

 > An applicant/family/household must not own a pucca house in any part of the country either in his name or in the name of their family member’s

 > the applicant must not have availed any Central/ State assistance under any housing scheme from the Government previously

 > One adult female membership is a must in the property ownership

 > Property must be co-owned by a female member of the family

 > Location of the property must fall under all statutory towns as per 2011 census and their adjacent planning area (as provided by the government from time to time)

Additional Criteria for LIG/ EWS category only: The houses constructed/acquired with central assistance under the scheme must be in the name of the female head of the household or in the joint name of the male head of the family and his wife, and only in cases, when there is no adult female member in the family, the house can be in the name of male member of the family.

Reference Read:
Know the Reality Behind Credit Linked Subsidy Scheme

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