PMAY Eligibility Criterions: A Brief Insight - Loan Trivia


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Tuesday 4 September 2018

PMAY Eligibility Criterions: A Brief Insight

Pradhan Mantri Awas Yojana or simply PMAY scheme was launched in June 2015 with a motive to ensure affordable ‘housing for all by 2022’. As per the initiative, if eligible, a person can apply for a Home Loan at a subsidized rate or can avail the interest-based subsidy. However, you have to fulfill the PMAY eligibility criteria in order to apply and avail the benefits of the scheme. Want to know more? Read on to find out.

  1. You must be employed: It goes without saying that you need to have a stable source of income to be eligible for the loan. Hence, you need to be employed.

  1. You must not own a pucca house: You or your family members which include you, your spouse and your unmarried children; must not own a pucca house in any other state in India.

  1. You must not have availed central assistance before: In order to ensure the facility is available to those who really need it, people who have availed central assistance under various other initiatives are not eligible for PMAY benefits.

  1. You must belong to the EWS, LIG or MIG category: You must belong to either of the four categories: EWS, LIG, MIG 1 & MIG 2 income-based categories.

  1. Your household income should not exceed the given limit: Your gross household income must not exceed the limit specified by the PMAY scheme.

  1. The eldest women in the family must co-own the house: Lastly, in case you belong to the EWS and LIG category; the house must be co-owned by the eldest female member of the family.

If you fulfill these conditions, you are eligible for the PMAY Home Loan and the interest-based subsidy.

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