Know the Eligibility Criteria for Availing a Home Loan Subsidy Under PMAY Scheme - Loan Trivia

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Tuesday, 20 August 2019

Know the Eligibility Criteria for Availing a Home Loan Subsidy Under PMAY Scheme



The Pradhan Mantri Awas Yojana scheme by the Government of India came into force on 25th June 2015. The program was launched in an attempt to provide housing loans at a subsidized interest rate to the urban and rural poor of the country.

This scheme has successfully constructed 39, 25,240 houses to date and has targeted to construct a total of around 20 million homes for the needy sections of the country by March 2022. According to the Pradhan Mantri Awas Yojana eligibility criteria which individuals have to meet to avail a housing loan at a subsidized interest rate. Given below are the standard eligibility criteria that you have to meet mandatorily.

The PMAY eases your way to becoming a homeowner if you fulfill its eligibility criteria, which are:

Minority Sections

Individuals from the minor divisions of the society such as OBC, SC, and ST category can avail a housing loan at a subsidized interest rate under this scheme. You will have to provide your caste certificate and proof of your annual income to be eligible for such subsidy.

Women

Women belonging to the minority sections or the economically weaker sections, middle-income group, lower-income group individual can also enjoy the benefits of the Pradhan Mantri Awas Yojana loan.

Additional Read: What to Know Before Applying for PMAY Scheme?

Middle-Income Group

This has been further divided into two categories MIG I and MIG II depending on the financial stability and annual income.
  • MIG I – You can enjoy a subsidy for a loan amount of up to Rs. 9 Lakh if your annual income range between Rs. 6 Lakh and Rs. 12 Lakh. The tenor allowed is up to 20 years and can be extended up to 30 years if your age is below 70. A maximum carpet area of 120 square meters is allowed under this scheme.
  • MIG II – Individuals with an annual income anywhere between Rs 12 Lakh and Rs 18 Lakh can enjoy a subsidized loan amount of up to Rs. 12 Lakh under this scheme. The loan tenor is similar to that of MIG I and a carpet floor area allowed is up to 150 square meters. 

Lower-Income Group

Individuals earning up to Rs. 6 Lakh annually can apply for Pradhan Mantri Awas Yojana for a home loan. You can enjoy a subsidy of 6.5%, for a loan amount up to Rs. 6 Lakh with a tenor of 20 years. The net usable floor area allowed ranges from 30 square meters up to 60 square meters.

Economically Weaker Sections

To be eligible under the ‘housing for all’ scheme your annual income should be below Rs. 3 Lakh. You can purchase a house with a carpet area of up to 30 square meters with a loan amount up to Rs. 6 Lakh at a subsidy of 6.5%.

If you fulfill the above mentioned PMAY eligibility criteria, you can apply for this scheme by visiting the PMAY website and selecting your category from the ‘citizen assessment link’ option. After you choose your group, you can get yourself registered by providing your Aadhaar number following which you will have to fill out an application form by providing some personal and financial details.
Also Read: What Essential Things To Know About PMAY?

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