Eligibility Criteria You Must Know Before Applying For PMAY 2021 - Loan Trivia

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Monday, 24 May 2021

Eligibility Criteria You Must Know Before Applying For PMAY 2021

The Pradhan Mantri Awas Yojana (PMAY) is a lucrative housing scheme of the Central Government of India. It was launched by Prime Minister Narendra Modi in 2015 with the promise of ‘Housing for all by 2022.’ 

Under this, the Government is building affordable houses using eco-friendly and sustainable technologies for urban and rural poor. The PMAY scheme also comes with the credit-linked subsidy scheme (CLSS). 

Under this, a home loan subsidy as per income groups to the tune of up to Rs.2.67 lakh is given.  

Anyone earning between Rs.3 lakh and 18 lakh can avail of a home loan and get up to 6.5% subsidy on home loan interest and save. It is applicable only to buying or building your first-ever pucca home in India. 

To avail of it, one needs to abide by the Pradhan Mantri Awas Yojana eligibility criteria. Let’s check out the Pradhan Mantri Awas Yojana eligibility in this post!

Pradhan Mantri Awas Yojana eligibility criteria 

The Pradhan Mantri Awas Yojana eligibility criteria are simple to meet. Let’s have a look: 

  1. The beneficiary family applying for PMAY must not own any pucca home anywhere in India. A beneficiary family means husband, wife, unmarried daughters and unmarried sons. You can check your name in the PMAY list 2021 if you have already applied on the official website.  

  2. In case if you are a married couple applicant, you can either get joint ownership or a single deal. But any of these two options are allowed to enjoy subsidy on home loan under PMAY.  

  3. You must not have availed any benefits of housing plans of the Indian Government so far. 

  4. If you are a women citizen of India, you can apply for Pradhan Mantri Awas Yojana without complying with any other eligibility norms. Being a women applicant itself makes you eligible for this housing scheme. 

As per your income groups, you can apply for the PMAY home loans and avail of subsidy to save on interest and manage lower EMIs. Also, connect with us on our Home Loan Customer Care via mobile or SMS/email us to get all your queries resolved related to housing loan.  

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