Pradhan Mantri Awas Yojana (PMAY) is a scheme of the Central Government of India initiated by PM Narendra Modi in 2015.
The PM Awas Yojana was launched as a housing scheme for the poor population and intended to build affordable homes using sustainable construction technologies.
Home loan interest rate subsidy at 6.5% up to Rs.2.67 lakh is also given under the PMAY.
Let’s know about PMAY eligibility and benefits right away in this short post!
PMAY eligibility terms at a glance
You can apply for PMAY if you or your family does not have a pucca home across India. A beneficiary family includes a husband, wife, unmarried daughters and unmarried sons.
Anyone or a family without having a pucca home and earning up to Rs.18 lakh per annum is eligible for PMAY.
The benefits of the Prime Minister Housing Scheme can’t be used on an already built home.
You should not have availed of any Central assistance under any previously launched housing scheme of the Central or State Government.
The construction for which the home loan is availed under PMAY should be completed within 36 months, starting from the 1st disbursement of the loan.
PMAY benefits as per the income category
Economically Weaker Section (EWS) – Yearly income – up to Rs.3 lakh with an interest subsidy of 6.5% at Rs.2.67 lakh.
Lower Income Group (LIG) – Yearly income – between Rs.3 lakh and Rs.6 lakh with 6.5% subsidy at Rs.2.67 lakh.
Middle Income Group 1 (MIG 1) – Annual income between Rs.6 lakh and Rs.12 lakh with 4% interest subsidy at Rs.2.35 lakh.
Middle Income Group 2 (MIG 2) – Annual income between Rs.12 lakh and Rs.18 lakh with 3% interest subsidy at Rs.2.3 lakh.
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