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Pradhan Mantri Awas Yojana is a Government-backed scheme launched on 1 June 2015 to promote and encourage sustainable and affordable housing for the urban poor. It is a Credit Linked Subsidy Scheme (CLSS), which means PMAY scheme beneficiaries are eligible for interest subsidy if they want a loan to buy or construct a new house.
The following factors determine eligibility for PMAY:
Depending on a person’s income range, he/she would fall in EWS, LIG or MIG categories. However, if the family’s annual income exceeds the income range for the MIG group, which is Rs. 18 Lakh per year, they would be ineligible to avail benefits under the Pradhan Mantri Awas Yojana.
A woman’s name should be on the deed or the property papers. It can either be a sole proprietorship, where the woman owns the house, or it can be joint ownership, where one of the owners must be female to avail the scheme. Only when there are no females in a family can this rule be surpassed.
PMAY is only available for the new property purchase. Also, an applicant must not possess any other pucca properties when applying for the said credit-linked scheme.
The beneficiaries must not have availed any central assistance or benefits from any other housing scheme beforehand, from either the state or the central government for the scheme to apply.
The house or property for purchase must belong to one of the areas, towns, villages or cities as per the Census 2011.
Beneficiaries must not have availed benefits under pradhan mantri awasyojana or any other credit-linked subsidy scheme from any of the financial institutions beforehand.
If the primary reason for availing a home loan is the renovation or extension of an already existing property, the said work must be completed within 36 months from receiving the first loan instalment.
|Income Group||Validity||Total Household Income||Maximum Loan Amount||Interest Rate Subsidy|
|EWS||Till 31st March, 2022||Rs. 6 Lakh||Rs. 3 Lakh||6.50%|
|LIG||Till 31st March, 2022||Rs. 6 Lakh||Rs. 3-6 Lakh||6.50%|
|MIG 1||Till 31st March, 2021||Rs. 9 Lakh||Rs. 6-12 Lakh||4%|
|MIG 2||Till 31st March, 2022||Rs. 12 Lakh||Rs. 12-18 Lakh||3%|