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Who Is Eligible For Pradhan Mantri Awas Yojana?

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Who Is Eligible For Pradhan Mantri Awas Yojana?

With affordable housing solutions, especially for the urban and rural poor, the government aims to provide homes to about 20 million people with access to good quality drinking water, gas connection, banking facilities and much more for a better lifestyle for the people of the nation

First launched in 2015 by the Government of India, the Pradhan Mantri Awas Yojana (PMAY) aims to provide “Housing For All” with various essential amenities that would enhance the living conditions of the urban and rural populace. The government aims to fulfil this mission by 2022 and thus it has merged various other schemes into it like Saubhagya Yojana, Ujjawala Yojana and Jan Dhan. Under this scheme, homebuyers have the benefit to be offered loans at lower rates by the banks as the government promises to pay for the rest.

However, there seem to be some doubts regarding the eligibility for this scheme and RealtyNXT aims to clear all confusions.

To apply for PMAY, one must fall under any one of these categories: Economically Weaker Sections (EWS)/ Low Income Group (LIG), Credit Linked Subsidy Scheme Middle Income Group I (CLSS MIG-I) and Credit Linked Subsidy Scheme Middle Income Group II ( CLSS MIG-II).

The various eligibility requirements under each category are as follows:

Economically Weaker Sections (EWS)/ Low Income Group (LIG)

Homebuyers under this category must have an annual income of Rs. 3 lakh to Rs. 6 lakh and must not own any property across the country. One must also ensure that they have never availed any housing related scheme by the Government of India else they shall not be applicable for PMAY. Another important guideline for the eligibility includes the presence of adult female ownership in the proposed property.

In case of joint ownership between a married couple, only a single subsidy will be received. The carpet area (the usable floor area excluding the thickness covered by the internal/ external walls) of the house would be up to 30 sq. mts. in case of an EWS applicant and 60 sq.mts. in case of a LIG applicant.

CLSS (MIG-I)

Under this category, applicants with an annual income of Rs 6,00,001 to Rs 12,00,000 shall be considered. As mentioned in the earlier category, no members of the applicant’s household must own property nor should have availed any housing benefits by the government. The difference from the other categories includes the 4 percent interest subsidy per year and the carpet area covered is 120 square meters.

CLSS (MIG-II)

Beneficiaries under this category enjoy an interest subsidy of 3 percent per year for a carpet area of 150 square meters. With an annual income of Rs. 12,00,000 to Rs. 18,00,000, they must ensure that they adhere to the eligibility norms as mentioned in the previous two categories and not subscribe to the special offers of banks like SBI MaxGain.

Apart from the differences in subsidised interest rates and carpet areas, the eligibility requirements are similar for all the categories. Interested applicants must also ensure that their Aadhaar card is updated as it will be linked to the loan account. Also, repayment of the loan must be done by the age of 70 years. The government is also working on the various schemes that have been merged with the PMAY to make essential living needs accessible which would lead to better health conditions for the members of a family.

ALSO READ: 5 Reasons To Buy A Ready-To-Move-In Home

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