In June 2015, the Government launched an affordable housing scheme, the Pradhan Mantri Awas Yojana, as a solution for the urban and rural community homelessness. Along with this, they enlisted few eligibility criteria under this scheme for an applicant to follow. Further, the PMAY scheme offers interest subsidy through home loans to eligible candidates.
Therefore, to obtain the perks and benefits under this Government-backed scheme, one must know about the Pradhan Mantri Awas Yojana eligibility in detail.
Beneficiaries need to make it to the PMAY list to avail subsidies. They are recognised under the following economic categories:
- MIG-I- or Middle Income Group-I
- MIG-II or Middle Income Group-II
- LIG or Low Income Group
- EWS or Economically Weaker Sections
Depending on these categories, applicants need to fulfil the eligibility and accrue a PMAY subsidy.
Here is a list of criteria one must meet to apply for Pradhan Mantri Awas Yojana benefits:
- A beneficiary or any one in his family must not be an owner of a pucca house.
- An applicant’s household income, including the spouse’s income, should be between Rs.6 – Rs.12 lakh for MIG-I, Rs.12 – Rs.18 lakh for MIG-II, Rs.3 – Rs.6 lakh for LIG and up to Rs.3 lakh for EWS.
- Beneficiaries under the MIG-I category should own a house with a carpet area of up to 160 sq. mt., that for MIG-II is up to 200 sq. mt., and for EWS, it is a maximum of 30 sq. mt.
- The appropriate tenor necessary to calculate interest subsidies is 20 years, and for EWS or LIG, it is 15 years at the earliest.
- One must not avail any other housing scheme under the Central Government.
- There are no subsidies on an existing house. Therefore, owners of such houses are not eligible.
- Borrowers of home loans who opted for a home loan balance transfer upon changing lenders cannot obtain PMAY benefits again.
- Only the statutory towns, as per Census 2011, are covered under this scheme.
- Candidates belonging to LIG or EWS category must have a female house owner or joint ownership with a male head of the family to fulfil Pradhan Mantri Awas Yojana eligibility.
- Ground floor housing is reserved for senior citizens or a differently-abled individuals.
- If the beneficiaries are married, both can opt for joint ownership or apply separately to receive a single subsidy.
- Borrowers securing a home loan for construction or extension must ensure it is completed within 36 months from the disbursal date of the first instalment of the loan amount.
Furthermore, one can secure housing loans from leading financial lenders who offer a high-value loan amount. Some HFCs also provide pre-approved offers for an easy loan application procedure. One can check their pre-approved offer by inputting basic details like name and phone number.
In case a borrower wants to evaluate how much interest subsidy he is eligible for, he can resort to a PMAY eligibility calculator. This financial tool is easy to use and give an estimation of a beneficiary’s potential savings.
Apart from this, one must know to check PMAY eligibility online.
Steps to check PMAY eligibility
Here are the steps to follow if an individual wish to check his eligibility online:
- Enter the total household income amount.
- To calculate the subsidy, select a particular loan tenor.
- Now enter the loan amount to obtain the interest subsidy value.
- Upon submitting the values, the screen will show the total subsidy amount a borrower is eligible to receive.
Additionally, post application, one can check his or her PMAY status online by visiting the online portal.
Therefore, after successfully fulfilling the Pradhan Mantri Awas Yojana eligibility, one can apply for its benefits without any hassle.