The Pradhan Mantri Awas Yojana has been developed with the mission of providing ‘Housing for all’ by the year 2022 and to boost the real estate sector in the country. However, many remain confused about what is the eligibility for PMAY. This article is meant to acquaint you with that. There are three different schemes under which the PMAY eligibility is governed.
- Economically Weaker Sections (EWS) or the Low Income Group (LIG)
- Credit Linked Subsidy Scheme for those belonging to tier one of Middle Income Group (MIG)
- Credit Linked Subsidy Scheme for those belonging to tier two of the Middle Income Group (MIG).
Eligibility for PMAY under EWS/LIG scheme
Within the first scheme wherein people belonging to the EWS may test their Pradhan Mantri Awas Yojana eligibility, some of the foremost criteria are as follows:
- You cannot own a pucca house anywhere in the country.
- An adult female must hold membership of the property in question. This condition is not applicable if added constructions are made on an existing kuccha property.
- Location of the property must fall under statutory towns and their planning areas as per the 2011 census.
- Applicants applying under the EWS scheme must have an annual income ranging between Rs. 3 Lakh to Rs. 6 Lakhakh to six lakh. This scheme came into effect on 17TH June 2015 and will end on 31ST March 2022.
- The carpet area of the house must remain within thirty square meters for EWS beneficiaries and within sixty square meters in case of LIG beneficiaries. This particular scheme is available for all housing loans taken for property acquisition or construction. Additionally, repairs and extensions also come under this category.
- The maximum tenure of these loans is twenty years.
- The age limit for repayment of the loan is fixed at 70 years. In the event of failure in repaying dues, banks or Non-Banking Financial Company will proceed to recover them in a manner deemed fit by them.
Eligibility for PMAY under CLSS MIG Tier -1
You are eligible for the PMAY subsidy under CLSS MIG Tier 1 scheme only if you:
- Do not own a pucca house anywhere else in the country.
- Have not availed central or state assistance of any kind for housing scheme under the Indian government.
- Have an adult female co-ownership situation going on for you. This is desirable and not mandatory.
- Have the location of your property within the statutory towns designated by the 2011 census.
- Apply for credit linked subsidy at 4% for loan amounts ranging up to rupees nine lakhs in case of MIG-1. Even if the bank has sanctioned greater loan amounts, your subsidy limit will remain so.
- Have an annual income between rupees six lakhs to twelve lakhs.
- Extend the maximum loan tenure till thirty years or till you are seventy years of age, whichever is earlier.
- As a married couple, go for either joint ownership or single ownership.
- Have a carpet area remaining within 120 square meters and loan accounts under the scheme linked to Aadhar.
- Have an income wherein it is possible to make total deductions from gross income, including the EMI that has to be paid for home loan which should not exceed 50% of the gross.
Eligibility for PMAY under CLSS MIG Tier -2
You are eligible for PMAY subsidy if you:
- Do not own pucca property anywhere in the country.
- Have not availed central or state assistance from the Indian government under housing scheme.
- Have an adult female in your family who can take up ownership. This is desirable but not mandatory.
- Have a property location which falls under statutory towns mentioned in the 2011 census.
- Can avail the credit linked subsidy at 3% for rupees 12 lakh for MIG-2. It will remain restricted to that even if loan amount is increased.
- Can repay the loan within twenty years.
- Have an annual income within rupees 12 lakh to 18 lakh.
- Have carpet area of the house within 150 square meters.
- Have loan accounts under the scheme linked to your Aadhar.
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