PMAY or Pradhan Mantri Awas Yojana is a GoI initiative that aims to build affordable houses for a greater part of the population. Under this scheme, first time home buyers can avail subsidy on home loans under this scheme. However, this subsidy amount will vary depending on the annual income of the borrower alongside his or her family.
The different categories within PMAY scheme are as follows –
- Economically Weaker Section – Families with income below Rs.3 lakh.
- Lower Income Group – Individuals or families whose income is between Rs.3 lakh-6 lakhs.
- Middle Income Group I – Households with an annual earning between Rs.6 lakh & Rs. 12 lakhs.
- Middle Income Group-II – An individual or household whose annual income is within Rs.12 lakh-Rs.18 lakh.
Nonetheless, to avail benefits under the PMAY, there are specific eligibility parameters that need to be fulfilled. These include the following –
- Any individual or household who owns a pucca home in any part of the country, whether rural or urban, cannot avail benefits extended under this scheme.
- Any family or individual who has previously received benefits under any central government housing schemes will not be considered eligible for PMAY.
- Property ownership should either be held by a female family member or co-owned.
Apart from subsidy on a home loan, there are other benefits offered under Pradhan Mantri Awas Yojana scheme. For instance, senior citizens and differently-abled individuals who have applied under it can avail affordable apartments on ground floors. Furthermore, residents of rural India can also enjoy similar benefits under PM Awas Yojana Gramin.
Read Also: PMAY scheme: Benefits and application procedure
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