Launched in 2015, PMAY was aimed to provide affordable housing to Indians. Nevertheless, to avail of this subsidy, one needs to meet its eligibility parameters without fail. Here are the highlights –
- The applicant and his/her immediate family members must not have any pucca house anywhere in the country.
- Also, applicants must not have availed of any government-backed housing schemes previously.
- For EWS/LIG, female ownership is mandatory to avail PMAY subsidy, and for MIG, the same is desirable.
- Property location must be within the bounds of statutory towns as per the Census 2011.
- The property's construction must be completed within 36 months from the receiving date of the 1st instalments of the loan amount.
The benefits of Pradhan Mantri Awas Yojana are available for three income groups, EWS, LIG and MIG. Moreover, there is an upper limit of income and subsidy for each group, which applicants should know before applying for home loan.
- EWS: Annual income is up to Rs.3 lakh, with a subsidy of up to Rs.2.67 lakh on a loan of up to Rs.6 lakhs.
- LIG: Yearly income for this group should be between Rs.3 and 6 lakh. However, the upper limit of subsidy remains unchanged from the EWS group.
- MIG 1: Here, annual income should be between Rs.6 and 12 lakh, and the subsidy amount is up to Rs.2.35 lakh on a home loan of up to Rs.9 lakh.
- MIG 2: The annual income threshold here is up to Rs.18 lakh, and a subsidy of up to Rs.2.30 lakh is available on a loan amount of Rs.12 lakh.
Individuals who meet these eligibility parameters can then apply for this scheme online. Following their application, they can take the assistance of the PMAY list to know if their application is approved or not.
Read Also: Things to know Before Buying a Home Under Pradhan Mantri Awas Yojana
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