The Central Government came up with the Pradhan Mantri Awas Yojana back in 2015 to help economically challenged individuals with housing needs. While nearly 40 lakh houses have been constructed already, in Uttar Pradesh, PMAY housing units will increase by 7.5 lakh, as per reports.
Looking at the data, it is fair to say that the scheme has been beneficial for India's urban and rural populations. However, some of the applications have also been rejected due to their lack of understanding of PMAY eligibility criteria. Therefore, before submitting the application, here are some of the basics you should know.
Eligibility requirements to appear in the PMAY list
Here is a list of parameters you need to meet before applying for a home loan under this scheme:
- The applicant, including all the family members, must not own a pucca house anywhere across the country.
- Applicants’ annual household income should be between Rs.3 lakh and Rs.18 lakh to be eligible for PMAY scheme.
- The beneficiary family should not take any Central Government assistance under housing plans.
Apart from these, Government has also set certain income categories, such as EWS, LIG, MIG I, MIG II. And, both the loan amount and interest subsidy will be decided based on that. Note that applicants meeting the PM Awas Yojana eligibility will not only benefit from this subsidy but can also opt for ground floor accommodation facility, women ownership, etc.
Read Also: Count of PMAY units to be increased by 7.5 lakh in UP
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