The Government of India’s Pradhan Mantri Awas Yojana (PMAY) has built around 1.50 Crore houses since its inception. The initiative has set a massive target of building 20 million homes for people belonging to 3 categories of income level. Your Pradhan Mantri Awas Yojana eligibility depends mainly on the income class that you belong to:
Understanding PM Awas Yojana
The Government of India initiated Pradhan Mantri Awas Yojana to provide affordable housing for all. The credit-linked subsidy scheme (CLSS) is one of its components that provide subsidies on home loan interest.
Individuals who avail this scheme get a subsidy of up to 6.50% on interest payments. They can save a maximum of Rs. 2.67 Lakh on the same. Considering the number of beneficiaries, the government will be providing a total of $31 billion US dollars in home loan subsidies under this housing for all schemes.
To enjoy the key benefits of PMAY, individuals must fulfill the eligibility criteria.
Eligibility criteria for availing PMAY CLSS
For EWS and LIG:
For MIG I and MIG II
Female ownership for this group is not mandatory but recommended. A male member of the family can be the sole owner.
If you are planning to apply for a loan under this scheme, you can use a PMAY eligibility calculator to know the maximum subsidy that you can avail. Additionally, learning about the list of documents you need for a home loan will help you navigate through the process with ease and increase chances of approval.
As per the 2019 Budget, around 1.53 Crore houses have been built under PMAY between 2014 and 2018. The scheme seeks to construct an additional 1.95 Crore by the end of FY 2022.
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