Can you apply for PMAY? Know the PMAY eligibility criteria here

On June 1, 2015, Prime Minister Narendra Modi launched Pradhan Mantri Awas Yojna (PMAY), a scheme to promote inexpensive housing for all. In order to promote house ownership among the low-income and middle-income groups, the government has brought in a host of mandates and inclusions for this scheme. You can benefit from PMAY by availing a home loan to fulfil the purchase or construction of your home. This scheme will be in action until 2022, and during this time all home loans taken under PMAY will grant you interest subsidy all along your tenor under the Credit Linked Subsidy Scheme. However, the percentage of subsidy and other benefits under the scheme differs across eligibility parameters. These parameters are set keeping your income, the economic strata you belong to, and your housing needs in minds.

Take a look at the various slabs for PMAY to see if you are eligible for the interest subsidy on your home loan.

Economically weaker sections (EWS)/Low income group (LIG)

You can qualify for this category based on the requirements listed below.

• You or your family cannot own a pucca house anywhere in the country.
• It is mandatory to have a female member of your family as the sole owner or joint owner of the property.
• Property should be in towns and cities enlisted by the government under this scheme.
•  To be eligible for this category, your annual household income should be between Rs.3 lakh – Rs.6 lakh.
• Carpet area i.e., net usable floor space excluding external walls but including internal partition walls, must be up to 30 sq. mts.
• For EWS applicants and up to 60 sq. mts. for LIG applicants
  

Credit-linked subsidy scheme (CLSS) – Medium income group–I (MIG-I)

You can qualify for this category based on the requirements listed below.

• You or your family cannot own a pucca house anywhere in the country.
• You cannot subscribe to any other government-backed housing scheme.
• The scheme suggests that you have any female member as an owner or joint-owner of the property you are buying.
• Your property choice should abide by the statutory town and city guidelines listed by the government under this scheme.
• Credit linked subsidy is available at 4% for loans up to Rs.9 lakh. This means that if a financial institution approves a loan higher than Rs.9 lakh, then the extra amount will not be credited.
• Loan tenor through which you can enjoy the subsidy is 20 years. But you are allowed to enjoy the subsidy up to a maximum of 30 years if your age at the end of the tenor is less than 70 years.
• To avail this scheme, your annual household income should be between Rs.6 lakh – Rs.12 lakh.
• Under this scheme, the carpet area allowed for the house you are buying should be up to 120 sq. mts.
• You can avail this scheme in case of repair and renovation too.
  

Credit-linked subsidy scheme (CLSS) – Medium income group–II (MIG-II)

You can qualify for this category based on the requirements listed below.

• You or your family cannot own a pucca house anywhere in the country.
• If you have availed any other housing scheme from the government, then you are not eligible for this scheme.
• Homeownership by an adult female member of the family is desirable.
• Your property must feature on the list of towns and cities as appropriated by the government through census 2011.
• Under this scheme, you can avail credit linked subsidy at 3% on a home loan of up to Rs.12 lakh. If you avail a loan higher than this limit then the subsidy is not applicable on the extra amount.
• Here also, loan tenor for subsidy is 20 years only. Lenders can allow an extension up to 30 years, provided you are less than 70 years of age at the end of the tenor.
• You can apply for a loan under this category only if your household annual income is between Rs.12 lakh – Rs.18 lakh.
• Under this scheme, the carpet area allowed for the house you are buying should be up to 150 sq. mts.
• You can use this scheme to take a home loan in order to fund repairs and renovation also.

Equipped with this eligibility information, head to a financial institution to apply for a home loan and fund the purchase of your dream home affordably and conveniently.