Are you eligible for PMAY _

An initiative for ‘Housing For All’ government of India launched a Pradhan Mantri Awas Yojana (PMAY) scheme in 2015. The scheme aims to provide affordable housing to the urban poor. Under this scheme, if a person avails a loan to buy or construct a house, they can enjoy an interest subsidy because it links to the Credit Linked Subsidy Scheme (CLSS). The interest subsidy can be enjoyed on the outgoing EMI which a home borrower is going to pay. The target of the government was to move the urban poor into the pucca houses by 2022. Earlier a person could avail the subsidy till March 2020, but now the date has been extended to March 2021.   

 

Schemes under Pradhan Mantri Awas Yojana (PMAY):-

Currently, there are three schemes under PMAY:-

  • Economically Weaker Section (EWS)
  • Light Income Group (LIG)
  • Medium Income Group (MIG1)
  • Medium Income Group (MIG2)

Now we will discuss the eligibility criteria of each of these categories:-

  • Economically Weaker Section (EWS)- If all the family members earn less than Rs 3 lakh annually fall under this category.
  • A person is required to submit income documents.
  • You can get a maximum of Rs 1.33 lakh to Rs 2.67 lakh depending on the loan amount.
  • Under this scheme, you can get a maximum of Rs 3 lakh, 6 lakh and Rs 10 lakh.
  • Adult female membership is essential.
  • Subsidy on home loan interest rate is 6.5% per annum.
  • If a loan is taken for home extension or renovation or construction on the home existing plot, then membership of female member is not mandatory.
  • The carpet area provided for this category is up to 30 sq. metre.
  • Property’s location should fall under all statutory towns as per 2011 census and their adjacent planning area. 
  • The maximum tenure of the loan is 20 years.
  • A person who is 70 years in age and above 70 cannot apply for a loan.
  • If a borrower defaults on the loan, then the loan will become Non-Performing Asset (NPA). To recover the loan, bank or NBFC can also do a foreclosure of a property.

 

  • Light Income Group (LIG)- Applicants whose household income is between Rs 3 lakh-Rs 6 lakh falls under Light Income Group (LIG).
  • A person is required to submit income documents.
  • You can get a maximum of Rs 1.33 lakh to Rs 2.67 lakh depending on the loan amount.
  • Under this scheme, you can get a maximum of Rs 3 lakh, 6 lakh and Rs 10 lakh.
  • Adult female membership is mandatory.
  • Subsidy on home loan interest rate is 6.5% per annum.
  • If a loan is taken for home extension or renovation or construction on the home existing plot, then the female member’s membership is not mandatory.
  • The carpet area provided for this category is up to 60 sq. metre.
  • Property’s location should fall under all statutory towns as per 2011 census and their adjacent planning area. 
  • The maximum tenure of the loan is 20 years.
  • A person who is 70 years in age and above 70 cannot apply for a loan.
  • If a borrower defaults on the loan, then the loan will become Non-Performing Asset (NPA). To recover the loan, bank or NBFC can also do a foreclosure of a property.

 

  • Medium Income Group (MIG1)- Applicants whose household income falls under Rs 12 lakh falls under Medium Income Group (MIG1).
  • A person is required to submit income documents.
  • It would help if you did not avail assistance for any other housing scheme in the past.
  • You can get a maximum of Rs 2.35 lakh depending on the loan amount.
  • Under this scheme, you can get a maximum of Rs 9 lakh.
  • Adult female membership is mandatory.
  • Subsidy on home loan interest rate is 4% per annum.
  • If a loan is taken for home extension or renovation or construction on the home existing plot, then membership of female member is not mandatory.
  • The carpet area provided for this category is up to 160 sq. metre.
  • Special loan offers will not apply to this scheme.
  • The maximum tenure of the loan is 20 years.
  • All loan accounts should be linked to Aadhar. 
  • A person who is 70 years in age and above 70 cannot apply for a loan.
  • If a borrower defaults on the loan, then the loan will become Non-Performing Asset (NPA). To recover the loan, bank or NBFC can also do a foreclosure of a property.

 

  • Medium Income Group (MIG2)- Applicants whose household income falls between Rs 12 lakh- Rs 18 lakh falls under Medium Income Group (MIG2).

 

  • A person is required to submit the income documents
  • It would help if you did not avail assistance for any other housing scheme in past
  • You can get a maximum of Rs 2.30 lakh depending on the loan amount
  • Under this scheme, you can get a maximum of Rs 9 lakh
  • Adult female membership is important
  • Subsidy on home loan interest rate is 3% per annum
  • If a loan is taken for home extension or renovation or construction on the home existing plot, then membership of female member is not mandatory
  • The carpet area provided for this category is up to 200 sq. metre
  • Special loan offers will not apply to this scheme
  • The maximum tenure of the loan is 20 years
  • All loan accounts should be linked to Aadhar 
  • A person who is 70 years in age and above 70 cannot apply for a loan
  • If a borrower defaults on the loan, then the loan will become Non-Performing Asset (NPA). To recover the loan, bank or NBFC can also do a foreclosure of a property

 

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