What is Pradhan Mantri Awas Yojana scheme ?
If you want to avail interest subsidy under this scheme, you are required to purchase a property that is part of a approved project. Also, you are required to avail a home loan from any authorized financial institution to benefit from the PMAY scheme.
Lenders claim interest subsidy on behalf of the borrowers. After the implementation of subsidized rates, the EMI amount gets reduced. The process to claim subsidy can take up to a few months in some cases. Hence, the extra amount paid by a borrower is adjusted with the upcoming EMI’s.
The government has categorized the beneficiaries in four different groups under this scheme based on the annual household income. The categories are here as follows –
Lower-income group (LIG I) – Annual household income of between Rs. 3 Lakh and Rs. 6 Lakh.
Economically weaker section (EWS) – Annual household income of less than Rs. 3 Lakh.
Middle-income group I (MIG I) – Annual household income of between Rs. 6 Lakh and Rs. 12 Lakh.
Middle-income group II (MIG II) – Annual household income of between Rs. 12 Lakh, and Rs. 18 Lakh.
Individuals applying under the EWS and LIG category can avail an interest subsidy of 6.5%. On the other hand, applicants under the MIG I and MIG II categories can avail subsidies of 4% and 3% respectively.
The PMAY scheme is initiated to benefit the female home-owners in this country considerably. One crucial PMAY eligibility criteria are that the purchased home should be entirely or co-owned by women.
WHAT IS Eligibility criteria of Pradhan Mantri Awas Yougna?
Please check the following details:
Schemes under Pradhan Mantri Awas Yojana (PMAY)
Currently, there are three schemes under which you can apply for Pradhan Mantri Awas Yojana (PMAY). They are as below.
- EWS (Economically Weaker Sections)/LIG (Low Income Group)
- CLSS (MIG-I)
- CLSS (MIG-II)
Who is eligible for Pradhan Mantri Awas Yojana (PMAY)?
Now let us discuss the eligibility of the applicant for Pradhan Mantri Awas Yojana (PMAY) under each such scheme separately.
# Eligibility of Pradhan Mantri Awas Yojana (PMAY) under EWS/LIG Scheme
- You/your family/household should not own a pucca house in any parts of the country either in his name or any of his family member’s name
- One adult female membership is mandatory in the property ownership.
- The property should be co-owned by a female member of the family. However, this condition will not be made mandatory in cases of construction of house on an existing plot or extension/renovation of existing Kuccha/Semi-pucca house.
- Location of the property should fall under all statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time).
- Here, family means husband, wife, unmarried sons and/or unmarried daughters.
- Whoever applying under EWS scheme must have an annual income up to Rs.3 lakhs.
- Whoever applying under EWS scheme must have an annual income between Rs.3 lakhs to Rs.6 lakhs.
- The scheme will be for the period of 17th June 2015 to 31st March 2022.
- The carpet area of the house under these Schemes should up to 30 sq. mts. for EWS beneficiaries and upto 60 sq. mts. for LIG beneficiaries.
- Meaning of Carpet Area-The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
- This scheme is available for housing loans availed for acquisition/construction of house and repair/extension of Kucha/Semi Pucca house.
- The maximum term of the loan is 20 years.
- The maximum age limit is 70 years of age, at the end of the repayment period.
- In the event of default in repayment of the loan by the borrower/beneficiary to the Bank and the loan becoming
Non Performing Assets(NPA), the Bank will proceed for recovery of dues through such measures as considered
appropriate, including foreclosure of the property. In all such cases, the amount of the recoveries will be
charged to the subsidy amount on a proportionate basis(in proportion to the loan outstanding and subsidy
disbursed).
# Eligibility of Pradhan Mantri Awas Yojana (PMAY) under CLSS (MIG-I) Scheme
- You must not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
- You must not have availed any central/state assistance under any housing scheme from Government of India ever.
- Adult female membership ownership in property is desirable.
- Location of the property should fall under all statutory towns as per 2011 census and or adjacent planning area (updated by government time to time).
- The credit linked subsidy @ 4% will be available for loan amount up to Rs.9 lakhs in case of MIG-I. However, the Banks can sanction Home Loans more than Rs.9 lakhs but the subsidy will be restricted to Rs. 9 lakhs only.
- Loan tenure is 20 years. However, Banks can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years.
- You are eligible to apply for MIG-I if your annual income is from Rs 6,00,001 to Rs. 12 lakhs.
- Here, family means husband, wife, unmarried sons and/or unmarried daughters.
- An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
- In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
- The carpet area of house under this Scheme should be up to 120 sq. mts. (1292 sq ft) for MIG-I beneficiaries.
- Meaning of Carpet Area-The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
- Special loan offers of banks like SBI MaxGain will not be eligible for this scheme.
- All loans accounts under the Scheme will be linked to Aadhaar.
- Applicable in case of Repair and Renovation.
- Total deduction from Gross income, including proposed EMI on Home Loan, not to exceed 50% of the Gross
Income. Net take home pay should not be less than 50% of the Gross Income of the applicant/s for loan limit
up to Rs.10 Lacs. For a loan over Rs.10 Lacs, total deduction from Income, including EMI on proposed home loan not to exceed 60% of the Gross Income of the applicant. - In the event of default in repayment of the loan by the borrower/beneficiary to the Bank and the loan becoming
Non Performing Assets(NPA), the Bank will proceed for recovery of dues through such measures as considered
appropriate, including foreclosure of the property. In all such cases, the amount of the recoveries will be
charged to the subsidy amount on a proportionate basis(in proportion to the loan outstanding and subsidy
disbursed).
# Eligibility of Pradhan Mantri Awas Yojana (PMAY) under CLSS (MIG-II) Scheme
- You must not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
- You must not have availed any central/state assistance under any housing scheme from Government of India ever.
- Adult female membership ownership in property is desirable.
- Location of the property should fall under all statutory towns as per 2011 census and or adjacent planning area (updated by government time to time).
- The credit linked subsidy @3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs.12 lakhs but the subsidy will be restricted to Rs.12 lakhs only.
- Loan tenure is 20 years. However, Banks can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years.
- You are eligible to apply for MIG-II if your annual income is from Rs 12,00,001 to Rs. 18 lakhs.
- Here, family means husband, wife, unmarried sons and/or unmarried daughters.
- An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
- In case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
- The carpet area of house under this Scheme up to 150 sq. mts. (1614 sq ft) for MIG-II beneficiaries.
- Meaning of Carpet Area-The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
- Special loan offers of banks like SBI MaxGain will not be eligible for this scheme.
- All loans accounts under the Scheme will be linked to Aadhaar.
- Applicable in case of Repair and Renovation.
- Total deduction from Gross income, including proposed EMI on Home Loan, not to exceed 50% of the Gross
Income. Net take home pay should not be less than 50% of the Gross Income of the applicant/s for loan limit
up to Rs.10 Lacs. For a loan over Rs.10 Lacs, total deduction from Income, including EMI on proposed home loan not to exceed 60% of the Gross Income of the applicant. - In the event of default in repayment of the loan by the borrower/beneficiary to the Bank and the loan becoming
Non Performing Assets(NPA), the Bank will proceed for recovery of dues through such measures as considered
appropriate, including foreclosure of the property. In all such cases, the amount of the recoveries will be
charged to the subsidy amount on a proportionate basis(in proportion to the loan outstanding and subsidy
disbursed
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