Housing Under Pradhan Mantri Awas Yojana: Eligibility 2021

The Government of India envisions “Housing for All” through its Pradhan Mantri Awas Yojana by the year 2022. On June 1, 2015, the PMAY scheme was officially started. The PMAY plan has an interest rate that starts at 6.50 percent per annum and may be used for up to 20 years.

Through the PMAY scheme, more and more individuals with low-income levels will get a chance to procure affordable home loans. In the current digital world, you can very easily check your Pradhan Mantri Awas Yojana eligibility and the process for application on the banks/fintech companies’ website. Based on your income and loan repayment capacity, the banks offer affordable home loans that fall under the Pradhan Mantri Awas Yojana plan. To apply for PMAY and to know what the basic needs are for the application process, you can read the section below.

Pradhan Mantri Awas Yojana Eligibility

To check for your Pradhan Mantri Awas Yojana eligibility, you must fall under the following criteria-

1. You must fall into one of the following three categories in terms of income levels-

(a) Economically Weaker Sections (EWS)- Annual income less than 3 Lakhs

(b) Low Income Group (LIG)- Annual income between 3 Lakhs and 6 Lakhs

(c) Medium Income Group (I)- Annual Income between 6 Lakhs and 12 Lakhs

(d) Medium Income Group (II)- Annual Income Between 12 Lakhs and 18 Lakhs

2. The PMAY scheme is a pro-woman scheme. This implies that you need to have a female member in the family who will be the registered co-owner of the property.

3. The scheme is also specifically formulated for minority classes. Hence one can also avail the subsidy under the PMAY scheme if he/she belongs to the SC/ST/OBC groups.

Pradhan Mantri Awas Yojana Eligibility: Documents Required

Apply for Pradhan Mantri Awas Yojana keeping the following documents handy-

  1. Aadhaar Card
  2. Driving License
  3. Passport
  4. Electricity Bill
  5. Minority certificates, in case you belong to one
  6. Income details validation documents such as salary slip, bank statement
  7. Proof that you do not own a house

Pradhan Mantri Awas Yojana: Benefits

  1. It is specifically formulated for the weaker sections of the society with a 6.5% subsidy on home loan interest rates. This helps low-income families to easily pay the loan amount.
  2. Under the schemes, even builders and developers that support the vision of the PMAY eligibility can benefit from it. The scheme offers a subsidy of over 1.5 Lakhs to the builders who partner with the government.
  3. Under the scheme, it aids Economically Weaker Sections of the Society in constructing new houses and enhancing the existing ones.
  4. The scheme guidelines are formulated in a way that it strategizes to use the landlocked in slums around the cities to develop affordable housing plans.

Pradhan Mantri Awas Yojana: CLSS (Credit Linked Subsidy Scheme)

Credit Linked Subsidy Scheme is a part of the PMAY. Under the CLSS scheme interest subsidy is offered by the GOI to eligible candidates. This benefit is primarily used under the PMAY-Urban scheme for the construction, purchase, or renovation of the house.

The credit-linked subsidy with 6.5% subsidy is for those low-income groups who want to procure a loan of up to Rs. 6 Lakhs. Loan amounts more than this will not fall under the scheme. For EWS/LIG, the CLSS can be procured for constructing new homes or for constructing additional toilets, kitchen bathrooms. Whereas for MIG-I, a 4% subsidy is given for up to the loan amount of 9 lakhs and a 3% subsidy for a loan amount of up to 12 Lakhs under the MIG-II category.

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