Pradhan Mantri Awas Yojana Eligibility: The Indian government began the Pradhan Mantri Awas Yojana (PMAY) in 2015 with the goal of giving all residents access to affordable housing by 2022. The program helps individuals who cannot afford to buy a home by providing financial support, aiming to address the lack of affordable housing in India, especially in metropolitan areas. Eligible recipients of the PMAY program are eligible for direct financial support for home building as well as interest subsidies on home loans.
This blog will explore the PMAY program, including its several parts, requirements for eligibility, and how to apply for benefits.
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Contents
What is PMAY Scheme?
The Indian government established the Pradhan Mantri Awas Yojana (PMAY) in 2015 with the goal of guaranteeing that all residents have access to reasonably priced homes by 2022. The initiative offers financial support to individuals who cannot afford to buy a home in an effort to solve the lack of affordable housing in India, particularly in metropolitan areas.
- At the 75th anniversary of India’s independence in 2022, the PMAY initiative seeks to offer all residents access to affordable housing alternatives.
- In both urban and rural regions, the initiative focuses on economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG).
- Home loan subsidies, direct building aid, in-situ slum dweller rehabilitation, and credit-linked subsidies for middle-class individuals are all available to qualified recipients.
- The PMAY is carried out with the help of the business sector in addition to federal and state government funds.
- In both urban and rural regions, the Pradhan Mantri Awas Yojana (PMAY) seeks to assist economically disadvantaged individuals (EWS), lower-income groups (LIG), and middle-income groups (MIG) with housing.
- The program provides direct financial help for building homes, home loan subsidies, and
Pradhan Mantri Awas Yojana (PMAY) Eligibility
In addition to outlining a path map, the Ministry of Housing and Urban Poverty Alleviation has clarified the prerequisites that a potential candidate must fulfill. has also asked a few of the nation’s top banks for assistance in order to offer loans for building under PMAY. Banks provide loans at a relatively cheaper interest rate since the government covers the remaining amount on the borrower’s behalf. More people who are economically disadvantaged may now build a home thanks to this form of subsidized financing. This is how it appears:
- No family member of the applicant may possess a home anywhere in the nation.
- A married couple may choose to purchase a single property or a joint property; both alternatives will be eligible for a single subsidy.
- The applicant’s family cannot have benefited from any housing-related government of India programs.
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Pradhan Mantri Awas Yojana Eligibility Criteria
| Section | Annual Family Income | Maximum carpet area |
| EWS | Rs.3 lakh | 60 square meters (645.83 square feet) |
| LIG | Rs.6 lakh | 60 square meters (645.83 square feet) |
| MIG1 | Rs.6 lakh to Rs.12 lakh | 160 square meters (1722.33 square feet) |
| MIG2 | Rs.12 lakh to Rs.18 lakh | 200 square meters (2152.78 square feet) |
To be eligible for a government residence or financial support, an applicant must fulfill the requirements laid forth by the PMAY committee. Six different categories have been created to represent potential candidates.
- Economically Weaker Section (EWS): Individuals who make less than Rs. 3 lakh per year for their household fall into this group. To verify their claims, an application claiming to be from EWS must, nevertheless, offer the government with pertinent evidence.
- Light Income Group (LIG): Individuals in the LIG group typically earn between Rs. 3 lakh and Rs. 6 lakh annually for their household. Once more, in order to qualify for consideration, individuals must present enough documentation of their financial situation.
- Medium Income Group (MIG1): Individuals in the MIG1 group have a family income of less than Rs. 12 lakh per year. These individuals are eligible for loans up to Rs. 9 lakh for home building.
- Medium Income Group (MIG2): Under the PMAY program, those with yearly family incomes between Rs. 12 and Rs. 18 lakh are classified as MIG2 participants. These individuals are eligible for loans up to Rs. 12 lakh.
- Minorities: Members of underrepresented groups, such as SC, ST, and OBC, are considered minorities. These individuals must satisfy the requirements and have valid caste and income certifications in order to be eligible for the PMAY program.
- Women: If they apply under the PMAY program, women who fall into the EWS or LIG categories will be given consideration.
Pradhan Mantri Awas Yojana Loan Eligibility for MIG
| House Hold Income | Rs.12 lakh p.a. | Rs.18 lakh p.a. |
| Maximum Loan Tenure | 20 years p.a. | 20 years p.a. |
| Interest subsidy | 4% p.a. | 3% p.a. |
| Eligible amount of loan for interest subsidy under CLSS | Rs.9 lakh | Rs.12 lakh |
| Maximum interest subsidy | Rs.2.35 lakh | Rs.2.3 lakh |
| Rate of discount for NPV (Net Present Value) | 9% | 9% |
| Dwelling unit max carpet area | 90 sq.mt | 110 sq.mt |
| Monthly EMI (8.65%) with interest subsidy | Rs.5,834 | Rs.8,059 |
| Monthly EMI (8.65%) without interest subsidy | Rs.7,894 | Rs.10,528 |
Pradhan Mantri Awas Yojana Loan Eligibility for LIG/EWS Category
| Amount of loan | Rs.3 lakh | Rs.6 lakh | Rs.10 lakh |
| Subsidy Amount | Rs.3 lakh | Rs.6 lakh | Rs.6 lakh |
| Balance loan | Rs.1,66,360 | Rs.3,32,720 | Rs.7,32,720 |
| Interest subsidy | Rs.1,33,640 | Rs.2,67,280 | Rs.2,67,280 |
| Initial EMI | Rs.2,895 | Rs.5,790 | Rs.9,650 |
| Reduced EMI after subsidy credit | Rs.1,605 | Rs.3,211 | Rs.7,071 |
| Savings on a monthly basis | Rs.1,290 | Rs.2,579 | Rs.2,579 |
| Savings on an annual basis | Rs.15,480 | Rs.30,948 | Rs.30,948 |
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FAQs
Q: How much subsidy can I get through PMAY?
Ans: The sort of home you wish to buy or develop, as well as your income category, will determine how much of a subsidy you are eligible for under the Pradhan Mantri Awas Yojana (PMAY).
Q: Is PMAY only for first-time home buyers?
Ans: The Indian government introduced the PMAY housing program in 2015 with the intention of giving all Indian people access to inexpensive homes. The program offers qualified beneficiaries financial support to build or buy a home.
Q: Can I apply for PMAY if I already own a home?
Ans: The PMBAY is a government program that provides funding to people so they may build or buy a home. Both first-time homebuyers and current homeowners may be eligible for the program, depending on their unique situation. You can apply for PMAY even if you’re a house owner.
Q:What is the credit-linked subsidy scheme (CLSS) under PMAY?
Ans: As a component of the Pradhan Mantri Awas Yojana (Urban), the Credit Linked Subsidy is a program designed to give financial support to those who fall into the categories of Economically Weaker Sections (EWS), Low Income Groups (LIG), and Middle Income Groups (MIG). Through partnerships with Primary Lending Institutions (PLIs) and Credit Linked Subsidy Providers (CNAs), this program makes it easier to offer an interest subsidy on house loans. The purpose of the subsidy is to assist these recipients in their efforts to purchase, construct, or enhance their residential properties.
Q: How can I check my PMAY eligibility?
Ans: Step 1: Fill out the online PMAY eligibility calculator using the total yearly income of your home or family. Step 2: Determine the necessary loan amount. Step 3: Select an appropriate loan term for the subsidy calculation.
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