Pradhan Mantri Awas Yojana Eligibility: The Pradhan Mantri Awas Yojana is an initiative of the Indian government that provides housing loans. The initiative got underway in June 2015. All of the nation’s impoverished residents may now afford homes thanks to the Pradhan Mantri Awas Yojana. Under this plan, low-income, middle-class, and economically disadvantaged families can build or buy a home with subsidies. The government has recently made certain changes to the PMAY eligibility.
You must be fully informed about the PMAY Yojana if you too like to construct your home under the PM Awas Yojana. We will give you information on the Pradhan Mantri Awas Yojana’s eligibility, benefits, and application process today through this article. To find out more about the scheme, you have to read this article all the way through.
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Contents
Pradhan Mantri Awas Yojana 2024
In an effort to close the rising gap between the supply and demand of housing in metropolitan areas, the Pradhan Mantri Awas Yojana was introduced. With the aid of private developers, this programme revitalises slums and promotes affordable homes for the underprivileged through the Credit Linked Subsidy Scheme. Under this system, the government offers construction subsidies. The government transfers the subsidy money straight to the beneficiary’s bank account under PMAY.
Each impoverished man or woman ought to be capable of having enough money to a home way to the pradhan mantri awas yojana. The Pradhan Mantri Awas Yojana urban implementation time has been extended with the aid of the union cabinet until December 31, 2024, affecting all sectors except the credit score-linked subsidy scheme. Furthermore, the goal of building 295 crores worth of pucca dwellings has been altered.
Information about Pradhan Mantri Awas Yojana
| Name of Scheme | Pradhan Mantri Awas Yojana |
| Was started | By Honorable Prime Minister Narendra Modi |
| Beneficiaries | Citizens of the country |
| Objective | To provide affordable housing to all the citizens of the country |
| Category | Central Government Scheme |
| Application Process | Online/Offline |
| official website | https://pmaymis.gov.in/ |
Benefits and Features of PM Awas Yojana
- Through the Pradhan Mantri Awas Yojana, the Government of India grants a subsidy of Rs 1 lakh per house for slum redevelopment.
- The recipient receives a housing loan interest subsidy of up to 6.5%.
- The maximum loan length of 20 years or the applicant-specified loan term, whichever is shorter, is covered by the interest subsidy.
- The government transfers the subsidy money straight to the beneficiary’s bank account under PMAY.
- The underprivileged and economically disadvantaged populations in the nation can now afford houses thanks to this programme.
- In addition, funding is provided for the building and acquisition of dwellings.
- For people who have not yet owned a home and do not already reside in one, this programme is crucial.
- Women are granted particular housing priority under the PMAY programme, enabling them to live their lives as empowered members of society by owning their own homes.
- In rural areas, housing facilities are also provided by the Pradhan Mantri Awas Yojana.
- In order to ensure that people can stay safe in their homes during disasters, special procedures have been adopted for the development of dwellings in disaster-affected areas under this initiative.
- There are no limitations on loan amounts or property valuations under the PM Awas Yojana.
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The main objective of Pradhan Mantri Awas Yojana is
- The primary objective of the Pradhan Mantri Awas Yojana is to provide every person in the nation with a pucca dwelling.
- For this reason, the government must offer housing facilities so that families living below the poverty level can have a pucca house.
- To offer monetary support or pucca dwellings, complete with all essential amenities like water, sanitation, and electricity, to families residing in kutcha houses in rural India.
- To give a family living in poverty in a rural region a permanent, guaranteed dwelling so that their financial situation can improve.
- to provide immigrant and economically disadvantaged families from rural areas with cheap and affordable accommodation in urban places.
- to run programmes for the creation of houses in both rural and urban regions.
Pradhan Mantri Awas Yojana Eligibility
The following requirements must be satisfied for applicants to be eligible for PMAY:
- Under no circumstances may the beneficiary family, or any member of the family, own a pucca house (an all-weather home) in any part of India.
- The beneficiary family was not entitled to central aid under any State or Central government housing plan.
- It is not appropriate for the beneficiary family to have received any PMAY – CLSS subsidy from any Primary Lending Institution (PLI).
PMAY Eligibility for EWS and LIG
A government initiative in India called the Pradhan Mantri Awas Yojana (PMAY) aims to give lower-income groups (LIG) and Economically Weaker Sections (EWS) access to affordable homes. Generally speaking, in order to be eligible for the PMAY programme under these categories, one must fulfil the following requirements:
Economically Weaker Sections (EWS):
- Income requirements: Applicants in the EWS group should normally have a household income of up to Rs. 3 lakh annually (however this may vary depending on the applicant’s area and revisions).
- Property ownership: No pucca house—a permanent, concrete structure—should be owned by the applicant or any member of their family anywhere in India.
- Documentation: Candidates must present evidence of their residency, income, and identification.
Lower-Income Groups (LIG):
- Income requirements: Applicants in the LIG category normally have a household income of between Rs. 3 lakh and Rs. 6 lakh per year (however this can vary depending on the applicant’s area and updates).
- Property ownership: The applicant and any family members are not allowed to own a pucca house in India in accordance with EWS.
- Documentation: Candidates must present identification, evidence of income, and proof of residency.
It is noteworthy that the PMAY programme comprises distinct urban and rural components, each with its own set of rules and requirements. In addition, eligibility requirements are subject to change over time as a result of local conditions and government updates.
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PMAY eligibility for MIG-I and MIG-II
Middle-Income Groups (MIG) are also served by the Pradhan Mantri Awas Yojana (PMAY), which has two subcategories: MIG-I and MIG-II. The benefits and qualifying requirements for each subcategory are as follows:
For Middle-Income Group – I (MIG-I):
- Income requirements: Applicants in MIG-I must have a family income of between Rs. 6 lakh and Rs. 12 lakh annually (subject to modifications based on region and updates).
- Property ownership: No pucca house—a permanent, concrete structure—should be owned by the applicant or any member of their family anywhere in India.
- Loan amount: Eligible beneficiaries under PMAY MIG-I may receive up to 4% in loan subsidies on up to Rs. 9 lakh in loans.
- Loan term: This loan has a maximum term of 20 years.
For Middle-Income Group – II (MIG-II):
- Income requirements: Applicants in MIG-II must have a family income of between Rs. 12 lakh and Rs. 18 lakh per year (subject to modifications based on region and updates).
- Ownership of property: Neither the applicant nor any member of their family should own a pucca house in India.
- Loan amount: Eligible beneficiaries under PMAY MIG-II may get up to Rs. 12 lakh in loan funding, with a maximum loan subsidy of 3%.
- Loan term: This loan has a maximum term of 20 years.
The Credit Linked Subsidy Scheme (CLSS), which offers financial assistance to help down the cost of house loans, is available to both MIG-I and MIG-II categories. The interest subsidy is credited to the loan account, lowering the beneficiaries’ monthly equivalent of monthly instalments.
Other requirements to complete Pradhan Mantri Awas Yojana eligibility
These are the additional requirements to be aware of in addition to these criteria:
- The method is limited to covering only statutory towns—those identified in the 2011 Census—and those notified thereafter.
- After the first instalment of the loan amount is disbursed, the construction or extension for which the loan is requested must be finished within 36 months.
- For category LIG/EWS: On houses constructed or acquired via the mission with central assistance, the name of the female head of the household or the combined name of the male head of the household and his spouse shall appear. When there isn’t an adult female relative living with them, a male household member may be listed as the home’s owner.
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FAQs
Q. Who qualifies for the 2024 Pradhan Mantri Awas Yojana?
Ans: Families that earn up to Rs. 18 lakh a year and do not possess a permanent residence in India are eligible for the PMAY programme.
Q. Are PMAY benefits available to government employees?
Ans: In general, government employees who fulfil the income and property ownership requirements are eligible for the Pradhan Mantri Awas Yojana (PMAY).
Q. Are PMAY benefits transferable to a joint home loan?
Ans: Yes, as long as each applicant satisfies the eligibility requirements separately, you can apply for a joint house loan and benefit from the Pradhan Mantri Awas Yojana (PMAY).
Q. How can I find out if I qualify for PMAY?
Ans: The Pradhan Mantri Awas Yojana (PMAY) is contingent upon your income level and socioeconomic category. Additionally, neither you nor your family may be the owners of a pucca house or recipients of any Indian central housing scheme benefits. You can utilise the ‘Eligibility Check’ option on the official PMAY website to get exact facts.
Q. In 2024, would PM Awas Yojana still be offered?
Ans: The PM Awas Yojana is now set to expire in March 2022. You should, however, continue to visit official government websites, such as the PMAY website, for updates on any extensions or new housing plans that might be available in 2024.
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