Pradhan Mantri Awas Yojana (PMAY)

The Indian Government has a mission – Housing for All by 2022 and with it being the theme, it launched the Pradhan Mantri Awas Yojana (PMAY). The Government is committed to building over 2 crore affordable homes with eco-friendly materials.

Even people unable to get homes on the list of 2 crores can also apply for a home loan under the credit linked subsidy scheme of the Pradhan Mantri Awas Yojana (PMAY).

The Government is offering up to 6.5% home loan interest subsidy as per your income level. Let’s know the PMAY eligibility criteria to clear the air so around the scheme if you have a confusion:

Who has got the PMAY Eligibility Criteria?

The first thing that anyone would want to know is the PMAY eligibility criteria. Let’s discuss the Pradhan Mantri Awas Yojana eligibility criteria under various schemes:

PMAY Eligibility Criteria for Different Income Groups

  • You/your family must not have a pucca home in any part of the country either in your name or family member’s name
  • It is mandatory for one adult female member to co-own the house
  • The property should be co-owned by a woman of the family. It is mandatory while constructing/extension/renovation of the existing raw or semi pucca homes
  • The location of your property should be under the limits of the 4000+ towns as per the census of 2011 and as per the adjoining area as notified by the Government from time to time
  • The family means the husband, wife and unmarried children
  • People applying under the economically weaker section (EWS) should have an income of up to Rs.3 lakh per annum
  • Whoever is applying under the lower income group should be earning between Rs.3 lakh and Rs.6 lakh
  • MIG 1 group’s income needs to be under Rs.6 lakh to Rs.12 lakh per year
  • MIG 11 group’s income needs to be under Rs.12 lakh to Rs.18 lakh annually
  • The scheme is valid for a period of 17th June 2015 to 31st March 2022
  • This scheme is also available for home loans taken for construction/acquisition of homes and repair/renovation of raw or semi pucca homes
  • The maximum term of the home loan can’t exceed 20 years
  • The maximum age limit is 70 years at least at the end of the repayment period
  • The defaulting of the home loan on the part of the beneficiary will become Non Performing Assets (NPA) and banks will take effective measures for recovery

PMAY Scheme Eligibility for Credit Linked Subsidy Scheme

To enjoy the PMAY scheme eligibility for the credit linked subsidy scheme, you need to fulfil the following conditions:

  • An applicant need not have a pucca home in his/her name or in the name of the family member
  • There should not have been any assistance from the Central or State Governments in any previous housing plans
  • A female member is a must to be available as a co-owner in the property
  • The property for which you want to avail a home loan subsidy should fall in one of the 4000+ towns listed in the PMAY scheme list

The Bottom Line

The PM Awas Yojana eligibility conditions for all income groups as well as credit linked subsidy scheme (CLSS) is now revealed in this post.

You can quickly assess your condition and then apply for the Pradhan Mantri Awas Yojana (PMAY) scheme as per your needs and income level.


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