Unmarried person eligible for Pradhan Mantri Awas Yojana subsidy on a resale house?
Everyone has a dream to buy a property, but earlier, some issues forced people not to invest in property. Managing adequate finance, home loans, heavy interest rates were some notable issues. In 2015, Prime Minister of India, Mr. Narendra Modi launched a scheme under the name of Pradhan Mantri Awas Yojana (PMAY) to provide affordable houses to all middle-class and poor people of India.
One should know the Pradhan Mantri Awas Yojana details to learn about the benefits offered by this scheme. Through PMAY, the Government of India promises to allocate shelter at subsidized rates to the people who couldn’t afford it at the market price. This scheme aims to provide dwelling to all people of India by 2022. The Government will build affordable houses implementing eco-friendly construction techniques after short-listing a few cities and towns. The Government has made three categories to provide home loans to citizens under the Pradhan Mantri Awas Yojana Credit-Linked Subsidy Scheme (PMAY CLSS).
We can easily understand the home loan subsidy eligibility and interest rates for the home loans for each group from the table mentioned below.
| Particular | Economically Weaker Section (EWS) | Low Income Group
(LIG) |
Middle Income Group-1
(MIG1) |
Middle Income Group-2
(MIG2) |
| Annual Income | Upto 3 lacs | Upto 6 lacs | Upto 12 lacs | Upto 18 lacs |
| Interest Rate Subsidy per annum | 6.5% p.a. | 6.5% p.a. | 4% p.a. | 3% p.a. |
| Maximum Eligible Home Loan amount to get Subsidy | Rs. 6 lacs | Rs. 6 lacs | Rs. 9 lakh | Rs. 12 lakh |
| Maximum Interest Subsidy amount | Rs. 2.67 lakh | Rs. 2.67 lakh | Rs. 2.35 lakh | Rs. 2.30 lakh |
| Monthly EMI with Interest Subsidy | Rs. 1605 | Rs. 3211 | Rs. 5834 | Rs. 8059 |
| Maximum Area allocated* | 30 sq. m | 60 sq. m | 160 sq. m | 200 sq. m |
| Women Ownership | Yes | Yes | NA** | NA** |
| Property should be family’s | 1st property | 1st property | 1st property | 1st property |
*Maximum Allocated Area or Carpet Area is the total usable floor dimension of an apartment which does not include the area of the external walls but covers the area of partition walls within an apartment.
*For MIG1 and MIG2, Ownership for Women is not available at present.
There are many questions people have about this scheme. For example, is an unmarried person eligible to apply for Pradhan Mantri Awas Yojana and what is the home loan subsidy eligibility for the same?
If we go through the Pradhan Mantri Awas Yojana details, then unmarried persons can apply for this scheme even if their parents have the property. The Government has mentioned the eligible criteria for unmarried people as below:
- An unmarried son or an unmarried daughter can additionally apply alongside their parents for PMAY Scheme, provided they are earning and are not unemployed.
- All members of the family should possess the Aadhar Card.
- Even if the parents have their house, an unmarried son or an unmarried daughter living in a rented house is eligible to apply for PMAY.
The home loan subsidy rates are standard as mentioned in the above table and vary as per the category based on income