Prime Minister of India, Shri Narendra Modi who comes from a middle-class family, knows the issues faced by the middle-class or poor people of India who desire to have a property under their name. Before 2014, the problems about finding a proper finance channel, human resource, bank loans, and heavy interest rates used to demotivate a common man of India. However, Prime Minister proposed a very fruitful scheme in 2015 that has again revived all hopes.
The Government of India issued Pradhan Mantri Awas Yojana (PMAY), on July 2015 with a promise to allocate dwellings at a subsidized price and affordable interest rates. A project that runs on 3 phases is on a mission to provide residence to all the people of India by the year 2022. The Government plans to build affordable houses by eco-friendly construction methods after short-listing a few cities and towns. Under Pradhan Mantri Awas Yojana Credit-Linked Subsidy Scheme (PMAY CLSS), the Government has set the eligibility criteria for those who can apply to this scheme as below.
1) Economically Weaker Section (EWS): Income is up to 3 lakh rupees per annum.
2) Low Income Group (LIG): The income is between 3.01 lakh rupees to 6 lakh rupees per annum.
3) Middle Income Group (MIG): The MIG’s have two classes as below.
(i) MIG1: The income is between 6.01 lakh rupees to 12 lakh rupees per annum.
(ii) MIG2: The income is between 12.01 lakh rupees to 18 lakh rupees per annum.
The below table summarizes the Pradhan Mantri Awas Yojana details and its eligibility for each group.
|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 Area allocated*||30 sq. m||60 sq. m||160 sq. m||200 sq. m|
|Maximum Interest Subsidy amount||Rs. 2.67 lakh||Rs. 2.67 lakh||Rs. 2.35 lakh||Rs. 2.30 lakh|
|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.
After studying the eligibility criteria and Pradhan Mantri Awas Yojana details, here are some further notes about the eligibility.
- A family applying for PMAY should not possess ownership of a pucca house.
- Applying family should not have taken help for any housing scheme in the past from the Government of India.
- A family filling the form for PMAY should consist of husband and wife followed by unmarried sons and/or daughters.
- All members of the family should possess the Aadhar Card.
- An unmarried son or an unmarried daughter can additionally apply alongside their parents for PMAY Scheme, provided they are earning and are not unemployed.
- Even if the parents have their house, married couples living in a rented house are eligible to apply for PMAY for a single property under sole/joint ownership.