How is the customer eligible for PMAY scheme?

In a bid to address the glaring shortage of nearly 20 million housing units needed by the rural and urban poor in the country, the government’s revolutionary Pradhan Mantri Awaas Yojana (PMAY) was launched in the year 2015.

The scheme originally was meant to cover people in the economically weaker sections and low income groups, but now covers the mid-income group (MIG) as well.

In PMAY, the government will provide an interest subsidy ranging 3% to 6.5% on housing on loans ranging between Rs.6 lac to Rs.12 lac to people for a tenure of 20 years under credit link subsidy scheme (CLSS).

The highlight for anyone who dreams of owning a house, the PMAY reduces the cost of acquiring a home by upto Rs.2.3 lac.

The Eligibility Criteria

Any individual who wants to avail the scheme needs to meet the criteria set by the PMAY committee, and fall under one of the following groups –

1) Economically Weaker Section (EWS)

2) Low Income Group (LIG)

3) Middle Income Group 1 (MIG 1)

4) Middle Income Group 2 (MIG 2)

Every section has a different set of eligibility criteria to meet, details are as follows:

Economically Weaker Section (EWS): People who earn an annual household income upto Rs. 3 Lac per annum.

Low Income Group (LIG): People with a household income ranging between Rs. 3 Lac and 6 Lac per annum.

Middle Income Group (MIG1): People with a household income of upto Rs. 12 Lac per annum.

Middle Income Group (MIG2): People who earn an annual household income between Rs. 12 Lac and Rs. 18 Lac.

(Relevant proof of income needs to be provided)

For easy reference, please refer the following table of ‘’Credit Linked Subsidy Scheme’’ explained in a tabular format:
Source: CREDAI Maharashtra




Additionally, to avail a subsidised loan here’s a list of criteria that an applicant must meet:

• In order to avail benefits under this scheme, there should be no homes registered under the names of the applicant or any other family members. 
• The applicant of this special housing loan scheme must not avail any benefits of any other housing schemes offered by the government of India. 
• In case of husband and wife, wife needs to be co-owner in the house. 
• In case if senior citizen is present in the family then he/she should be one of the co-owner in the house. 

PMAY: Benefits to the Customer

• Unmarried earning child living with parents in a pucca house can also avail scheme 
• Person who has sold his house and currently does not own any properties can also avail the scheme 
• Even if project is not a PMAY scheme customers can avail scheme if they fall under the 4 categories 
• Depending upon the loan amount if customer has taken PMAY scheme his loan amount of PMAY limit will be charged on a subsidised rate of interest and rest of the loan amount will charged at actual rate of interest . 

The PMAY scheme has already helped thousands of individuals buy a home. With an aim to provide ‘’Housing for all’’, this initiative is a strategic step towards the development of India as a force to reckon with.