The Government of India started the Pradhan Mantri Awas Yojana (PMAY) (URBAN)-Housing for All objective to increase house ownership. By 2022, “Housing for All” was to be a reality. Credit Linked Subsidy Scheme (CLSS), a programme designed to give interest subsidies on loans taken out for the purchase, building, expansion, or improvement of a home, was introduced as part of this aim. Given the predicted expansion of urbanisation and the resulting increase in housing demands in India, the PMAY plan provides services to the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Groups (MIG) of the population.

How to Check PMAY Eligibility Online?

It is straightforward and quick to use a home loan EMI calculator with PMAY subsidy computation. Learn how to check PMAY eligibility online by using the procedures provided below.

PMAY CLSS Benefits as per Income Categories

The following are the perks according to income categories:

LIG and EWS groups are those whose monthly family earnings are over 3 lakh but below 6 lakh, according to the PMAY’s CLSS EWS/LIG Scheme.

Beneficiaries from the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories are qualified for a maximum interest subsidy of 6.5%, provided that the unit being built or acquired does not exceed the required carpet area of 60 square metres (approximately 645.83 square feet). The interest discount is only available for loans up to a maximum of Rs. 6 lakh.

In 2017, Middle Income Groups (MIG) were added to the programme.

This plan was split into two pieces, MIG 1 and MIG 2.

PMAY’s CLSS MIG 1 Scheme

The MIG 1 category is characterised as having a household income of at least ₹6 lakh but not more than ₹12 lakh. When purchasing or building a unit, beneficiaries in the MIG- 1 category are entitled for a maximum interest subsidy of 4% as long as the carpet area does not exceed the minimum requirement of 160 square metres (approximately 1,722.23 square feet). The maximum loan amount eligible for this subsidy is ₹9 lakh, with a maximum loan term of 20 years.

PMAY’s CLSS MIG 2 Scheme

MIG 2 category is defined as the one with household income of above ₹12 lakh but below ₹18 lakh. The maximum interest subsidy available to MIG-2 category recipients is 3% as long as the unit being built or acquired doesn’t exceed the 200 square metre carpet area limit (approximately 2,152.78 square feet). The maximum loan amount eligible for this subsidy is ₹12 lakh, with a maximum loan term of 20 years.

PMAY Subsidy’s Impacting Factors

You may be qualified to receive the PMAY subsidy depending on three important conditions.

They include the following:

Eligibility for the Pradhan Mantri Awas Yojana (PMAY)

The Ministry of Housing and Urban Poverty Alleviation has laid out a plan and made it clear what requirements potential applicants must achieve in order to be eligible, has also engaged the aid of some of the nation’s top banks to supply financing for building under PMAY. As the government covers the remaining balance on the applicant’s behalf, the banks issue loans at a relatively cheaper rate. More economically vulnerable individuals can build a home with the support of this form of subsidised loans. This is how it appears:

Eligibility for PMAY

To avail the Pradhan Mantri Awas Yojana, one must meet the following eligibility criteria –

The beneficiary’s family income must satisfy the requirements set out in the table below for each of the several categories. If a person falls into one of the four categories of the PMAY subsidy program the Economically Weaker Section, Lower Income Group, Middle Income Group I, or Middle Income Group II they are entitled to apply.

The recipient and any other family members of the beneficiary are not permitted to acquire a pucca home elsewhere in the nation.

A subsidy under the CLSS programme cannot have been used by the beneficiary or any other family member.

The borrower’s family must have at least one female member appointed as the owner or co-owner of the property (applicable only for the EWS and LIG categories

The carpet area of the property must be within the limits specified for the various categories.

Pradhan Mantri Awas Yojana Eligibility Criteria

Section Annual Family IncomeMaximum carpet area
EWSRs.3 lakh60 square meters (645.83 square feet)
LIGRs.6 lakh60 square meters (645.83 square feet)
MIG1Rs.6 lakh to Rs.12 lakh160 square meters (1722.33 square feet)
MIG2Rs.12 lakh to Rs.18 lakh200 square meters (2152.78 square feet)

Economically Weaker Section (EWS): Individuals who have a family income of less Rs. 3 lakh per year fall into this group. To verify their claims, an applicant who says they are from the EWS must offer the government the necessary evidence.

Light Income Group (LIG): Individuals who belong under the LIG group typically have yearly family incomes between Rs. 3 lakh and Rs. 6 lakh. Once more, in order to be taken into account, individuals must offer appropriate evidence of their financial situation.

Medium Income Group (MIG1): Individuals who have a family income of less than Rs. 12 lakh per year are classified as MIG1. For the purpose of building a home, these folks are eligible for loans up to Rs. 9 lakh.

Medium Income Group (MIG2): Individuals earning an annual household income between Rs.12 to Rs.18 lakh will fall under MIG2 of the PMAY scheme. These people can avail loans of up to Rs.12 lakh.

Minorities: This category includes those who are members of marginalised groups like SC, ST, or OBC. These individuals must provide pertinent caste and income certifications in order to be taken into consideration for the PMAY programme.

Women: Women who apply under the PMAY programme and fall within the EWS/LIG categories will be taken into consideration.

Leave a Reply

Your email address will not be published. Required fields are marked *