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.
- Enter the total yearly income for the family or household.
- Choose the necessary loan amount.
- For the purpose of calculating the subsidy, choose an appropriate home loan term (Your tenor should not exceed 20 years)
- To finish your online PMAY eligibility check for interest subsidy, next input the property’s carpet area in the calculator and confirm that this is your first pucca house.
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:
- Annual Household Income: Income earned by a household each year is divided into three slabs, or Rs. 6 lakh, Rs. 9 lakh, and Rs. 12 lakh, for the purpose of identifying beneficiaries. Such revenue has an inverse relationship with the estimated subsidy amount.
- Loan Amount: The subsidy amount is determined as a direct proportion of the loan value. When a result, it climbs as the loan amount does and vice versa.
- Tenor of Choice: The advantages are only accessible for a maximum of 20 years, and they are higher for longer tenors and vice versa.
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:
- The applicant’s family cannot be the owners of a residence anywhere in the nation.
- Each a Single and a Joint ownership contract are permitted in the event of a Married couple and both will only receive one subsidy.
- The applicant’s family must not have benefited from any housing-related programmes the Indian government has established.
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.
- No Prior Ownership
The recipient and any other family members of the beneficiary are not permitted to acquire a pucca home elsewhere in the nation.
- Lack of Central Assistance
A subsidy under the CLSS programme cannot have been used by the beneficiary or any other family member.
- Mandatory Female Ownership or Co-Ownership
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
- Carpet Area
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 Income||Maximum carpet area|
|EWS||Rs.3 lakh||60 square meters (645.83 square feet)|
|LIG||Rs.6 lakh||60 square meters (645.83 square feet)|
|MIG1||Rs.6 lakh to Rs.12 lakh||160 square meters (1722.33 square feet)|
|MIG2||Rs.12 lakh to Rs.18 lakh||200 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.