PMAY or Pradhan Mantri Awas Yojana was introduced back in 2015 with the purpose of providing housing loans at subsidised rates to the backward sections of society. However, a recent survey revealed that a large section of homebuyers has been facing issues with PMAY application rejections. And, the key reasons behind this have been applicants’ lack of awareness regarding the eligibility criteria.
To avoid such unnecessary hassle, it is crucial for applicants to have a clear idea of Pradhan Mantri Awas Yojana eligibility requirements before they apply for home loans under this scheme.
PMAY eligibility parameters set by Central Government
Since the scheme aims at providing affordable housing facilities, primarily to financially deprived individuals, one needs to meet the eligibility parameters to be a part of the PMAY beneficiary list. Even in terms of interest subsidy, the Government has set some income criteria to ensure that only the needy benefit from this monetary assistance.
Before delving deeper into PMAY benefits and how it eases your way to becoming a homeowner, you should know the income categories set for the CLSS scheme. The list is mentioned below:
- EWS or Economically Weaker Section: Annual household income should be up to Rs.3 lakh.
- LIG or Lower Income Group: Household income should be between Rs.3 lakh and Rs.6 lakh per annum.
- MIG I or Middle-Income Group I: Annual income range is from Rs.6 lakh – Rs.12 lakh.
- MIG II or Middle-Income Group II: Household income should be between Rs.12 lakh and Rs.18 lakh.
Note that both eligible home loan amount and the subsidy on interest rates will vary depending on the income range applicants belong to.
On failing to meet the eligibility requirements, individuals can opt for home loans from leading financial institutions in India. Apart from a host of attractive benefits, these lenders extend pre-approved offers that make availing the loan faster and simpler. These offers are available on several financial products like home loans, loans against property, etc. You just need to enter your name and contact number to check your pre-approved offer.
Apart from the income criteria, here are some basic eligibility requirements you should be aware of to avail all the Pradhan Mantri Awas Yojana benefits:
- The beneficiary or anyone from the family cannot own a pucca house in any part of India.
- Married couples applying for credit-linked subsidy schemes can opt for joint ownership, or either of the spouses will get a single subsidy, as per PMAY norms.
- In case the beneficiary family has already received central assistance in the past, this scheme will not be available to them.
- Applicants belonging to the Middle-income group need to furnish their Aadhaar numbers in order to make use of this scheme’s benefits.
- For LIG and EWS categories, female co-ownership is mandatory.
Individuals meeting these Pradhan Mantri Awas Yojana eligibility parameters can easily obtain home loans at subsidised interest rates. However, they should also know about the documents required for their home loan approval and keep them prepared to expedite the process.
Under Pradhan Mantri Awas Yojana, applying for home loans requires following a few simple steps. You can start applying for PMAY using their official portal, provide necessary details like name, Aadhaar number, property details, etc., to complete the procedure. Next, you can move on to the home loan application process using your preferred lender’s website or the offline method.
Since not meeting the Pradhan Mantri Awas Yojana eligibility parameters result in loan rejections, you must go through the above-mentioned details before submitting your application.