Pradhan Mantri Awas Yojana Eligibility Criteria
In order to avail a house or financial reinforcements from the government, every applicant needs to meet the eligibility criteria set by the PMAY committee. Prospective applicants have been branched into six distinct groups
| Section | Eligibility Details |
| Economically Weaker Section (EWS) | People who earn an annual household income less than Rs.3 lakh come under the EWS category. However, an applicant claiming to be from EWS needs to provide relevant proof to the government to ascertain their claims. |
| Light Income Group (LIG) | People that fall under LIG category usually have an annual household income ranging between Rs.3 lakh to 6 lakh. Again, to be eligible for consideration, they need to provide sufficient proof of their economic standing. |
| Medium Income Group (MIG1) | Those who earn an annual household income below Rs.12 lakh fall under the MIG1 category. These people can avail loans of up to Rs.9 lakh for the construction of a residence. |
| 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 | People hailing from minority groups like SC/ST/OBC will fall under minorities. To be considered under the PMAY scheme, these people need to meet to provide relevant caste and income certificates. |
| Women | Women belonging to EWS/LIG categories will be considered if they apply under the PMAY scheme. |
Besides this, there is a basic requirement an applicant has to meet. For instance, if the beneficiary is a family, it must comprise of a husband, wife, and unmarried children. Also, no person from the family should own a house in their name.
Pradhan Mantri Awas Yojana Home Loan Scheme for LIG/EWS Category
For loan amount of Rs.3 lakh:
| Amount of loan | Rs.3 lakh |
| Loan amount eligible for the subsidy | Rs.3 lakh |
| Balance loan | Rs.1,66,360.00 |
| Interest subsidy | Rs.1,33,640.00 |
| Initial EMI | Rs.2,895 |
| Reduced EMI after subsidy credit | Rs.1,605 |
| Savings on a monthly basis | Rs.1,290 |
| Savings on an annual basis | Rs.15,480 |
For loan amount of Rs.6 lakh:
| Amount of loan | Rs.6 lakh |
| Loan amount eligible for the subsidy | Rs.6 lakh |
| Balance loan | Rs.3,32,720.00 |
| Interest subsidy | Rs.2,67,280.00 |
| Initial EMI | Rs.5,790 |
| Reduced EMI after subsidy credit | Rs.3,211 |
| Savings on a monthly basis | Rs.2,579 |
| Savings on an annual basis | Rs.30,948 |
For loan amount of Rs.10 lakh:
| Amount of loan | Rs.10 lakh |
| Loan amount eligible for the subsidy | Rs.6 lakh |
| Balance loan | Rs.7,32,720.00 |
| Interest subsidy | Rs.2,67,280.00 |
| Initial EMI | Rs.9,650 |
| Reduced EMI after subsidy credit | Rs.7,071 |
| Savings on a monthly basis | Rs.2,579 |
| Savings on an annual basis | Rs.30,948 |
Pradhan Mantri Awas Yojana Loan Scheme for MIG – 1
| Income of the household per year | Rs.12 lakh |
| Maximum tenure of the loan | 20 years |
| Interest subsidy per year | 4% |
| Eligible amount of loan for interest subsidy under CLSS (Credit Linked Subsidy Scheme) for MIG | Rs.9 lakh |
| Maximum interest subsidy | Rs.2.35 lakh |
| Rate of discount for NPV (Net Present Value) calculation of the interest subsidy | 9% |
| Dwelling unit max carpet area | 90 sq.mt |
| Monthly EMI (8.65%) with interest subsidy | Rs.5,834 |
| Monthly EMI (8.65%) without interest subsidy | Rs.7,894 |
Pradhan Mantri Awas Yojana Loan Scheme for MIG – 2
| Income of the household per year | Rs.18 lakh |
| Maximum tenure of the loan | 20 years |
| Interest subsidy per year | 3% |
| Eligible amount of loan for interest subsidy under CLSS (Credit Linked Subsidy Scheme) for MIG | Rs.12 lakh |
| Maximum interest subsidy | Rs.2.3 lakh |
| Rate of discount for NPV (Net Present Value) calculation of the interest subsidy | 9% |
| Dwelling unit max carpet area | 110 sq.mt |
| Monthly EMI (8.65%) with interest subsidy | Rs.8,059 |
| Monthly EMI (8.65%) without interest subsidy | Rs.10,528 |
PMAY Eligibility Criteria for Getting Subsidy
The Ministry of Housing and Urban Poverty Alleviation has enlisted the help of some leading banks in the country to provide loans for construction under PMAY. The banks offer loans at a comparatively lower rate as the government pays the rest on behalf of the applicant. This model of subsidized loans helps more economically weaker people to build a house.
HDFC Bank has partnered with the government to offer loans to people who have applied for PMAY scheme. Here’s what is looks like:
- The applicant’s family must not own a house in any part of the country.
- In the case of a married couple, either a single or a joint ownership deal is allowed, and both options will receive just one subsidy.
- The applicant’s family must not have availed the benefit of any housing-related schemes set up by the Government of India.
