Who is eligible for PMAY?

Our government for the past few years is working towards the upliftment of the middle-class sections. One such scheme launched by them is Pradhan Mantri Awas Yojna (PMAY). Under this scheme, people will be provided with home loan interest subsidy on purchase/ construction/ extension/ improvement of their home. However, one should know the eligibility criteria to apply for the scheme. This compilation in simple terms, explains, who is eligible for PMAY.

  • The beneficiary family which comprises of a husband, wife, unmarried son/s, and/ or, unmarried daughter/s, should not possess any pucca house and must not have availed any help under any government housing schemes.
  • While applying for the loan under this scheme, the members of the beneficiary families are required to provide their Aadhar number, in order to avoid duplication.
  • If the family’s annual income surpasses the income range for Middle Income Group (MIG), i.e., Rs. 18 Lakh per annum, they would be ineligible to utilize the benefits under PMAY.
  • A woman’s name must be on the indenture of the property. It can be either sole ownership or joint ownership where one of the owners must be a female. This rule can only be surpassed if there are no females in the family.
  • The house or property for purchase must belong to one of the areas, towns, villages, or cities as per the Census 2011.
  • If the reason to apply for the loan is an extension and/or improvement of a pre-existing property then the said work must be completed within a period of 36 months after receiving the first installment of the loan.

The given is the eligibility criteria if you want to apply for the Pradhan Mantri Awas Yojna. Being familiar with the above criteria beforehand is important as it eases and speeds the process of approval.

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