Pradhan Mantri Awas Yojana PMAY, is an initiative by the Government of India, which makes housing affordable to the urban poor. Pradhan Mantri Awas Yojana has a target of building 2 Crore affordable houses by 2022. PMAY scheme was launched in 2015.
PMAY is classified into two categories: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awas Yojana (Gramin) (PMAY-G and PMAY-R) for the rural poor. This scheme is linked to other Central Government schemes to ensure houses have a toilet attached, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water, Jan Dhan banking facilities and so on.
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Below mentioned are the eligibility criteria for PMAY scheme:
i) To fall under EWS category, the applicant’s income must be under Rs 3 Lakhs per annum. Subsidy of Rs 2,67,000 is provided on loan amount of Rs 6,00,000.
ii) To fall under LIG category, the applicant’s income must be Rs 3 - 6 Lakhs per annum. Subsidy of Rs 2,67,000 is provided on loan amount of Rs 6,00,000.
iii) To fall under mid income group-1 MIG 1, the applicant’s income must be Rs 6 - 12 Lakhs per annum. Subsidy of Rs 2,35,000 is provided on loan amount up to Rs 9,00,000.
iv) To fall under mid income group-2 MIG 2, the applicant’s income must be between Rs 12 - 18 Lakhs per annum. Subsidy of Rs 2,30,000 is provided on loan amounts of up to Rs 12,00,000.
Below mentioned are the documents required to apply for PMAY house:
Most home loan lenders have enabled PMAY subsidy calculator on their official websites. This can be used by applicants to check the extent of subsidy covered depending on category. Do note that the results displayed are purely based on the inputs. Actual rates may differ from what a PMAY calculator displays.
Log on to the official website of your chosen home lender.
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