Pradhan Mantri Awas Yojana (PMAY) scheme is one of the most anticipated schemes of the Govt. of India, whose main aim is to construct housing projects at affordable rates. You can avail the benefits of buying homes with low-interest rates, even if your parents have their own homes. The project aims to provide a roof to over 20 million urban poor people by the year 2022.
Under this, there is a Credit Linked Subsidy Scheme (CLSS) on home loans for properties in the urban market belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group 1 & 2 (MIG). It can be availed for new or resale purchase of a home, construction, or for extension or improvement of rooms, kitchen, toilet, etc.
Calculate your PMAY CLSS subsidy by inputting your annual family income, loan amount, loan tenure, and your carpet area in sq. meters by clicking the link below
https://pmayuclap.gov.in/content/html/Subsidy-Calc.html
Eligibility for Pradhan Mantri Awas Yojana
In order to avail of subsidies on loans from the government, every applicant needs to meet the eligibility criteria set by the PMAY committee. Prospective applicants have been branched into four distinct groups:
| Applicant Groups | Eligibility Details |
| Economically Weaker Section (EWS) | People who earn an annual household income of less than Rs.3 lakh come under the EWS category |
| Light Income Group (LIG) | People who earn an annual household income ranging between Rs.3 lakhs to 6 lakhs. |
| Medium Income Group (MIG1) | People who earn an annual household income ranging between Rs.6 lakhs to 12 lakhs. |
| Medium Income Group (MIG2) | People who earn an annual household income ranging between Rs.12 lakhs to 18 lakhs. |
There are preferences given for Minorities and Women in EWS and LIG groups. The applicant or its dependents should be a first-time home buyer and should not own a pucca property at the time of availing the scheme.
Benefits of Pradhan Mantri Awas Yojana
The PMAY advantages can be availed by the individual who can take a loan for the construction of a house. You can avail of the primary loan from any leading organization such as commercial banks, housing finance companies, cooperative banks, etc. There won’t be any processing charge applicable under this scheme.
The subsidies offered are dependent upon the loan amount and the income group you fall in. Applicants with income up to Rs. 6 Lakhs can avail of a maximum subsidy of Rs. 2.67 Lakhs for a home-related loan. Applicants with income up to Rs. 12 lakhs can avail of a maximum subsidy of Rs. 2.35 lakhs. Similarly, applicants with income above 12 lakhs up to 18 lakhs can avail of a maximum subsidy of Rs. 2.30 lakhs.
It has benefits for the builders as well and to avail them, the builders have to complete the housing project in 3 years.
Procedure for applying for PMAY Scheme
You can apply PMAY scheme online, or you can visit any bank or housing finance company and enquire about the Pradhan Mantri Awas Yojana scheme.
The documents required for applying are very basic:
- Address proof documents & photograph
- Identity proof documents with photograph
- Aadhar Card
- Salary slips or bank-certified bank statements for salaried applicants
- Income tax returns for the last two years and bank statement of 6 months for self-employed
- Affidavit of proof of income
There may be a few other requirements depending on the financial institution that you approach.
So, if you are interested in availing of the benefits of PMAY, just start by deciding on a location, a builder, and a bank that will give you a home loan subsidy under CLSS.
