Eligibility for Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana (PMAY) is a scheme launched by the Central Government of India to provide housing for all citizens belonging to an economically weaker section, lower income group and middle-income group. It was launched in 2015 and three phases have been designed for the smooth implementation of this project.

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The first phase was between April 2015 and March 2017 and it targeted 100 cities in India. The duration of the second phase is in between April 2017 and March 2019 and the focus is on 200 cities in India. The phase 3 will start in April 2019 and it will end on March 2022. Housing needs in all remaining cities in India will be addressed during this phase. Within these 7 years, the target of the government is to build 2 crore houses under two programs called Pradhan Mantri Awas Yojana Gramin (Rural) and Pradhan Mantri Awas Yojana Urban (Sheri).

Basic eligibility needed for applying for PMAY scheme

If you have a permanent house in anywhere in India, you are not eligible to apply under this scheme. All candidates, who do not have a permanent home, can apply to avail the benefits of PMAY.

Economically Weaker Section

If your annual earnings don’t go beyond Rs 3 lakh, you will be included in the Economically Weaker Section (EWS) of the society. If you can produce the relevant documents, you will quality for applying under this scheme.

Lower Income Group

Lower income group refers to all those people who earn between Rs 3 lakh and 5 lakh, are classified as lower income group. They can apply for building a new home under PMAY.

Medium Income Group

If your earnings come under 12 lakh per year, you belong to middle income group. All people belonging to this category are eligible for a housing loan up to Rs 9 lakh. When it comes to subsidy, maximum limit is 2.35 lakh under CLSS (Credit Linked Subsidy Scheme).

Middle Income Group

If your annual earnings fall under Rs 18 lakh, you can apply for a PMAY housing loan. The maximum loan amount will be 12 lakh and the subsidy limit is 2.30 lakh under credit linked subsidy scheme.

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PMAY Rural scheme – Qualification

When it comes to PMAY rural scheme, the Gram Sabha selects the beneficiaries and the qualification is decided on the basis of the data gathered during the Socio-Economic and Caste Census in 2011.

Additional details

If you want to avail a housing loan of Rs 6 lakh, you must be applicant with an annual income not more than 6 lakh.  You will get a subvention of 6.5% with loan repayment duration of 20 years. For availing a loan of 9 lakh, your annual income should be Rs 12 lakh. The interest rate will be 4% lesser than regular loan schemes and the repayment period is 20 years. If you want to get Rs 12 lakh, your yearly income needs to be Rs 18 lakh and the interest rate will be 3% lesser than regular loans.