Pradhan Mantri Awas Yojana Eligibility Criteria | PMAY Eligibility - Indiabulls Home Loans
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PRADHAN MANTRI AWAS YOJANA ELIGIBILITY & CRITERIA

PRADHAN MANTRI AWAS YOJANA ELIGIBILITY & CRITERIA

The following criterias are to be considered while availing home loans under the Pradhan Mantri Awas Yojana :


  • PMAY (Urban) CLSS is available for dwelling units in All Statutory Towns as per Census 2011 and towns are notified subsequently, including Notified Planning Area under jurisdiction of Urban Dev. Authority or similar Statutory bodies
  • The Scheme for EWS/LIG is effective from 17.06.2015 and MIG is from 01.01.2017.
  • Subsidy is for house purchase and house construction loans. In EWS /LIG category, the home loans availed for Improvement or extension also are eligible.
  • A beneficiary family will comprise of husband, wife and unmarried dependent children.
  • The Beneficiary Household should not own any house (apart from the house in loan) in any part of India at the time of loan sanction and disbursal.
  • In EWS/ LIG category, female ownership is must in purchase cases (not required if construction / extension / improvement on pre-owned property). However, an unmarried independent person (female /male earning person) shall be treated as a separate household and can claim subsidy under PMAY (from 01-01-2017).
  • The beneficiary family/household should not have availed any other Central/State Government subsidy or benefit for housing under PMAY

Please continue reading to know more about the Pradhan Mantri Awas Yojana eligibility criteria, basis the economic groups:



Income Range:


Scheme Economic Group Max. household income
EWS /LIG EWS Rs. 3 Lakhs
LIG Rs. 6 Lakhs
MIG MIG – I Rs. 12 Lakhs
MIG - II Rs. 18 Lakhs

Eligibility:


Scheme Segment Max. loan amount for Subsidy Rate of Subsidy Maximum Carpet Area Max Tenure
EWS /LIG EWS Rs. 6 lakhs 6.50%* 30 Sq Mts / 323 Sq ft. 20 Yrs
LIG 60 Sq Mts / 645 Sq ft
MIG MIG - I Rs. 9 lakhs 4.00%* 160 Sq Mts /1722 Sq ft**
MIG - II Rs.12 lakhs 3.00%* 200 Sq Mts /2152 Sq ft***

*Discounting Rate 9%


  • **MIG – I : increased from 120 Sq. mts. to Maximum 160 Sq. mts.
  • ***MIG –II: increased from 150 Sq. mts. to Maximum 200 sq. mts.
  • This change will be applicable for all loans sanctioned and disbursed in MIG scheme date i.e. w.e.f. 01-01-2017

Check your home loan interest subsidy amount by using our PMAY Calculator.

Here are some scenarios to help you determine which scheme is applicable to your household:


  • In case a household has an annual income of Rs.10 lakhs (MIG- 1), and the family wants to purchase a house in the name of a male member only - with no female joint ownership - is the family eligible for the subsidy?

    Answer: Yes, they are eligible for the subsidy because as per the criteria under CLSS for the MIG scheme, female ownership is preferred but is not mandatory.

  • If before marriage, a woman has a house in her own name then is her husband eligible for subsidy when he purchases a house after their wedding?

    Answer: No, he is not eligible as the household already has a house in name of his wife. Hence, the house he purchases will be considered as a second home.

  • A 24-year-old boy who lives with his parents or goes out to a metropolitan city for a job intends to purchase a house. Is he eligible for credit subsidy and why?

    Answer: Let us take into consideration the definition of a household which is, "An unmarried independent person (female /male earning person) may be considered as a separate household". However, a beneficiary family will comprise of husband, wife and unmarried dependent children.
    This means that the aforementioned case is eligible for subsidy on a home loan. It is to be noted that in a case where the household has no female, female ownership is also not mandatory under the EWS/LIG scheme.

The process to apply for PMAY scheme:


Step 1: Apply for the Housing Loans and CLSS subsidy through the PLIs (Prime Lending Institutions), in this case, Indiabulls Home Loans

Step 2: Ensure due diligence and eligibility criteria check for the scheme.

Step 3: If the required criteria are fulfilled, Indiabulls Home Loans will submit the borrower’s claim to the Central Nodal Agency (CNA).

Step 4: The CNA processes the claim and releases the subsidy amount through Indiabulls Home Loans.

Step 5: : Indiabulls Home Loans thereafter, adjusts the same by crediting the amount to the borrower’s loan account, resulting in a reduced loan outstanding as well as effective EMIs.

 

 

To know details about the PMAY-CLSS, Please leave your details below and we will contact you shortly!

Watch videos to learn more about the Pradhan Mantri Awas Yojana (PMAY). Click here .

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