The PMAY programme has been a frequently mentioned and discussed topic for the past 7-8 years. One of the most significant aspects to comprehend is the eligibility requirements and benefits that are available for borrowers or applicants who are eligible and have given their Pan Number for Banks for further documentation and financial checks.
So let’s take a deep breath and try to figure things out.
Pradhan Eligibility for the Mantri Awas Yojana under the EWS/LIG scheme
These sections can obtain a credit-linked subsidy on house loans or receive government support for affordable housing. When it comes to affordable housing, the PMAY scheme gives financial assistance to people who fall into the Economically Weaker Sections in order to construct homes for them. The construction is being carried out in collaboration with a number of state governments, union territories, and private sector participants.
PMAY eligibility criteria for EWS and LIG for the purpose of receiving credit-linked subsidies are as follows, provided the person aiming for benefit has mentioned their Pan Number for Banks:
Income for EWS households is limited to Rs. 3 lakh per annum, based on their annual household income. A household’s yearly income should be greater than Rs. 3 lakh but less than Rs. 6 lakh in order to qualify for LIG.
In order to qualify for the credit-linked subsidy, the loan amount must be up to Rs 6 lakh. There must also be at least one female owner of the property.
Beneficiaries of this programme are eligible to receive a maximum interest subsidy of 6.5 percent of their loan principal. The carpet area of the unit constructed or purchased must also not exceed 60 square metres in the case of LIG beneficiaries and 30 square metres in the case of EWS beneficiaries in order to qualify for the programme.
The qualifying criteria for the Pradhan Mantri Awas Yojana programme are based on the annual household income of beneficiaries from EWS and LIG who have linked and given their Pan Number for Banks too. The yearly household income for EWS cannot exceed Rs. 3 lakh and the annual household income for LIG cannot exceed Rs. 6 lakh.
CLSS (MIG-1) scheme
MIG individuals are also eligible to get help under the CLSS vertical of the PMAY plan, which is part of the PMAY system’s CLSS vertical. Recently, the Central Government announced that it would continue to provide benefits under the PMAY scheme for MIG till March 2020. The MIG is comprised of individuals who are striving for upward mobility and who hope to one day own their own homes.
MIG recipients are divided into two groups under PMAY, which are determined by the annual household income of the beneficiaries. Members of the MIG-I group have an annual household income of not less than Rs. 6 lakh but not more than Rs. 12 lakh, according to the MIG-I eligibility criteria. Such applicants are eligible to receive an interest subsidy of 4 percent, with the support being computed on a loan amount of up to Rs. 9 lakh as the maximum amount available. The subsidy will be accessible for a maximum loan length of 20 years or for the existing loan tenure, whichever is less than the maximum loan tenure.
It is not required that at least one female member of the family be registered as the owner of the new home for MIG-I beneficiaries. Current regulations allow a family member who is earning an income to be classified as if they are living in a separate household from the rest of the family. Married couples will be eligible for a single residence only if they meet the income requirements of the household as defined by the programme. But remember to give all relevant details and documentation like Pan Number for Banks to carry out their set procedure smoothly to pass on the scheme benefits.
While individuals who belong to LIG or EWS are eligible to use the benefits under CLSS to extend their current kutcha or semi-pucca house, those who belong to MIG-I are not permitted to do so.
Eligibility for the Pradhan Mantri Awas Yojana under the CLSS (MIG-11) plan
The following are the eligibility requirements for the borrowers and applicants who have provided their Pan Number for Banks and fall into the MIG-II category:
Beneficiaries in the MIG-II category must have a family income of not less than Rs. 12 lakh but not more than Rs. 18 lakh per annum in order to qualify.
An interest subsidy of 3 percent is available to beneficiaries, and the grant will be calculated on a maximum loan amount of Rs. 12 lakh, with the grant computed on the loan amount. The subsidy will be accessible for a maximum loan length of 20 years or for the existing loan tenure, whichever is less than the maximum loan tenure.
The Aadhar number of each member of the recipient family must be provided in order to be eligible for CLSS benefits.
An adult member of the family who is employed can be handled as if he or she were living in a separate household.
If a married couple meets the income requirements, they will be eligible to receive aid for a single-family residence.
Beneficiaries of the MIG-II programme are not permitted to use the CLSS help to construct additions to their existing kutcha or semi pucca dwelling.
In the same way that it is not mandatory for MIG-I beneficiaries to have at least one female person registered as the owner of the new house, it is not mandatory for MIG-II beneficiaries to have at least one female member registered as the owner of the new house.
Here are some must-know answers to some PMAY-related questions.
Is there a maximum amount of money that can be borrowed before a credit-linked subsidy can be claimed?
Yes, a credit-linked subsidy is available for loan amounts up to Rs. 6 lakhs, depending on the lender. Any loan in excess of this amount will not be eligible for any interest subsidy.
What is the definition of a beneficiary family?
It is the husband, wife, and unmarried children who form the basis of a beneficiary family. A pucca house in the name of any member of the beneficiary family in any region of India should not be owned by the beneficiary family.
I am a non-resident Indian who lives in the United States. Is it possible for me to qualify for the benefits offered by this programme?
If you meet the qualifying requirements for the PMAY programme, you can submit an application to be considered for benefits under the programme.
Review Understanding the PMAY program’s perks and eligibility.