Know Pradhan Mantri Awas Yojana Eligibility Criteria
Pradhan Mantri Awas Yojana (PMAY) is a housing initiative undertaken by the Government of India in 2015. The scheme aims to build at least 20 million homes by 2022 for those who cannot afford the same.
Individuals have to fulfill the Pradhan Mantri Awas Yojana eligibility to avail the benefits of this scheme and its other features.
For instance, in rural areas, the PMAY has been converged with other schemes, like –
- Initiative to build toilets in every rural home
- Subhagya Yojana to provide electricity
- Ujjwala Yojana to provide LPG for cooking
- Scheme for provision of drinking water
- Jan Dhan banking facilities
Credit Linked Subsidy Scheme (CLSS)
The Credit Linked Subsidy Scheme (CLSS) is one of the components of the Pradhan Mantri Awas Yojana. CLSS provides subsidies up to 6.5% on home loan interest to beneficiaries.
The scheme is spearheaded by two central regulatory bodies –
- Housing & Urban Development Corporation (HUDCO)
- National Housing Bank (NHB)
These two bodies will work in tandem along with RBI to provision for subsidies to all financial institutions and non-banking financial companies (NBFCs). These bodies will then pass the benefits of home loan interest rate subsidies to the borrowers.
NBFCs provide Home Loans under the PMAY CLSS scheme. Individuals eligible for these loans can avail up to Rs. 12 Lakh for houses with up to 200 sq. m. of carpet area.
Pradhan Mantri Awas Yojana Eligibility Criteria
Before knowing the eligibility criteria for PMAY, you first need to understand how the scheme works. Firstly, the whole demographic of eligible individuals are divided into 4 groups – economically weaker sections (EWS), group (LIG), a middle-income group I (MIG I), and middle-income group II (MIG II).
Income threshold to qualify for PMAY CLSS under each group is –
- To qualify under EWS and LIG, your household income must not exceed Rs. 6 Lakh per annum.
- Qualification criteria under MIG I states that the household income of the applicant must be within the range of Rs 6 Lakh – Rs. 12 Lakh.
- MIG II criteria state that the Pradhan Mantri Awas Yojana apply for those whose household income lies between Rs. 12 Lakh – Rs. 18 Lakh.
Listed below are Pradhan Mantri Awas Yojana eligibility criteria that apply to each category.
- Any member of the applicant family must not be in possession of a pucca house in any part of the country.
- The property must be located in any of the statutory towns or nearby planning area as per 2011 census.
- At least one adult female co-applicant is mandatory to qualify under this category. This means that the property must be jointly owned by a male and a female member of the household.
- Maximum permissible floor area for EWS is 30 sq. m. and for LIG is 60 sq. m.
MIG I/MIG II
- Any member of the applicant family must not own a pucca house in any other part of the country.
- Chances of approval increases if there is an adult female co-applicant. It is not mandatory under this group but desirable.
- The property must be located in any of the statutory towns or nearby planning area as per 2011 census to be eligible for PM Awas Yojana.
- Maximum permissible dwelling area for MIG I category is 160 square meters and MIG II category is 200 square meters.
Also, applicants from either category must not have availed any other housing scheme from the Government of India before.
The benefits of PM Awas Yojana have affected beneficiaries throughout the length and breadth of the country. As per latest data, construction of 26,07,913 and 1,03,01,107 houses are complete under the Pradhan Mantri Awas Yojana Urban and Gramin respectively.