With the Pradhan Mantri Awas Yojana, the Government of India plans to build over 2 Crore homes throughout the country. The aim is to provide affordable housing to all Indian citizens, especially people belonging to low-income groups and economically weaker sections.

As generous as it sounds, PMAY is governed by some strict rules and regulations. To avail the benefits of the scheme, applicants must meet the Pradhan Mantri Awas Yojana eligibility criteria. Many a time, applicants who are unaware, apply for a home loan under PMAY, only to get their claim rejected by the lender.

Additional Read: Common Mistakes you Make While Applying for a Home Loan Under PMAY

If you want to avoid getting your PMAY claim rejected, make sure you follow the instructions given below.

1. You or any member of your family must not have any property registered in their name.

You can claim the benefits of PMAY only if you are a first-time home-buyer. If you or any other member of your family has property registered under their name, in any part of India, your claim will be rejected.

2. You must not have availed central assistance under any other housing scheme

Apart from PMAY, the central government offers many other housing schemes. If you or any member of your family has availed the benefit of any such scheme, you cannot claim additional benefits or subsidies under PMAY.

3. Make sure you apply under the correct income group

Applying under the wrong income group is a common mistake among uninformed applicants. To be eligible for benefits under PMAY, you must belong to one of the following income categories:

• Economically Weaker Sections (EWS) –

Annual income of the household is under Rs. 3 Lakhs

• Low-Income Groups (LIG) –

Annual income of the household is between Rs. 3 Lakhs and Rs. 6 Lakhs

• Middle Income Group – I (MIG-I) –

Annual income of the household is between Rs. 6 Lakhs and Rs. 12 Lakhs

• Middle Income Group – II (MIG-II) –

Annual income of the household is between Rs. 12 Lakhs and Rs. 18 Lakhs

4. Make sure your spouse hasn’t already claimed the benefits

Married couples are eligible only for a single subsidy. If one of you has already claimed the benefits of PMAY, the partner’s application or even a joint application will be rejected by the lender.

5. Do not apply for a property that is not covered under PMAY

The scope of Credit Linked Subsidy Scheme (CLSS) extends to cover the purchase or construction of a new home or the expansion of an existing property. If you claim benefits for any other purpose, the lender will reject your application.

Additional Read: All you Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan

The idea behind the inception of PMAY was to provide affordable housing for all Indians. Tata Capital shares in this vision. We provide home loans at attractive interest rates and strong after-sales service. We keep the documentation to a minimum because we want the process to be hassle-free for the customer. You can even keep tabs on your PMAY claim status. With years of experience in the industry, Tata Capital is the right lender for all your housing needs. Visit our website for more details.

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