The Pradhan Mantri Awas Yojna (PMAY), announced on June 25, 2015, is a godsend to many when it comes to owning a home and managing housing finance. It provides a subsidy in taking out a housing loan and the purchase of a home to certain groups of buyers. The subsequent home loan also offers some tax benefits under the Income Tax Act, 1961. Here’s all you need to know about the eligibility criteria for the PMAY scheme.

PMAY Income Group Classification

People applying for the PMAY are divided into the following categories:

  1. Economically Weaker Section (EWS), whose annual household income is less than Rs. 3 lakhs
  2. Light Income Group (LIG), whose annual household income is between Rs. 3 lakhs and 6 lakhs
  3. Middle Income Group 1 (MIG1), whose annual household income is between Rs. 6 lakhs and Rs. 12 lakhs, and who can take out loans of up to Rs. 9 lakhs with 4% subsidy
  4. Middle Income Group 2 (MIG2), whose annual household income is between Rs. 12 lakhs and Rs. 18 lakhs, and who can take out home loan up to Rs. 12 lakhs with 3% subsidy
  5. Minorities, which includes people belonging to the SC/ST/OBC categories, and for which a relevant certificate must be furnished
  6. Women, where all the women applying under LIG or EWS categories will be considered

Additional Read: What Are The Benefits Of PMAY Scheme?

Non-Income Eligibility Criteria for PMAY

  1. The applicant or household should not have a pucca house anywhere in the country on their name. The household here would comprise of the husband, the wife, and unmarried children of both genders. However, any adult earning member of the family can be treated as a separate household.
  2. The applicant must not have partaken of any other housing assistance scheme by either the state or the central government.
  3. An adult female from the family is required for the ownership of the property. This is only mandatory for EWS and LIG applicants.
  4. The property has to be co-owner by an adult female member of the family. This, too, is mandatory only for EWS and LIG applicants. However, it is looked upon favourably in the case of MIG applicants.
  5. The property should be located in one of the statutory towns identified in 2011 through the census or in their surrounding and developing areas.

Additional Read: How to Apply for Pradhan Mantri Awas Yojana to Get Your Own House?

Some Limitations

  1. The maximum subsidy amount is Rs. 2.67 lakhs.
  2. Subsidy granted is applied to either a duration of 20 years or the entire duration of the loan, whichever will end first.
  3. An Aadhar card is essential and mandatory to apply for the PMAY.

With Tata Capital, you can take advantage of your subsidised loan from the PMAY. With flexible payment methods and home loan EMIs which adjust with your income, it is easier than ever to pay off your home loan, especially when the loan is already at a very attractive interest rate. Whether you are coming from the urban branch or the rural branch of PMAY, come closer to your dream home with Tata Capital home loans.

To know more about Terms & Conditions, click here.


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