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Last updated on 22nd February 2024
The Pradhan Mantri Awas Yojana (PMAY) is a flagship project of the Ministry of Housing and Urban Poverty Alleviation that was launched in 2015. The objective of this project is to provide pucca housing to all economically backward and poor populations of the country, both in urban and rural areas, at an affordable price. The project, which had a set deadline of the end of 2022, has been now extended up to the end of 2024. Under the PMAY scheme, the banks offer home loans at a comparatively lower rate to the loan seeker and the government offers a pre-decided loan subsidy amount to that person based on the PMAY eligibility criteria.
Table of Contents
- Pradhan Mantri Awas Yojana Eligibility 2024
- PM Awas Yojana Eligibility Criteria for EWS, LIG & MIG
- Features of the PMAY Housing Scheme
Pradhan Mantri Awas Yojana Eligibility 2024
The benefits of the PMAY scheme are for those with low income or who belong to the economically backward population of the country, as well as for those first-time homeowners, who do not have the adequate financial resources to buy a new house.
Some of the key PMAY eligibility criteria include:
- The applicant should not own a pucca house, anywhere in India.
- The annual income of the applicant should not be more than ₹18 lakh.
- The family of the applicant must not have availed any housing-related benefits from the Government of India, previously.
- The beneficiary family should consist of a husband, wife, and dependent/unmarried daughters and/or sons.
Suggested read: Home loan eligibility for self-employed
PM Awas Yojana Eligibility Criteria for EWS, LIG & MIG
The beneficiaries of the scheme have been divided into four categories, namely the Economically Weaker Section (EWS), Low-income Group (LIG), Middle Income Group I (MIG I), and Middle-Income Group II (MIG II).
Annual Family Income
₹6 lakh to ₹12 lakh
₹12 lakh to ₹18 lakh
• Economically Weaker Section (EWS): People with an annual household income of less than ₹3 lakh fall into the EWS category. Those applying for home loan subsidy under the PMAY scheme in the EWS category need to furnish relevant income proof to the government for verification.
• Lower Income Group (LIG): Those with an annual household income ranging between ₹3 lakh to ₹6 lakh come under the LIG category. As with the EWS category, the people from LIG group too need to provide sufficient proof of their economic condition.
• Medium Income Group (MIG I): Any household earning an annual income between 6 lakh and ₹12 lakh fall under the MIG I category. An applicant from this category can avail of a loan of up to ₹9 lakh under the PMAY scheme.
• Medium Income Group (MIG II): Any family that earns an annual household income between ₹12 to ₹18 lakh falls under the MIG II category. Applicants from this category can get loans up to ₹12 lakh.
Besides these four categories, the following are considered under the Pradhan Mantri Awas Yojana Home Loan eligibility scheme:
• Women: Any woman belonging to LIG or EWS category is eligible to apply for the PMAY scheme; however, no other person from her family should have ownership of any house in any part of the country.
• Minorities: Any person belonging to a minority group including SC/ST/OBC is eligible to get a housing loan subsidy under the PMAY scheme provided they can furnish relevant caste and income certificates.
Suggested read: Home loan subsidy
Features of the PMAY Housing Scheme
The term of a home loan disbursement under the PMAY scheme is 20 years.
- The scheme has given special preference to women (with an overriding preference for widows), manual scavengers, individuals belonging to SC/ST/OBC groups, other minorities, persons with disabilities, and transgenders, subject to the condition that these persons belong to the EWS/LIG/MIG I and MIG II categories.
- Under the scheme, applicants can also apply for a loan for repair work for their kuchha or semi-pucca house to convert them into a pucca house. However, this benefit is only reserved for applicants falling under the EWS/LIG category.
- Another important factor that the scheme mentions is that the houses built under the PMAY should be built keeping in mind that they should be made at a low cost; should be disaster resilient; and should be per the climatic factors and socio-cultural dynamics of the region.
- All the beneficiaries of the EWS category would be provided with comprehensive assistance for the disbursal of the loan amount. On the other hand, the rest three categories are eligible for the credit-linked subsidy scheme (CLSS).
- All citizens of India, falling under PMAY scheme eligibility, have been and still benefitting courtesy of this populist project. This is a wonderful imitative by the Government of India, and its successful execution across the country is quite important.
FAQs About PMAY Eligibility Criteria
Those citizens of India, who fall under the PM subsidy home loan eligibility criteria, are eligible for getting financial assistance for their housing needs under this scheme.
Under this scheme, applicants can apply for home loan subsidies, depending on which of the four categories they fall under EWS, LIG, MIG I, and MIG II, with each having its eligibility rules and benefits.
Those people wishing to get loan subsidies under the PMAY scheme need to provide their income certificates, house loan documents, caste certificate, disability certificate, etc. depending on which income category they belong to.
The criteria for eligibility under the MIG II category is that the annual household income should be between ₹12 lakh to ₹18 lakh.
Any household with an annual income over ₹18 lakh is not eligible. Besides those, people who already own a house or have someone from their family own a house, are not eligible.
The basic criteria for eligibility under MIG I category is that the annual household income should be between ₹6 lakh to ₹12 lakh.
- EWS - ₹3 lakh
- LIG - ₹6 lakh
- MIG I - ₹6 lakh to ₹12 lakh
- MIG II- ₹12 lakh to ₹18 lakh
Published on 31st July 2023