The Pradhan Mantri Awas Yojana or PMAY is a scheme of the Central Government of India with the mission of offering a house to all by 2022. Under the scheme, one can avail a credit-linked subsidy scheme on Home Loans. These facilities are available to Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group 1 and 2 (MIG).
When can you avail this facility? The scheme could be availed to buy or resale home, new construction, or home renovation of housing interiors such as kitchen, rooms, washrooms, and more.
What are the eligibility criteria of PMAY?
The Pradhan Mantri Awas Yojana eligibility is dependent on the income of the individual and family:
Economically Weaker Section (EWS) who has an annual income up to Rs. 3 lakhs
Low Income Group (LIG) who has a yearly income between Rs. 3 lakhs to Rs.6 lakhs
Middle Income group (MIG1) having a yearly income between Rs. 6 lakhs to Rs. 12 lakhs
Middle Income Group (MIG2) with a yearly income between Rs. 12 lakhs to Rs.18 lakhs
What are the benefits of PMAY on Home Loan?
Depending upon the income group, one can avail the benefits as the Home Loan subsidy:
EWS and LIG can get loan amount subsidy up to Rs. 6 lakhs and interest rate subsidy of 6.5%
MIG1 can get loan amount subsidy up to Rs. 9 lakhs and interest rate subsidy of 4%
MIG2 can get loan subsidy up to Rs. 12 lakhs and interest rate subsidy of 3%
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