The Pradhan Mantri Awas Yojana (PMAY) focuses on minimizing the number and provide reliable housing solutions to about 20 million families in India. This particular project was announced in the month of June 2015 and is expected to be completed by March 31, 2022, with all 20 million houses.
Eligibility Criteria for PMAY
It is highly important to know the PMAY eligibility criteria in order to take benefits of subsidy under the PMAY CLSS scheme. The eligibility criteria are determined for Lower Income Group/Economically Weaker Section and Middle Income Group. The age of the beneficiary (receiver) by the end of the repayment tenor should be less than 70 years. There should be at the minimum one female co-owner for MIG and EWS groups.
Features & Benefits of PMAY
All the features and benefits of PMAY subsidy are a little different for each group. Though, there are some basic ones that are standard for all groups.
- In this project, a family is outlined as a receiver, their partners, and their unmarried children.
- Women of who are old and disabled people would be preferred over other people. Moreover, aged and disabled people would also be favored for ground floor allowances.
- The topmost loan tenor is for 20 years.
- All receivers have to show a decent proof of income in order to take advantages of the PM Yojana.
Limits of the home loan amount are:
- EWS- Rs. 6 Lakh
- LIG- Rs. 6 Lakh
- MIG 1- Rs. 9 Lakh
- MIG 2- Rs. 12 Lakh