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How to Get PMAY for Home Loan?

Claiming home loan subsidy through Pradhan Mantri Awas Yojana is easy based on your
income. You must fall under the following category to be eligible for getting PMAY for a
home loan:

  • The beneficiary must not own a pucca house. If you are an existing homeowner, it means you are not fit to apply the PMAY for home loan.
     
  • The beneficiary household must not have availed any benefits and facilities of any other government housing scheme.
  • The applicants must have valid Aadhaar Card for applying for the Pradhan Mantri Awas Yojana.
     
  • For acquiring home loan under PMAY’s EWS category, the applicant’s annual household income must be less than INR 3 lakhs
     
  • For availing a home loan under PMAY’s LIG category, the applicant’s annual household income must lie somewhere between INR 3 lakh to 6 lakh.
     
  • For qualifying as a MIG-I applicant, the applicant’s annual household income must be somewhere between INR 6 lakh and 12 lakh.
     
  • For qualifying as a MIG-II applicant, the applicant’s annual household income must be less than INR 18 lakh.
     
  • The beneficiary household may get a subsidy around INR 2.67 lakh for acquiring the PMAY for home loan, depending on the income category they fall under and the total area of the house they want to buy.
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