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Know Everything About the PMAY Home Loan Scheme

· home loan,PMAY,PMAY home loan,PMAY scheme

 

The Pradhan Mantri Awas Yojana (PMAY), is a subsidy scheme designed to help the financially weaker section of the society own a home. With an aim of making home-buying more affordable, PMAY has already helped a million people fulfill their dream. Yet, the scheme is still available for next couple of months for the eligible candidates to benefit from it.

 

So, if you wish to avail the benefits of PMAY, below are the eligibility criterions you’ve to fulfill.

 

The eligibility criterions applicants belonging to the EWS/LIG MIG 1 & 2 category must fulfill

  • The applying candidate or their family should not own a pucca house in any parts of the country. This applies also for residential properties registered either in his name or any of his family member’s name. This particular criteria applies for all four categories.

  • The applying candidate or any of their family member must not have availed any central/state assistance under any housing scheme from Government of India ever.

  • For the EWS/LIG category applicants, one adult female membership is mandatory in the property ownership. The same shall not apply for MIG 1 & 2 applicants.

  • Lastly, the location of the property should fall under the statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time). If this condition is not met by the applicant, the loan might get rejected.

*As per the definition of family by PMAY: The beneficiary family comprises of their spouse, unmarried and unemployed children. Any adult earning member of the family will be considered as a separate household and would be eligible for the loan individually.

 

Also Read: How to Calculate Home Loan Eligibility?

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