PMAY a.k.a Prime Minister Housing Scheme started by the government with a vision of 20 million affordable houses by 2022. The scheme hopes to provide affordable housing for all the citizens in the lower and middle-class income groups. The government is also providing CLSS (Credit Linked Subsidy Scheme) to the middle-income groups.
To avail the benefits of Pradhanmantri Awas Yojna there are a few eligibility criteria and important requirements which you must fulfill, like:
• People who already own a house or have a house of their family will not be given the privileges of PMAY.
•The buyer should come in the economic weaker section (EWS), lower-income group (LIG) or middle-income group (MIG1 or MIG2), which means anyone whose annual income is not more than Rs.18 Lakhs come under the scheme.
• The beneficiary age should not exceed 70 years.
The bank and government verify the borrower’s annual salary, expenses, and credit score. After the calculation is done your loan is sanctioned and the repayment starts in easy EMI’s. EWS and LIG are eligible for 6.5% of subsidy, whereas MIG1 takes 4% and MIG2 takes 3% of subsidy benefits.
The houses which are taken under PMAY have certain decided carpet areas which are fixed according to the income groups, for MIG1 the carpet area is limited to 90sq mt to 160sq mt, and for MIG2 the carpet area is 110sq mt to 200sq mt.