All About PMAY: How Does It Work, Eligibility And Subsidy Available?
If you wish to purchase a house under the Pradhan Mantri Awas Yojana (PMAY), you can do so through the Credit Linked Subsidy Scheme (CLSS). Individuals in the EWS and LIG categories have time until 31 March 2022, to apply for the subsidy benefit, while those in the MIG-I (Middle Income Group) and MIG-II categories had until March 31, 2021. This Pradhan Mantri Awas Yojana (Urban) scheme was launched on June 25, 2015, with the goal of delivering pucca homes to all eligible recipients by 2022. Thus, this blog entitles you to the three most important dimensions that would assure the reliability and usability of the PMYA.
What Is the Eligibility for the Pradhan Mantri Awas Yojana Scheme?
- The primary goal of the scheme is to provide homes for everybody. As a result, people who already own a property or who have a family member who owns a home are naturally excluded from the advantages of PMAY. According to the guideline, “the beneficiary family should not possess a pucca home and the beneficiary family should not have received central aid under any Government of India housing plan.” A beneficiary family will consist of a husband and wife, as well as unmarried sons and/or girls.
- Beneficiary family members must submit their Aadhaar numbers while applying for the loan to avoid any duplication. However, according to the rules, “An adult earning member (regardless of marital status) might be considered as a distinct household, provided he/she does not possess a pucca (all-weather dwelling unit) home in his/her name in any region of India.” So, even if children (married or unmarried) live with their parents in a home owned by their parents (or rented in the same or another city), they can apply for the Pradhan Mantri Awas Yojana scheme if they are earning and do not own another property.
- Even if their parents own a property, a married couple living on rent will be considered as a distinct household. They will, however, be eligible for a single dwelling if they desire to receive PMAY subsidies.
Subsidy Interest for Pradhan Mantri Awas Yojana Scheme
The PMAY income eligibility, rate of interest subsidy available and the exact quantum of benefits under Pradhan Mantri Awas Yojana are as follows:
| Sr. No. | Particulars | EWS (Economically Weaker Section) | LIG (Lower Income Group) |
|---|---|---|---|
| 1. | Annual family income | Upto Rs 3 lakhs | Above Rs 3 lakhs and upto Rs 6 lakhs |
| 2. | House area | Carpet area upto 30 sq metres | Carpet area upto 60 sq metres |
| 3. | Rate of interest subsidy | 6.50% | 6.50% |
| 4. | Maximum loan eligible for subsidy | Rs 6 lakhs | Rs 6 lakhs |
| 5. | Maximum loan tenure | 20 years | 20 years |
Thus, the interest subsidy for EWS and LIG groups is 6.5 percent on loans up to Rs. 6 lakh. Interest subsidies of 4% and 3% on loan amounts of up to Rs. 9 lakh and Rs. 12 lakh were available for MIG I and MIG II, respectively. The CLSS benefit worked out a loan duration of 20 years for these recipients.
The Credit Linked Subsidy Scheme (CLSS) for Middle Income Groups (MIG), MIG I and MIG II, was first authorised for implementation for the year 2017. For the first time, the plan was extended until March 2020, then on May 14, 2020, the government announced a one-year extension of the deadline for the affordable housing CLSS scheme to March 2021.
Before concluding, it is necessary for you to know that the size of the dwelling is varied for each category under PMAY – CLSS. The carpet area of dwellings eligible for interest subsidy under the CLSS is 30 square metres for the EWS category and 60 square metres for the LIG category. The carpet area for MIG under PMAY (Urban) was up to 160 square metres for MIG I and up to 200 square metres for MIG II.
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