The
Pradhan Mantri Awas Yojana is an initiative undertaken by the Indian Government
with an aim to promote affordable 'housing for all’. PMAY helps make your Home
Loan more affordable by offering a subsidy on the
interest. So, when you choose loans with competitive Home Loan interest rates, adding the interest subsidy further brings
down your interest obligation, thereby making your Home Loan cheaper.
Since the motto is to make owning a house a reality for every strata of the society, qualifying for the sub-schemes of this initiative is easy. As per the conditions of PMAY eligibility, you will have to apply under a pre-determined income group as per your yearly household income and abide by a list of eligibility norms and general terms to qualify for the scheme. Here are all the parameters that you need to assess in order to qualify for Pradhan Mantri Awas Yojana eligibility.
You should not already Own a Pucca Home
According
to one of the basic conditions for PMAY eligibility, you cannot be an existing
homeowner. In order to become a beneficiary for the scheme you, as an unmarried
individual seeking to buy a property in your name, cannot own another house in
your name as a sole or a co-owner. In case you are availing the facility to
take a Home Loan under Pradhan Mantri Awas Yojana in order to fund a
home for your family, then as a family unit, none of you can own a pucca house
of your own anywhere in the country.
You should Check for Co-ownership
Norms
PMAY
gives preference to women, senior citizens, individuals who belong to the
scheduled caste or scheduled tribe and people belonging to the economically
weaker sections of society. So, based on your income group and category under
which you apply for PMAY, check the mandates and reservations put in place. For
example, for the EWS/LIG segment women as co-owners or sole owners is a
mandatory requirement.
You must ensure that The Location of Your Property is Listed With PMAY
While
checking the PMAY eligibility
norms, you will also have to ensure that the property you are selecting to
purchase is listed with the Indian Government under the PMAY scheme. You can
easily find this out by checking if your area is listed on the website of
Ministry of Housing and Urban Affairs at http://mohua.gov.in/cms/progresspmay.php. The central government has selected 4304
cities across 35 states and union territories in India under PMAY.
Apart
from these norms, while applying for Pradhan Mantri Awas Yojana scheme, you
should fit into any of these income groups in order to qualify.
● You are eligible qualify for the EWS group if your household annual
income is below Rs.3 lakh.
● You are eligible qualify for the LIG group if your household annual
income is within Rs.6 lakh.
● You are eligible qualify for the MIG I group if your household annual
income is below Rs.12 lakh.
● You are eligible qualify for the MIG II group if your household annual
income is below Rs.18 lakh.
Once you assess and qualify
for PMAY based on these eligibility criteria, you can immediately avail a Home
Loan with a lender listed with PMAY to get further
benefits. Here, you can choose a lender like Bajaj Finserv to avail a Home Loan
of up to Rs.3.5 crore on a nominal rate of
interest. Additionally, you can enjoy benefits from the lender and avail your
claim on subsidies under PMAY.
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