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Eligibility and benefits Pradhan Mantri Yojana Home Loan

Naveeta Sharma

PMAY home loan is a government scheme known as Pradhan Mantri Awas Yojna. This scheme was launched on 1st June 2015 by the prime minister of India. The main motive of this housing scheme was to encourage affordable housing for the poor and urban people of the country who cannot buy houses. PM Awas Yojana stands to fulfill the ‘Housing for All by 2022’ promise not only by providing credit-linked subsidies but also through many other significant reforms. This scheme is CLSS that is a credit-linked subsidy scheme. PMAY scheme is beneficial for those who wanted to take a loan for construction or purchasing their home. PMAY beneficiaries are selected on the basis of their annual income and therefore the list of PMAY beneficiaries is divided into 3 major types:

  • Economically Weaker Sections(EWS)
  • Lower Income Groups (LIG)
  • Middle Income Groups (MIG)

PM Awas Yojana eligibility

The Pm awas yojana eligibility criteria that the beneficiary needs to meet for getting a loan under PMAY are listed below:

  • Husband, wife, and unmarried sons or daughters should make up a beneficiary household.
  • The beneficiary must be a first-time homebuyer.
  • There should be no pucca houses in the beneficiary’s name or the name of any family member.
  • The beneficiary or their family must not have received central aid through the PMAY or any other government housing scheme.
  • Married couples can apply for a subsidy whether they own the property individually or jointly; both alternatives will receive the same amount of money.

In the PMAY list, the borrower can qualify for a category only if they or their cumulative household income every year stands within a specified amount. Here’s what makes the beneficiary eligible.

  • The loanee is eligible for the EWS segment provided their annual household income stands below Rs 3 lakh.
  • The applicant can qualify under the LIG segment provided their annual household income is Rs. 3-6 lakh.
  • The borrower can qualify for the MIG 1 segment provided their annual household income is Rs. 6-12 lakh.
  • The borrower can qualify for the MIG 2 segment provided their annual household income is Rs. 12-18 lakh.
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Under the Pradhan mantri yojana scheme, the beneficiaries can get an interest subsidy on their home loan through the Credit Linked Subsidy Scheme (CLSS). Once eligible for it, the applicant can claim an interest subsidy of up to 6.5% on their home loan under PMAY. Here are the pmay eligibility eligibility terms that the borrower needs to abide by to claim the subsidy.

  • Credit linked subsidy is available at 4% for loans up to Rs. 9 lakh if the borrower belongs to the MIG 1 category.
  • Credit linked subsidy is available at 3% for loans up to Rs. 12 lakh if the borrower belongs to the MIG 2 category.
  • Credit linked subsidy is available at 6.5% for loans up to Rs. 6 lakh if the borrower belongs to EWS or LIG category.

Benefits of PMAY loan

The Pradhan mantri yojana loan has various benefits, some of the key features are mentioned below:

  • Borrowers receive the subsidized amount from the Government directly in their loan account. This brings down their outstanding principal amount, thus, reducing the EMIs.
  • As EMIs become more manageable, it becomes easier to repay the housing loan. Alternatively, if beneficiaries choose to pay the actual EMIs, the loan tenor shortens. Through this, the beneficiaries can select a suitable option as per their requirements.
  • Applicants claiming this interest subsidy can also avail of tax benefits on the home loan. 
  • By making homeownership or co-ownership by a female family member a required clause for the EWS and LIG categories, the Pradhan Mantri Yojana furthers the cause of female empowerment. Salaried women, widows, transgenders, and senior citizens are also given preference.
  • Houses are built under the Pradhan Mantri Awas Yojana using eco-friendly techniques and materials to lower environmental pollution.

Apply for an affordable Home Loan with lenders associated with HFCs to enjoy the Pradhan mantri yojana benefits in India. Here the applicant can get a substantial sanction for a tenor of up to 30 years. Along with this, the beneficiary can also avail of a low-interest top-up loan and enjoy easy doorstep pickup of documents to fast-track their application.

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