Planning to apply for the affordable Prime Minister Awas Yojana but unsure whether you can avail the subsidy benefit? Here’s everything you need to know about the eligibility criterion for the same.

Everyone aspires to own a home at some point in life, but with prices of real estate spiralling, it’s a pipe dream for most. Not anymore. The central government has taken concrete steps towards addressing the issue by floating the ambitious Pradhan Mantri Awas Yojana to ensure that every citizen gets affordable housing by the year 2022 when the nation completes 75 years of independence. It is a subsidy scheme designed to provide affordable pucca (built with brick and cement) homes equipped with basic amenities like water facility, sanitation and 24/7 electricity supply to all the households in the country. Though the initiative was intended originally for channelising credit to the economically weaker section (EWS) and the low-income groups (LIG) it now encompasses the mid-income groups (MIG-I/ MIG-II) as well. If you’re looking to purchase a house under this interest subsidy program, make sure you meet the specified conditions needed to qualify as a beneficiary.

Eligibility Criteria for Interest Subsidy:

• You or any member of your family should not be an owner of a pucca house in any part of India.
• The family unit must comprise of you, your spouse and children (unmarried).
• An adult female member of the household must be the sole owner or co-owner of the property. In the absence of a female member in the family, the property can be in the name of the male head. The condition is not binding for the construction or extension/renovation of the existing house that falls in the category of “Kutcha House” or “Semi-Pucca House”.
• The property bought should be in a statutory town of India as per Census 2011.
• People belonging to the SC/ST/OBC category will be included in the minority segment on furnishing the relevant documents as proof of identification.

Beneficiaries under the EWS/LIG Scheme:

• The annual income of applicants under the EWS program must not exceed Rs.3 lakhs while that of the LIG category should be between Rs.3-6 lakhs.
• The carpeted area approved for a subsidised loan in the EWS category is 30 square meters and in the LIG is 60 square meters.
• The scheme is available for the acquisition/construction/repair/extension of Kutcha/Semi-pucca house.
• The maximum tenure for the loan should not be more than 20 years and has to be repaid before the borrower turns 70 years.

Eligibility Criteria under MIG-I/ MIG-II Scheme:

• The annual income of beneficiaries to the MIG- I program under the Pradhan Mantri Awas Yojana(PMAY)should be within Rs.6-12 lakh and that for MIG-II Rs.12-18 lakh.
• The stipulated carpet area for individuals in the MIG I and the MIG II category is 120 square meters and 150 square meters, respectively.
• Beneficiaries in the MIG-I category can avail a loan of up to Rs.9 lakh while those falling in the MIG-II segment are entitled to loan subsidy amounting to Rs.12 lakh.
• The loan tenure for subsidy is 20 years.

Do youidentify as a beneficiary for the PMAY scheme? If yes, get the subsidised loan sanctioned from an authorised financial institution to book a home under the government-approved housing projects.