Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Who is Eligible for Getting Pradhan Mantri Awas Yojana Scheme

Loan for Home

Who is Eligible for Getting Pradhan Mantri Awas Yojana Scheme

Who is Eligible for Getting Pradhan Mantri Awas Yojana Scheme

The Pradhan Mantri Awas Yojana (PMAY) is a unique initiative by the Indian government to provide affordable housing for everyone by the year 2022. Meant for many sections of society, it makes buying a house less heavy on the pocket. Find out if you’re eligible for the PMAY scheme.

Know More

What is Pradhan Mantri Awas Yojana?

PMAY is a credit-linked subsidy scheme (CLSS) for providing affordable housing to the below –

  • Economically Weaker Section (EWS)
  • Low Income Groups (LIG)
  • Middle Income Groups (MIGs)

Under the scheme, homeowners get a home loan subsidy to buy, build, or renovate a house, including slum redevelopment and rural housing.The Pradhan Mantri Awas Yojana subsidy is provided by the central government to banks and NBFCs that disburse the loans by two central agencies i.e., Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB). The amount of PMAY subsidy depends on the applicant’s income and category. Subsidies can also be taken for constructing additional rooms, kitchens, and toilets.

Pradhan Mantri Awas Yojana Eligibility

PMAY eligibility varies as per an applicant’s category – EWS, LIG, MIG-I, and MIG-II. Let’s take a look:

EWS / LIG

This category forms the largest chunk of the population and needs the PMAY subsidy more than anyone else. Applicants whose annual income falls in the bracket of Rs. 3 lakhs – 6 lakhs and do not own any pucca house in any part of India are part of this category. The following Pradhan Mantri Awas Yojana eligibility conditions hold –

  • The applicant must not have availed of any central or state assistance from the Government of India
  • Another PMAY eligibility criterion is that the property should be co-owned by a female family member
  • The property’s location must be in a statutory town as per the 2011 census
  • The home loan subsidy is applicable only for loan amounts up to Rs. 6 lakhs. If the applicant needs a loan beyond the amount, it will be available at a non-subsidised rate
  • The subsidy is credited to the loan account of the applicant, which ultimately reduces their home loan interest rate and EMIs

Additional Read:- What are the Benefits of Pradhan Mantri Awas Yojana Scheme?

MIG

Pradhan Mantri Awas Yojana eligibility also extends to the middle income population. Applicants whose annual household income falls between Rs. 6 – 12 lakhs come under the first category – Middle Income Group-I (MIG-I). Those whose annual income falls between Rs. 12 – 18 lakhs come under Middle Income Group-II (MIG-II). The home loan subsidy is credited to the home loan account of the applicant, reducing their interest rate and EMI payments

Applying for Pradhan Mantri Awas Yojana Subsidy

If you or your family members qualify for the Pradhan Mantri Awas Yojana subsidy, keep the following documents ready before your fill the Pradhan Mantri Awas Yojana form:

  • ID proof
  • Address proof
  • Salary proof
  • Income proof
  • Existing home loan details
  • Affidavit proving the beneficiary family does not own a pucca house
  • Declaration for property under construction

Additional Read:- How to Check Out Your Name Present in Pradhan Mantri Awas Yojana List

Check your PMAY eligibility at Tata Capital and calculate your home loan using our PMAY calculator today!

Apply For House Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.