Know the Eligibility Criteria for Pradhan Mantri Awas Scheme in 2020

The simultaneous growth in the demand and pricing of real estate properties across the country drew the attention of the Central Government towards this volatile industry. Subsequently, multiple initiatives were taken to safeguard the interest of potential homeowners. One of the flagship initiatives introduced included the Pradhan Mantri Awas Yojana scheme. It was designed to offer the Lower Income Group (LIG), Economically Weaker Section (EWS), and Middle-Income Group (MIG I and II) individuals with convenient access to affordable housing options. Under this scheme around 88 Lakh houses have been approved as of 29th August 2019. 

This scheme offers a high-value loan amount ranging between Rs. 6 Lakh and Rs. 12 Lakh depending on an individual’s annual income. Considering that the scheme caters to individuals and offer them financial provisions based on their  PMAY eligibility criteria, it is ideally imperative to have an in-depth idea of the same. 

Eligibility criteria for Pradhan Mantri Awas Yojana

The subsidies under this scheme are based on an applicant’s annual income. Subsequently, it is considered to be listed under the Pradhan Mantri Awas Yojana eligibility criteria. Under the scheme, individuals have been categorised as mentioned below -

 - EWS â€“ Annual family income below Rs. 3 Lakh.   

 - LIG â€“ Yearly income ranging between Rs. 3 Lakh and Rs. 6 Lakh. 

 - MIG-I â€“ Annual income of Rs. 6 Lakh to Rs. 12 Lakh. 

 - MIG-II â€“ Income ranging between Rs. 12 Lakh and Rs. 18 Lakh per annum.

Considering that individuals fall under these categories, the allotted carpet area under this scheme is as per their economic strata. Under this Pradhan Mantri Awas Yojana for a home loan, the net usable floor can be listed out as - 

 - EWS – Individuals belonging to this category are eligible for housing with a net carpet area of up to 30 square meters under the Housing For All scheme.  

 - LIG – Applicants are allowed to enjoy a net usable floor area of up to 60 square meters. 

 - MIG-I – An area of up to 160 square meters is allocated under this Pradhan PM Awas Yojana scheme. 

 - MIG-II – Homebuyers are eligible to purchase homes with a net usable area of up to 200 square meters. 

However, in the case of individuals who are unable to meet the eligibility criteria mentioned above, one can avail a Home Loan from NBFCs like Bajaj Finserv. On their Home Loans, you can enjoy balance transfers, top-up loans, instant approval, faster disbursal, prepayment, foreclosure, online account access, substantial loan amount, prolonged tenor, and other lucrative benefits. 

However, in case applicants qualify for this scheme by meeting the required Pradhan Mantri Awas Yojana eligibility criteria, they can enjoy the multiple lucrative features and benefits of the scheme. It includes the following –

A. Benefits of the scheme

Some of the key benefits of the Pradhan Mantri Awas Yojana are:

 - You get to avail a hefty sum of up to Rs. 12 Lakh at a subsidy of 3% 

 - All constructions are made using advanced eco-friendly techniques 

 - Additional benefits are provided to the minority section of the society and women 

 - All citizens of the society meeting the Pradhan Mantri Awas Yojana eligibility criteria can apply for this scheme

 - Besides, you can apply for advances under this scheme by registering yourself on the official portal with Aadhaar Card. 

B. Loan amount and subsidy 

If you meet the PMAY eligibility criteria, you can avail the following subsidies and loan amount, such as: 

 - EWS â€“ You get to enjoy a loan amount of up to Rs. 6 Lakh at an interest rate 6.50%. 

 - LIG â€“ At a subsidised interest rate of 6.5%, you can avail a loan amount of up to Rs. 6 Lakh.  

 - MIG-I â€“ A loan amount of up to Rs. 9 Lakh at a subsidised interest rate of 4%.  

 - MIG-II â€“ At a subsidised home loan interest rate of 4%, a loan amount of Rs. 12 Lakh.

With the inclusion of such featured benefits of the scheme, coupled with its convenient and easy-to-meet eligibility criteria, the  Pradhan Mantri Awas Yojana 2020 scheme is deemed ideal. Subsequently, it extends the convenient access to affordable housing.