The PMAY scheme is an affordable housing scheme that was introduced by the government in 2015. Under the Pradhan Mantri Awas Yojana scheme, there are plans to construct 22 million affordable houses before March 2022.
Additionally, individuals belonging to the economically challenged strata of the society can also avail subsidized interest rates on home loans to purchase a house in India.
Eligibility Criteria of PMAY
MIG I comprises of individuals with annual household income between Rs. 6 Lakh and Rs. 12 Lakh. They can avail a 3.5% subsidy on a home loan of up to Rs. 9 Lakh.
This group comprises of individuals belonging to households with annual income between Rs. 12 Lakh and Rs. 18 Lakh. They can avail an interest subsidy on home loans of up to Rs. 12 Lakhs.
This group comprises of individuals belonging to households with annual income between Rs. 3 Lakh and Rs. 6 Lakh. They can avail interest subsidy of loans up to Rs. 6 Lakh.
EWS comprises of individuals belonging to households with annual household income below Rs. 3 Lakh. These individuals can avail the benefits of the scheme if they can furnish documents to support their claim of belonging to EWS. They can avail interest subsidy on loan of up to Rs. 6 Lakh.
This credit-linked subsidy scheme can be availed by individuals belonging to the categories on home loans with a maximum tenure of 20 years. Thus, the PMAY scheme can help economically challenged people to get accommodation affordably.