The decision to raise the income criteria is only for the Mumbai Metropolitan region, and Devendra Fadnavis, the deputy chief minister of Maharashtra, announced that the government of India had increased the income criteria for the economically weaker section (EWS) seeking affordable houses under the Pradhan Mantri Awas Yojana. Now, the income criteria is increased from Rs 3 lakh to Rs 6 lakh for EWS applicants.
The Deputy Chief Minister said in a tweet on 12th July 2023 thanking the Central Government, “Thank you PM, Narendra Modi & Hon Union Minister, Hardeep Singh Puri ji for enhancing EWS income criteria from Rs 3 lakh to Rs 6 lakh for AHP vertical under #PMAY for the Mumbai Metropolitan Region (MMR) on Maharashtra Government's request. This will help lakhs of citizens of MMR.”
In Mumbai Income Criteria for EWS Candidates Eligible for PMAY Increased
All About Pradhan Mantri Awas Yojana Eligibility Criteria
The Pradhan Mantri Awas Yojana (PMAY), a credit-linked subsidy plan (CLSS) that was introduced by the Union government, seeks to provide housing for everyone by the year 2022. Potential homeowners can take advantage of a rebate on the interest paid on home loans under the PMAY program to either build, buy, renovate, or make any type of additions. But before you apply for PMAY 2022–23, make sure you meet the requirements for the Pradhan Mantri Awas Yojana (PMAY) program if you want to take advantage of its advantages.
Pradhan Mantri Awas Yojana Eligibility Criteria 2022-23
PMAY, or Pradhan Mantri Awas Yojana, is the flagship housing scheme of the Indian Government. Pradhan Mantri Awas Yojana, or PMAY, was rolled out to provide affordable housing options to the Economically Weaker Sections (EWS) of society. Pradhan Mantri Awas Yojana aims to achieve the target of 'Housing for All' by the year 2024. Pradhan Mantri Awas Yojana was rolled out for both Urban and Rural areas. The eligibility criteria for the Pradhan Mantri Awas Yojana are as follows- 1. PMAY is available for the Economically Weaker Section (EWS), LIG (Low Income Group), MIG-I (Middle Income Group I), and MIG-II (Middle Income Group-II) sections of the society. 2. The subsidy is provided on loans provided by both housing finance organisations and banks. National Housing Bank (NHB) and Housing & Urban Development Corporation (HUDCO) are the two central agencies that disburse the loans. 3. The category the applicant belongs to, and the annual income of the applicant decide the amount of subsidy provided. 4. The subsidies are available for owning, renovating, and even constructing additional rooms, including bathrooms, kitchens etc. 5. A beneficiary of Pradhan Mantri Awas Yojana (PMAY):
- Can be a husband, wife, and unmarried daughters/sons
- Should not own a pucca house, which means the house should not be in his/her name or any other member of the family across India
- Who's an adult earning member is treated as a separate household irrespective of his/her marital status
Pradhan Mantri Awas Yojana Eligibility Criteria On the basis of Income
PMAY eligibility criteria varies for every income category. Remember, if your household income is more than Rs 18 lakh then you cannot apply for the PMAY scheme.
- EWS- Economically Weaker Sections
- LIG- Lower Income Group
- MIG-I- Middle Income Group I
- MIG-II- Middle Income Group II
Pradhan Mantri Awas Yojana Eligibility Criteria 2023 for EWS & LIG
Pradhan Mantri Awas Yojana's qualifying requirements are highly strict because the program's goal is to provide affordable housing to the economically underprivileged sections of society. The Pradhan Mantri Awas Yojana's strict qualifying requirements aid in defending the rights of India's underprivileged inhabitants, who are in desperate need of cheap housing. Especially in India, purchasing a home can be rather expensive. However, EWS and LIG groups can now make plans to purchase one thanks to the Pradhan Mantri Awas Yojna Scheme.
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The applicant is required to have an annual income of upto Rs. 3 lakhs (EWS) and upto Rs. 6 lakhs (LIG)
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A maximum subsidy of up to Rs. 2.67 lakhs is allowed to the applicant.
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The interest subsidy is provided for a tenure of 20 years at a rate of 6.5%
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The subsidy is applicable only for a loan of upto Rs. 6 lakhs, beyond which non-subsidised rates will be applicable.
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The home loan rate and EMI get considerably reduced, considering the subsidy is credited in advance to the beneficiary's loan account.
Apply for the PMAY Scheme
Before you apply for PMAY, you must keep the following pointers in mind. To apply for the flagship PMAY scheme-
- An Aadhaar card is mandatory.
- An applicant should not have availed of any financial assistance either from the Central or State Govt. of India under any housing scheme.
- The property must be co-owned by a female member of the family.
- As per the 2011 census, the location of the property should fall under permitted towns and their nearby planning areas.
|
Type |
Purpose of loan |
Household Income (Rs) |
Subsidy Interest |
Max. Loan Tenure |
Max. Interest Subsidy Amount |
Women Ownership |
|
EWS & LIG |
Construction/ Extension/ Purchase |
Up to Rs 3 lakh (EWS) Up to Rs. 6 lakh (LIG) |
6.50% |
20 years |
R. 2.67 lakh |
Yes |
What are cases in which beneficiaries are excluded from Pradhan Mantri Awas Yojana or PMAYG?
There are a few requirements that, if not met, could result in the beneficiaries being removed off the PMAY Gramin list or PMAYG list. The following are the main Pradhan Mantri Awas Yojana, or PMAY, eligibility requirements:
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If a person has a motorized vehicle, two-wheelers, three-wheelers and an agricultural equipment
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The person has a Kisan Credit Card (KCC) with a limit equal to or greater than Rs 50,000
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Any household which has at least one member in the government service and earns more than Rs 10,000 per month
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If a person pays property tax, has a refrigerator or landline phone connection
Pradhan Mantri Awas Yojana Eligibility 2023 for MIG-I & MIG-II
|
Type |
Purpose of loan |
Household Income |
Subsidy Interest |
Max. Loan Tenure |
Max. Interest Subsidy Amount |
Women Ownership |
|
MIG-I |
Construction/ Purchase |
Rs 6-12 lakh |
4.00% |
20 years |
Rs. 2.35 lakh |
No |
|
MIG-II |
Construction/ Purchase |
Rs 12-18 lakh |
3.00% |
20 years |
Rs. 2.30 lakh |
No |
Besides the EWS & LIG Groups, the eligibility of Pradhan Mantri Awas Yojana (PMAY) extends to the middle-class families (MIG-I & MIG-II) as well. The applicant must have an annual income between Rs.6 - Rs.12 lakh (MIG-I) and between Rs. 12-Rs.18 lakh (MIG-II)
- A maximum subsidy of up to Rs. 2.67 lakhs is given to the applicant.
- The interest subsidy is provided for a tenure of 20 years at a rate of 4% for MIG-I and 3% for MIG-II.
- The subsidy is only available for loans up to Rs. 9 lakhs for MIG-I and Rs. 12 lakhs for MIG-II; loans exceeding these amounts would be subject to non-subsidized rates.
- Given that the subsidy is credited in advance to the beneficiary's loan account, the interest rate and monthly payment on the house loan are significantly lowered.
Wrapping Up: PMAY Eligibility
With the goal of providing "housing for all," the Pradhan Mantri Awas Yojana (PMAY), a major housing program, was launched in 2015. A beneficiary of the PMAY program is eligible to receive financial assistance for interest on home loans or house construction. However, in order to be eligible for the PMAY program, which has different requirements for EWG, LIG, MIG-I and MIG-II, you had to meet them. You must have a current Aadhaar card in order to be eligible for PMAY subsidies.
Disclaimer: Validity of PMAY scheme has not been extended
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Validity of EWG and LIG was ended on 31 March 2022
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Validity of MIG-I and MIG-II was ended on 31 March 2021
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