Pradhan Mantri Awas Yojana is a government initiative aimed at facilitating affordable housing for every citizen of India by 2022. Qualifying applicants can use this benefit to build a home, buy a new one from a builder, or upgrade their existing kaccha home to a pucca home.
With the introduction of PMAY, more and more people have realized their dream of owning a home with the help of this affordable housing scheme.
Pradhan Mantri Awas Yojana eligibility criteria
The PMAY subsidy is being extended for the economically weaker classes of society, and the Government of India is considering the income of the whole family and not just the applicant to check the suitability of this scheme.
Based on the income category of an individual, the following criteria were set for PMAY qualification:
EWS- Economically weaker division: An annual income of Rs. 3 lakhs or less will qualify for the PMAY grant under this category.
LIGHT- Low-income group: An annual income of Rs. 6 lakhs or less will qualify for PMAY under this category
MIG Middle Income Group: An annual income of Rs. 12 lakhs and less are required to qualify for the MIG I (Mid-Income Group). For the MIG II category, income of Rs.18 lakhs and below is the requirement.
Based on the income groups, here is the suitability for the next PMAY subsidy scheme.
EWS, LIGHT and those identified under the Under Poverty Line category are eligible for the PMAY Gramin Scheme.
EWS, LIGHT and MIG I and II are all eligible for the PMAY Urban Scheme.
LIG & MIG are eligible for PMAY CLSS scheme.
Document required for PMAY
Identity proof documents
You must provide proof of identity documents such as your PAN card copy, Aadhaar card copy, Passport copy, photo ID card if any, proof of identity not older than 30 days, checked by a government gazette, etc.
Address proof documents
For Pradhan Mantri Awas Yojana suitability, it is mandatory to address proof documents like Aadhaar, Passport, PAN card, Ration card copy, electricity bill, etc. In addition, you can also collect and keep these documents at hand- Property Tax Receipt, Life Insurance Policy, License or Leave Agreement of Employers, Savings Account Statement of Post Office.
For applicants who fall under the SC, ST, OBC or senior citizen category, they may be asked to submit in certain cases:
Proof of age – with PAN, Aadhaar, passport etc.
2. Marriage certificate (if applicable)
3. Death certificate – from the spouse if a widow applies for the PMAY scheme
PMAY is one of the best housing scheme initiatives by the government aimed at making home buying affordable for everyone in India. Remember to check eligibility criteria, list of required documents before proceeding with your home loan requirements.