PMAY Eligibility Criteria | Home Loan Subsidy 2018 | Apply & Refund Process

PMAY  Eligibility Criteria  | Home Loan Subsidy 2018 | Apply & Refund Process
Today We will be discussing the topic ” Eligibility Criteria to avail PMAY ( Pradhan Mantri Awaas Yojna )”

In this we will be covering below points -:

1) Purposes for which one get PMAY benefit
2) Division of PMAY to various Economical Categories
3) Eligibility Criteria for each Category – Subsidy %, Income conditions, Max Carpet Area etc
4) How to get the refund of subsidy under PMAY

1) Purposes for which one get PMAY benefit

Under PMAY, a homebuyer can avail home loan for the following purposes –

Construction of a house
Acquisition of a house
Repair of a house
Extension of a house

2) Division of PMAY to various Economical Categories

The scheme benefit will be extended to families/buyers falling in the following categories –

Economic Weaker Section – EWS (Income less than 3lakhs)
Low income group – LIG (3lakhs – Income – 6lakhs)
Middle income group – MIG (I) (6 lakhs – Income – 12lakhs)
Middle income group – MIG (II) (12 lakhs -Income -18lakhs)

EWS Category

Under this category, an applicant can save up to Rs 2.67 lakh interest on home loan

Eligibility

Annual Household Income should be less than 3lakhs per annum
The ownership of the property purchased under PMAY should either be in the sole name of the female member of the family or in the joint ownership of an applicant with any female member of the family.
The applicant should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Maximum subsidy – Rs 2.67 lakh
Subsidy percent – 6.5 percent
Maximum carpet area of the house – 30 sqm /323 sqft
Women ownership – Mandatory (Except for repair/extension/construction)
Scheme validity – Till March 31, 2022

LIG Category

In this, a LIG homebuyer enjoys the same subsidy of Rs 2.67 Lakh.

The only difference between the EWS and LIG category is of carpet area size. In this category, a homebuyer can construct or purchase up to 60 sqm unit or 645 sqft.

Eligibility

He/she is eligible to avail home loan on subsidized rates if the annual household income is up to Rs 6 Lakh.
The ownership of the property purchased under PMAY should either be in the sole name of the female member of the family or in the joint ownership of an applicant with any female member of the family.
The applicant should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Summarize –

Maximum subsidy – Rs 2.67 lakh
Subsidy percent – 6.5 percent
Maximum carpet area of the house – 60 sq m / 646sqft
Women ownership – Mandatory (Except for repair/extension/construction)
Scheme validity – Till March 31, 2022

MIG (I) Category

Under this category, a homebuyer can get a maximum subsidy of Rs 2.3 lakh.

Eligibility
A homebuyer can avail home loan on subsidized rates if the annual family income is between Rs 6 lakh and Rs 12 lakh. A family comprises of husband, wife and unmarried children.
Any earning member of the family can avail subsidy separately.
Married couples can avail the benefit by applying individually or in joint ownership.
The applicant should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Summarize MIG (I) –

Maximum subsidy – Rs 2.35 lakh
Subsidy percent – 4 percent
Maximum carpet area of the house – 120 sq m / 1291 sqft
Women ownership – Not mandatory
Scheme validity – Till March 31, 2019

MIG (II) Category

Under this category, a homebuyer can get a maximum subsidy of Rs 2.3 lakh.

Eligibility

A homebuyer can avail home loan on subsidized rates if the annual family income is between Rs 12 lakh and Rs 18 lakh. A family comprises of husband, wife and unmarried children.
Any earning member of the family can avail subsidy separately.
Married couples can avail the benefit by applying individually or in joint ownership.
The applicant should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Summarize MIG (II) –

Maximum subsidy – Rs 2.30 lakhs
Subsidy percent – 3 percent
Maximum carpet area of the house – 150 sq m / 1614 sqft
Women ownership – Not mandatory
Scheme validity – Till March 31, 2019

How will it be credited?

Application of PMAY comes at last after your loan is sanctioned & disbursed, then, at last, you need to fill the PMAY form that will be provided by the Bank

Govt will do its due diligence will credit the subsidy to the bank, which will credit it to your loan account.

Once its credited to your loan account by the bank , bank will give you two option s-:
1) To decrease your EMI
2) To decrease your tenure.

PMAY Eligibility Criteria | Home Loan Subsidy 2018 | Apply & Refund Process