The Pradhan Mantri Awas Yojana was launched in 2015 to address the issue of the housing deficit in India. The aim was to provide ‘housing for all’ by 2022. Under this plan, the government partnered with different financial institutions to extend affordable housing loans.
- According to reports presented in the Budget 2021, the government has disbursed over
Rs. 72,000 crore in subsidy to date.
However, to avail of the benefits of this scheme, one needs to meet the Pradhan Mantri Awas Yojana eligibility without fail.
PMAY eligibility parameters
To qualify for this affordable housing scheme, individuals need to meet the following Pradhan Mantri Awas Yojana eligibility parameters –
- PMAY is only limited to first-time homebuyers; hence applicants and their immediate family members cannot own a pucca house anywhere in this country.
- Applicants must not have availed of the benefits of any government housing scheme previously.
- The PMAY scheme requires applicants to meet the income criteria, wherein the cap on total annual household income is set at Rs.18 lakh.
- For EWS – LIG category, it is mandatory to have female ownership, whereas, for MIG, it is desirable.
- The property size or carpet area must match the threshold set for each category, which is 30 sq. mt., 60 sq. mt., 160 sq. mt., and 200 sq. mt. EWS, LIG, MIG I, and MIG II, respectively.
- The property must be located within the limits of statutory towns and their adjacent planning areas, as mentioned in the 2011 Census.
Being aware of the Pradhan Mantri Awas Yojana eligibility criteria will allow homebuyers to apply accordingly and avoid the chances of rejection.
The application process of PMAY
The application process to avail of PMAY subsidy can be completed online and offline.
– Online process
Step 1 – Visit the official PMAY website.
Step 2 – Go to the ‘Citizen Assessment’ tab and select from ‘Benefits under 3 components’ or ‘slum dwellers’
Step 3 – Now enter the Aadhaar number and submit it to access the application form.
Step 4 – Fill up this form with the required details, and double-check the information before submission.
Step 5 – To submit, scroll down and enter the captcha code.
Applicants can later edit their form by using the Aadhaar number to log in to this portal.
– Offline process
The offline process is equally convenient. Individuals can visit their nearest Common Service Centre to access the form. They can fill out the application form with relevant details and then submit it by paying a nominal fee of Rs. 25 + GST.
Following the submission of the PMAY application form, be it online or offline, individuals can check their PMAY status through the official website. Applicants can use their mobile phone number and father’s name or their assessment ID to review their status.
Once approved, applicants can check their names on the PMAY list of beneficiaries for confirmation. This confirmation indicates that individuals have qualified for this scheme and now can apply for a home loan with financers registered with PMAY.
On failing to qualify for a home loan under PMAY, borrowers can alternatively opt for housing loans from financial institutions, by meeting lender-specific eligibility parameters. Here are the details –
- Age: 18-70 years
- Credit score: 750 and above
- Employment: Both self-employed and salaried
- Work experience: At least 1 year, but alters with the choice of lender
- Monthly income: It varies depending on an applicant’s city of residence
Along with meeting these parameters, individuals need to furnish the necessary documents to complete this application process.
However, they can skip this hassle, if they qualify for pre-approved offers. Extended by leading financial institutions, these offers streamline this home loan application procedure and save time. Borrowers can now check their pre-approved offer by providing their name and contact number.
The Pradhan Mantri Awas Yojana eligibility is straightforward and focuses on helping first-time homebuyers to fulfil their goal of owning a house. At the same time, individuals should keep in mind that applicable PMAY benefits vary for each category. Hence, it is ideal to go through scheme-related details properly before signing up for it.