Check Your Eligibility of Home Loan Under PMAY 2021

21 Sep 2021 5 min read
Home Loan: Check Your Eligibility of Home Loan Under PMAY 2021

Pradhan Mantri Awas Yojana (PMAY) was brought into force on June 1, 2015, to extend affordable housing to the urban poor population. It is a Credit Linked Subsidy Scheme (CLSS), which suggests beneficiaries under PMAY scheme are eligible for interest subsidy if they avail of a Home Loan to acquire or construct a house. The mission of this scheme is to extend housing to all or any by the end of 2022. So, before the scheme ends, here is how you can check, whether you are eligible for PMAY 2021 or not. Let’s delve into the post ahead! 

Pradhan Mantri Awas Yojana (PMAY) 2021 Home Loan Eligibility Criteria 

You can be eligible under this scheme if you meet the subsequent criteria: 

  • You or your family must not own a house in any part of the country. 
  • Your annual income should not exceed Rs. 18 lakhs so as to apply for PMAY scheme. 
  • You cannot avail of the benefits of PMAY on the already built house. 
  • Your family shouldn't have availed any central assistance under any housing scheme from the Government of India. 
  • In accordance with the Census 2011, all statutory towns and towns notified subsequently would be eligible for coverage under the scheme. 
  • If you are a senior citizen or differently-abled, ground floor housing is given preference. 
  • If you are married and apply jointly with your spouse, either you or your spouse can get the subsidy. 

Pradhan Mantri Awas Yojana (PMAY) 2021 Home Loan Subsidy Criteria 

The subsidy criteria of every group are figured out by the PMAY committee below: 

  • Medium Income Group I (MIG-1) 

If your annual household income is below Rs. 12 lakhs then you fall into the MIG-1 category. You can avail Home Loan of up to Rs. 9 lakhs for the development of residence. 

  • Medium Income Group II (MIG-2) 

If your annual income ranges between Rs. 12 and Rs. 18 lakhs then you will fall into the MIG-2 category. You can avail of a Home Loan of up to Rs. 12 lakhs. In addition to this, you are required to satisfy a basic requirement. For instance, if you show your entire household income, then you must comprise of a husband, wife, or unmarried children. Alongside, there should be no house occupied by any of the members. 

  • Lower Income Group (LIG) 

If your annual household income ranges between Rs. 3 lakhs to Rs. 6 lakhs then you fall under this category. You are required to extend the adequate proof to avail of the advantages of the scheme. 

  • Economically Weaker Section (EWS) 

If your annual house income is up to Rs. 3 lakhs then you fall under the EWS category. Nevertheless, you got to provide relevant proof to the government to avail of the advantages of the scheme. 

You can also check Pradhan Mantri Awas Yojana Eligibility 2021-22 from the following table so as to ensure whether you can avail of the benefits of PMAY subsidy on Home Loan or not: 

Particulars 

Middle Income 

(Group I) 

Middle Income 

(Group II) 

Lower Income 

Group 

Economically 

Weaker Section 

(EWS) 

Household annual income 

Rs. 6 lakhs to Rs. 12 lakhs 

Rs. 12 lakhs to Rs. 18 lakhs 

Rs. 3 lakhs to Rs. 6 lakhs 

Up to Rs. 3 lakhs 

Subsidy on Home Loan interest rate 

4% p.a. 

3% p.a. 

6.5% p.a. 

6.5% p.a. 

Eligible Loan amount for Interest Subsidy 

Rs. 9 lakhs 

Rs. 12 lakhs 

Rs. 6 lakhs 

Rs. 6 lakhs 

Maximum repayment tenure of Home Loan 

20 years 

20 years 

20 years 

20 years 

Maximum Amount of subsidised interest 

Rs. 2.35 lakhs 

Rs. 2.30 lakhs 

Rs. 2.67 lakhs 

Rs. 2.67 lakhs 

Maximum Dwelling Unit’s carpet area (in sq. m.) 

160 

200 

60 

30 

Pradhan Mantri Awas Yojana 2021 EMI Calculator 

You can also take the help of a PMAY EMI Calculator so as to understand comprehensively your monthly repayment liability to undergo an informed and smart borrowing decision. However, you must understand the PMAY-U (Pradhan Mantri Awas Yojana – Urban) or PMAY-G (Pradhan Mantri Awas Yojana – Gramin) category you belong to for simple use of the Home Loan EMI calculator with PMAY subsidy. 

You can use a Home Loan EMI Calculator with PMAY subsidy computation easily without any hassle. Simply, follow the steps given below to check PMAY eligibility online: 

  • Key in the figure of entire family income. 
  • Proceed to opt for an appropriate Home Loan tenure for subsidy calculation. (Shouldn't exceed 20 years) 
  • Input the Home Loan amount to finish your PMAY eligibility check online for interest subsidy. 
  • Once you complete these steps, the whole subsidy amount available to you will be calculated and shown on your screen. 

The Home Loan calculator facilitates you to check eligibility for PMAY online with close accuracy and in no time. 

The Out-Turn 

To sum up, the above-stated information will facilitate you assess your eligibility for PMAY 2021, nonetheless, assessment of your eligibility to avail of the benefits of CLSS is at the only discretion of the Government of India. The aforementioned contents are parameters outlined under the scheme for assessment of entitlement. 

Just in case, you fail to qualify for PMAY eligibility criteria, there is no need to worry, you can get in touch with us to grab the appealing Home Loan interest rate

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