01 Jul 2021 | 5 min read
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 2022 or not. Let’s delve into the post ahead!
You can be eligible under this scheme if you meet the subsequent criteria:
The subsidy criteria of every group are figured out by the PMAY committee below:
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.
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.
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.
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 |
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:
The Home Loan calculator facilitates you to check eligibility for PMAY online with close accuracy and in no time.
To sum up, the above-stated information will facilitate you assess your eligibility for PMAY 2022, 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.