PMAY is one of the most talked-about government initiatives. It aims to end homelessness in the country and provide pucca housing units for all. It also aims to provide financial aid to home buying aspirants. But, to qualify for the benefits, you must meet specific criteria. Read on to know more about it.

The PMAY or Pradhan Mantri Awas Yojana is an affordable housing scheme launched by the central government of India in June 2015. In line with the government’s vision to boost the affordable housing segment in the country, and provide a pucca housing to all, the government aims to build over two crore housing units by 2022. Also, under the CLSS scheme, which is a part of the PMAY, the government aims to provide subsidy on the home loan interest rate for first-time home buyers.

To be eligible for the PMAY benefits, you must meet the following criteria.

· You or any of your family members should not own have a pucca house in any part of India. The PMAY scheme benefits are available only for first-time home buyers.

· You or any member of your family should not have availed any assistance from other central government-approved or state government-sponsored affordable housing scheme.

· You or any member of your family should not have availed the benefits of CLSS (Credit Linked Subsidy Scheme) from any of the PLIs (Primary Lending Institutions).

· If you wish to apply for a balance transfer of your home loan, the loan must have been availed after January 1, 2017 (this is applicable only for people from the MIG – Middle Income Group category). 

· The loan can be availed only for buying or construction of a new home. It cannot be used for buying a pre-owned home.

· The loan availed for construction of a new home or extension of an existing house must be done within 36 months from the date of the disbursement of the 1st instalment.

· Yours or your family’s combined annual income should not be more than 18 lakhs.

· The new house brought or constructed with the help of the financial assistance from the scheme must mandatorily be registered in the name of a woman, or it can be co-owned by a male member and their spouse. Only in case, there is no adult female member in the family can the house be in the name of the male member.

To ensure transparency in the process and the project, and to ensure that the housing units are allotted to only those who deserve the help, the government will select beneficiaries through the Socio-Economic and Caste Census of 2011. Also, the village panchayats and tehsil office will be consulted before preparing the list of beneficiaries in the rural areas.

Key features of Pradhan Mantri Awas Yojana

· Under the Pradhan Mantri Awas Yojana, a subsidy of 6.50% is provided on the interest rate for housings loan availed up to 20 years.

· All the new houses constructed under the scheme will be built using eco-friendly technology

· The senior-citizens and the differently-abled people will be given preference in allocating the housing units on the ground floor—please reconfirm this.

· The construction of houses under the scheme will be done in the urban and semi-urban area, including 4041 towns. Priority will be given to 500 I class cities, and the construction will be completed in three phases.

· The construction of the new houses will be done as per the guidelines of the NBC (National Building Code) and NDMA (National Disaster Management Authority).

· There is no limit on the maximum amount you can avail or the cost of the property. —- please recheck this.

The PMAY scheme is considered as a boon by many home buyers in India. If you are a first time home buyer, planning to buy a new home, you can apply for the PMAY benefits and avail a home loan at a subsidised rate.