If you have ever considered owning an urban house, it is more than appropriate to give the Pradhan Mantri Awas Yojana some thought. However, as one of the more sought-after schemes, PMAY is dependent on a wide range of eligibility factors, which are often hard to decipher.
In the subsequent section, we shall talk about diverse Pradhan Mantri Awas Yojana Eligibility criteria in detail, whilst analyzing the relevance of each, when it comes to house procurement.
More about PMAY
PMAY is one of the more successful government-backed housing missions that aim at making urban households more accessible to select income groups. As a part of this scheme, the Government envisages making well-structured and proper houses available to the majority of the population.
However, the government doesn’t want the upper strata of the society to reap the benefits of this scheme and eventually sabotage the perks, better suited to the economically weaker and middle-class segments of the society. This is why the PMAY house-providing mission comes with several eligibility factors, which need to be adhered to for getting the subsidies and requisite perks.
PMAY Eligibility: Things to take a Note of
- The overall income of a specific household shouldn’t be less than Rs. 3 Lakhs.
- As far as the upper limit goes, the cumulative household income must not exceed 18 lakhs
- The concerned applicant must not own a proper house in an urban locale
- Benefits aren’t applicable to homes that have already been constructed
- Married individuals can only reap benefits under a single subsidy plan, even if the home has been purchased using a jointly owned lending scheme
Who isn’t eligible for PMAY benefits?
Any household that exceeds the upper-income threshold of 18 lakhs isn’t eligible for the CLSS scheme under PMAY. Also, already having a pucca house further lowers your PMAY eligibility.
How to check PMAY Eligibility in 2021?
Stringent PMAY eligibility criteria merit more detailed monitoring. Here are some of the aspects that need to be taken into consideration before you should apply for a PMAY scheme.
- The annual income of the spouse should also be taken into account while calculating the income threshold.
- If you are the direct beneficiary of the PMAY subsidy, you shouldn’t have already received any other form of Government-backed central aid.
- As far as demographics are concerned, every town notified as a part of the Census 2011 are part of this coverage
- Proper arrangements like opting for ground floor accommodation for people with disabilities and elderly individuals also go a long way in strengthening eligibility.
- The property that is to be handed over must be constructed and occupied within 36 months of loan disbursement
If you are eligible for the PMAY subsidy, it might just be the right time to select the lender that accommodates the same, by comparing options at the Finserv MARKETS.