Pradhan Mantri Awas Yojana (PMAY) was initiated in 2015 by PM Narendra Modi. It is a hyped housing scheme that was kicked off to provide affordable housing solutions.
The PMAY facility comes with the credit linked subsidy scheme (CLSS) to help eligible candidates enjoy a subsidy of up to 6.5% up to Rs.2.67 lakh.
Learn more about the PMAY eligibility conditions in this post now!
Pradhan Mantri Awas Yojana eligibility terms at a glance
- Any applicant or a household’s annual income must be between Rs.3 lakh and Rs.18 lakh to apply under PMAY. Any amount above this amount does not make you qualify for it.
- An applicant or the household (husband, wife, unmarried sons and unmarried daughters) must not have any pucca home anywhere in India.
- It is not possible for a beneficiary to enjoy PMAY benefits on an already built home.
- Ground floor housing allocation is done for disabled and senior citizens applicants.
- In case if the PMAY applicant is married, either of the spouses or together in joint ownership can get only a single subsidy.
- It is not possible for anyone to avail of the benefits of the PMAY on a resale flat. It is because the scheme is only applicable for buying or building only new houses and improvement or extension of an existing home.
- An applicant must not have availed any central assistance from either the Central or State Governments under earlier launched housing schemes.
Based on your PMAY eligibility, you can apply for it and finally buy or build your own home.
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