The Pradhan Mantri Awas Yojana, which is a central government affordable housing scheme has helped many home buying aspirants to get a home loan. But, to qualify for the loan, you must meet specific requirements. Read on to know more about it.

With a mission to provide a pucca house for all Indian citizens, the Ministry of Housing and Urban Poverty Alleviation, under the PMAY scheme has taken several initiatives to build new homes and provide financial support to the poor citizens. The ministry has also made it clear for the prospective home buyers and the loan applicants about the eligibility criteria they must meet to get the benefits of the PMAY scheme.

Currently, the home loan seekers can apply for PMAY home loan under three categories, and the eligibility for each type are different, which are discussed below:

• EWS – Economically weaker section and LIG – Low Income Group
• MIG I – Middle Income Group
• MIG II – Middle Income Group

 Eligibility for Pradhan Mantri Awas Yojana for applicants Under EWS and LIG category

• You or any of the member in your home should not own a pucca home in any part of India
• To be eligible for the home loan interest subsidy under the Pradhan Mantri Awas Yojana,it is mandatory to include an adult female member of the family in the property ownership.
• The property must be co-owned by a female member. However, this condition is not applicable if you are constructing a home on the land you own or if you are availing a loan to renovate your existing kuccha home into a pucca home.
• If you are applying for a home loan under the EWS category, your household income should not exceed six lakhs per annum.
• The carpet area of the property you wish to buy must up to 30 sq. Mts for beneficiaries under the EWS category and 60 sq. mts for LIG category.
• The maximum duration for which you can apply for a loan is 20 years.
• Your age at the end of the repayment period should not be more than 70 years

Eligibility for Pradhan Mantri Awas Yojana for applicants Under MIG – I category

• You or any of your family member must not own a home in your or their name in any part of India.
• You or any of your family members should not have availed any financial assistance under any other housing scheme from central or state government
• The property that you wish to buy must be located in any of the statutory towns as listed in the 2011 census or any of the adjacent planned area.
• While there is no maximum limit on the loan amount that you can apply, you will be eligible for an interest subsidy of 4% on loan amount up to 9 lakhs.
• The loan tenure cannot exceed 20 years. However, lenders can sanction loans for 30 years, but the loan must be repaid before you attain the age of 70 years.
• The annual household income must be between six lakhs to 12 lakhs.
• If you are married, you can apply for a loan either as an individual applicant or you can apply in joint ownership with your spouse.
• The carpet area of the property that wish to buy must be 120 sq. mts

Eligibility for Pradhan Mantri Awas Yojana for applicants Under MIG – II category

• You must, or any of your family members must not have a pucca home in their name in any part of the country
• You must not have taken financial assistance under another government housing scheme
• You can get a subsidy of 3% on loan up to 12 lakhs, and the maximum tenure for loan is 20 years
• Your annual household income must not be more than 18 lakhs
• The maximum loan tenure is 20 years
• The carpet area of the property you wish to buy must be up to 150 sq. mts

Make sure that you know the exact eligibility of the category under which you wish to apply for the PMAY benefits to avoid rejection of your loan application.