Eligibility Criteria for Pradhan Mantra Awas Yojana: 5 Things You Should Know
The Pradhan Mantri Awas Yojana is one of the biggest endeavours to make
the “Housing for All by 2022” mission a reality. If you are planning to take
advantage of the loan subsidy, some of the most important things that you
should know about the eligibility criteria of the scheme are discussed in this
post.
Launched in 2015, the Pradhan Mantri Awas Yojana is one of the biggest
initiatives of the government. It aims to build more than 20 million affordable
homes for the rural and urban populace of the country by 2022. Just like all
the other initiatives by the government, this scheme also has eligibility
criteria, and only people who meet these criteria can take advantage of the
credit-linked subsidy offered under this scheme.
If you are planning to buy or build a house and want to take advantage
of the scheme, here are five important things that you should know about its
eligibility requirements-
1. Ownership of a
pucca house
To be eligible for this subsidy scheme, it is necessary for the
applicant or their family members to not already have a pucca house on their
name in any part of the country. The scheme defines the term “family” as a
husband, wife, and their unmarried sons and daughters.
In other words, the scheme is only available for people who are buying
or building a pucca house for the first time.
2. Central or state
assistance
To apply for PMAY credit-linked subsidy, you should not have already
available state or central assistance under any of the housing schemes offered
by the government. In the past, the government has launched several housing
schemes to help people.
If you have availed the benefits of any of these schemes in the past,
you are not eligible for PMAY.
3. Adult female
membership
The scheme is available for the middle-income group and sections below
them (names Low-income group and Economically Weaker Section). For EWS and LIG
class, it is compulsory to have one adult female membership in the ownership of
the property.
In other words, the property should be compulsorily co-owned by an adult
female member of the family. However, the same is not compulsory for MIG class.
4. Property location
The properties in areas that have been considered as statutory towns in
the 2011 Census and the areas that have been subsequently notified as towns are
eligible for PMAY. Even planning areas which are notified with respect to
statutory towns are eligible for the scheme.
The government regularly updates the list of areas eligible for the
scheme to offer the benefits to as many people as possible.
5. Time limit for
construction or extension of the home
As per the eligibility criteria for Pradhan Mantri Awas Yojana, if you are availing this scheme
for extension or construction of the house, it should be completed within 3
years from the date the 1st instalment of the loan amount is disbursed.
In case if the construction process is stalled for some reason, the
subsidy amount needs to be refunded to the government.
With the rising cost of property, especially in metro cities, buying a
home is one of the most difficult challenges of life. If you are planning to
buy or construct a home and are eligible for the scheme, look for a lender
associated with the PMAY scheme to take advantage of this excellent initiative
by the government.
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