Clear All Your Doubts on PMAY Here

We have been hearing a lot about Pradhan Mantri Awas Yojana or commonly known as PMAY. So, what’s the hype about? What this scheme is all about? Is it just another Government popular scheme launched by the Government which is aimed at a rural audience? Or is it equally relevant to normal home buyers? Well, whatever the case may be, let’s just get into the detail and clear all your doubts and queries regarding this scheme in the article below:

What is PMAY?

Stands for Pradhan Mantri Awas Yojana, this scheme is designed to promote housing for all, including middle class.

What is CLSS and other jargons like MIG, LIG, EWS,etc stands for?

Known as Credit Linked Subsidy Scheme, under which the Government aims to reduce your home loan burden. Let’s know more about these jargons in the article below:

MIG 1: Middle Income Group (income Rs.6 Lakh-Rs.12 Lakh)

MIG 2: Middle Income Group (income Rs.12 Lakh-Rs.18 Lakh)

EWS: Economically Weaker Sections (income up to Rs.3 Lakh)

LIG: Low Income Group (income up to Rs.6 Lakh)

Who is Eligible for this Scheme?

In order to know the eligibility, just take a look at the points below:

• You or your immediate family (spouse and unmarried children) do not own a pucca home anywhere in India ( you will qualify even if your parents own a home and you stay with them)

• If your income is up to Rs.6 Lakh per annum to avail CLSS: EWS or CLSS: LIG

• If an applicant is having an income from Rs.6 Lakh to Rs.12 Lakh per annum (to avail CLSS MIG 1)

• If the income of an applicant is from Rs.12 Lakh to Rs.18 Lakh per annum (to avail CLSS MIG 2)

What is the maximum tenure of home loan under the scheme?

The maximum tenure that you can avail under the same PMAY scheme is 20 years.

Is there any loan limit under Pradhan Mantri Aawas Yojana?

There is no limit on the loan amount. However, if we talk about the subsidy benefit, it will be limited to a specific loan amount that depends upon the income category you fall under.

What about the processing fee?

You will be glad to know that there is zero processing fee for the buyers going for a loan under PMAY.

What are the specific documents required?

You only need one document, i.e. which states that do not own a pucca house. However, this document is required in addition to all the documents which are necessary under home loan.

What if your home loan is already running on a first home. Even then you can get the benefit of PMAY CLSS?

No, because this scheme is for the first-time home buyers, encouraging them to buy their first home.

What is the carpet area of the houses under the scheme?

The carpet area of the houses has been enhanced to 160 sq meter for MIG-1 and 200 sq meter for MIG 2.

Hopefully, this article was worth reading and you have got all the answers to your questions!