PMAY Benefits for EWS, LIG, MIG I & II
PMAY( Pradhan Mantri Awas Yojana) is an initiative taken by the government of India to provide affordable housing to the people of India who can not afford homes at higher prices. There are different categories defined and PMAY benefits them all under different schemes and eligibilities. The government is going to provide affordable houses to 20 million people and the government’s goal is to provide housing to all the residents of India till 2022.
The scheme was launched in the Year 2015 and it is similar to the Indira Awas Yojana or we could say this is the extended Indira Awas Yojna, which is now renamed Pradhan Mantri Awas Yojna. Indira Awas Yojna was introduced by Rajiv Gandhi in Year 1985. The scheme was aimed towards providing housing to the people that are below the poverty line (BPL).
PMAY Benefits
The scheme is sponsored by the central government of India and is going to benefit the urban as well as rural parts of India separately under PMAY-U and PMAY-G.
The PMAY Benefits are different for the applicant with the different economical backgrounds. The people are categorized into the EWS, LIG, MIG I & II as per their economical status. There are different schemes for each of these groups as per the following:
- EWS (Economically Weaker Section) Scheme
- LIG (Lower Income Group) Scheme
- MIG-I (Middle Income Group I ) Scheme
- MIG-II (Middle Income Group-II) Scheme
Pradhan Mantri Awas Yojana Benefits for EWS
Under the EWS scheme till June 16, 2015, the maximum subsidy of Rs. 2.2 lakh was provided on the loan for the economically weaker section. However, in 2017 the amount was increased to 2.67 lacs.
If you want to take PMAY benefits under the EWS scheme then you should satisfy the following eligibility criteria to become a valid applicant for the scheme.
Eligibility Criteria for EWS Under PMAY
->Your income should not be more than Rs. 3 Lakh annually.
-> Joint ownership with wife is compulsory.
->You and your family should not own any pucca house anywhere in India.
->The scheme is not valid for any kind of extensions or renovations of the present Kutcha house or semi pucca house.
| Scheme Details | The loan amount sanctioned on/after June 17, 2015 | The loan amount sanctioned on/after January 1, 2017 |
|---|---|---|
| The maximum loan amount for the subsidy | Up to Rs 6 Lakh | Up to Rs 6 lakh |
| Maximum subsidy | Rs 2.2 Lakh | Rs 2.67 lakh |
| Subsidy percent | 0.065 | 0.065 |
| Maximum loan tenure | 15 years | 20 years |
| The maximum carpet area of the house | 30 sq m | 30 sq m |
| Women ownership | Mandatory | Mandatory |
PMAY Benefits for LIG
Under LIG PMAY scheme, you are eligible for the same amount of subsidy i.e. 2.67 Lacs but the carpet area will be more than EWS. In EWS the eligible carpet area is 30 sq. m per unit whereas under LIG the available carpet area will be 60 sq. m per unit.
If you want to be eligible for this scheme then you have to fulfill the following criteria to become an eligible applicant under LIG.
Eligibility Criteria for LIG Under PMAY
->Your income should not be more than Rs. 6 Lakh annually.
-> Joint ownership with wife is compulsory.
->You and your family should not own any pucca house previously anywhere in India.
->The LIG scheme is not valid for any kind of extensions or renovations of the present Kutcha house or semi pucca house.
| Scheme Details | The loan amount sanctioned on/after June 17, 2015 | The loan amount sanctioned on/after January 1, 2017 |
|---|---|---|
| The maximum loan amount for the subsidy | Up to Rs 6 Lakh | Up to Rs 6 lakh |
| Maximum subsidy | Rs 2.2 Lakh | Rs 2.67 lakh |
| Subsidy percent | 0.065 | 0.065 |
| Maximum loan tenure | 15 years | 20 years |
| The maximum carpet area of the house | 60 sq m | 60 sq m |
| Women ownership | Mandatory | Mandatory |
Pradhan Mantri Awas Yojana Benefits for MIG-I
Middle Income Group I (MIG- I) can get an interest subsidy of 4 % on the home loan. The maximum carpet area available under this scheme is 160 sq. m per unit.
Eligibility Criteria for MIG-I under PMAY
-> Your annual household income should be between Rs 6 lacs to Rs 12 lacs.
-> Joint ownership with wife is not compulsory.
-> Any of the earning family members of your home can receive the subsidy individually.
-> Joint ownership, as well as individual ownership, can be availed by married people.
-> You or your family should not own any pucca house previously anywhere in India.
| Scheme Details | The loan amount sanctioned on/after January 1, 2017 |
|---|---|
| The maximum loan amount for the subsidy | Up to Rs 9 lakh |
| Maximum subsidy | Rs 2.35 lakh |
| Subsidy percent | 0.04 |
| Maximum loan tenure | 20 years |
| The maximum carpet area of the house | 160 sq m |
| Women ownership | Not Mandatory |
PMAY Benefits for Middle Income Group-II (MIG-II)
Middle Income Group-II (MIG- II) can get a maximum subsidy of 2.3 lakh and the interest subsidy rate for the home loan is 3%. The maximum carpet area available under this scheme is 200 sq. m per unit.
If you want to be eligible for MIG-II for PMAY then you have to satisfy the following eligibility criteria to become a valid applicant.
Eligibility Criteria for MIG-II under PMAY
-> Your annual household income should be between Rs 12 lakh – Rs 18 lakh.
-> Joint ownership with wife is not compulsory.
-> Any of the earning family members of your home can receive the subsidy individually.
-> Joint ownership, as well as individual ownership, can be availed by married people.
-> You or your family should not own any pucca house previously anywhere in India.
| Scheme Details | The loan amount sanctioned on/after January 1, 2017 |
|---|---|
| The maximum loan amount for the subsidy | Up to Rs 12 lakh |
| Maximum subsidy | Rs 2.3 lakh |
| Subsidy percent | 0.03 |
| Maximum loan tenure | 20 years |
| The maximum carpet area of the house | 200 sq m |
| Women ownership | Not Mandatory |
