Pradhan Mantri Awas Yojana (PMAY) is a Government of India initiative launched in the year 2015. PMAY is targeted to provide the rural and urban poor with affordable housing opportunities. With the objective to provide affordable housing for all, finances are provided to candidates that meet the eligibility criteria as specified by the Indian government. 

Beneficiaries meeting the Pradhan Mantri Awas Yojana eligibility criteria can only avail the benefits and acquire advances for their first-time purchase of a house. According to data published by the Ministry of Housing and Urban Affairs, the number of beneficiaries from urban demography under the CLSS scheme stood at 62,000+ in the Financial Year 2018 – 19. Central assistance on account of the CLSS scheme for the same period was mentioned at more than Rs.1,400 crore. 

Nevertheless, the eligibility conditions and the entitled benefits vary depending upon the category an individual falls into. 

Categories are broadly classified into the following sections –

• Economically Weaker Section (EWS) – Household income under EWS should be up to Rs.6 lakh.

• Lower Income Group (LIG) – Household income up to Rs.6 lakh are considered under LIG.

• Middle Income Group I (MIG-I) – Household income between Rs.6 lakh to Rs.12 lakh fall under the MIG I category. 

• Middle Income Group-II (MIG-II) – Household income between Rs.12 lakh and Rs.18 lakh is considered under the MIG II category. 

Those belonging to the above-mentioned categories can claim subsidy under Pradhan PM Awas Yojana. 

Eligibility conditions for PMAY beneficiary list

Moreover, look into the eligibility conditions specified by the government to understand who is eligible and on what conditions. 

Eligibility conditions –

Qualifying the eligibility conditions and knowing about the required documents to produce, beneficiaries can easily learn how urban residents can get a house under PMAY –

• Applicants and their other family members must not have a pucca house in their name to avail finances with lucrative home loan interest rate. 
• They must not have availed any central or state assistance under any housing scheme from the Indian government as that deems them ineligible for PMAY. 
• There should be a mandatory female co-owner of the property for EWS and LIG beneficiaries to qualify the required Pradhan Mantri Awas Yojana eligibility criteria. 
• It is not mandatory, though desirable, to include a female co-owner in the membership of property for candidates belonging to Middle-Income Group.
• Property location should come under statutory towns and adjacent planning area as per 2011 census. 

The Government of India offers housing benefits of this scheme to all individuals and families that qualify the PMAY eligibility conditions. 

Subsequently, the key benefits of the Pradhan Mantri Awas Yojana offered are as follows –

• Beneficiaries falling under EWS/LIG category can avail home loans at a subsidised interest rate of up to 6.5% on home loans up to Rs.6 lakh. 
• An interest rate subsidy of 4% is offered for MIG-I category for home loans up to Rs.9 lakh.
• Those belonging to the MIG 2 category can avail loans of up to Rs.12 lakh at a subsidised rate of 3%. 
• PMAY provides housing for all by offering home loans with tenors stretching up to 20 years. 

Home loans under Pradhan Mantri Awas Yojana 2020 are available from several NBFCs and HFCs such as Bajaj Housing Finance Limited.

Individuals should note that if they are earning members, they are considered as an independent household unit in isolation of their parents. Henceforth, even if their parents own a pucca house, it does not affect their qualification under Pradhan Mantri Awas Yojana eligibility criteria and they are still entitled to its benefits, given they satisfy all criteria as an individual.