PMAY Scheme Eligibility

Dream of Home, made affordable for all

PMAY – Eligibility & Documents

Eligibility Criteria for PMAY

Arrow Logo

The PMAY scheme was rolled out to provide affordable housing for all by 2022. The beneficiaries of this scheme are divided into four different categories as per their annual household income:

  • Economically Weaker Sections (EWS)
  • Low Income Group (LWG)
  • Mid Income Group I (MIG I)
  • Mid Income Group II (MIG II)

If your household falls under any of the above categories, you can apply for a home loan under the PMAY scheme with Poonawalla Housing Finance. The Pradhan Mantri Awas Yojana eligibility is clear and mentioned below.

Below is the table depicting the complete eligibility criteria for availing of the benefits of the PMAY scheme:

EWS and LIG LIG MIG I MIG II
Household Income Annual household income must be lower than ₹3 lakhs Annual household income must be between ₹3 to 6 lakhs Annual household income must be between ₹6 to 12 lakhs Annual household income must be between ₹12 to 18 lakhs
Maximum carpet area The maximum carpet area of the house cannot exceed 30 square meters The maximum carpet area of the house cannot exceed 60 square meters The maximum carpet area of the house cannot exceed 160 square meters The maximum carpet area of the house cannot exceed 200 square meters
Interest Subsidy Interest subsidy of up to 6.5% is available on home loan Interest subsidy of up to 6.5% is available on home loan Interest subsidy of up to 4% is available on home loan Interest subsidy of up to 3% is available on home loan
Maximum loan amount eligible for subsidy Interest subsidy can be availed on a maximum loan amount of ₹ 6 lakhs Interest subsidy can be availed on a maximum loan amount of ₹ 6 lakhs Interest subsidy can be availed on a maximum loan amount of ₹ 9 lakhs Interest subsidy can be availed on a maximum loan amount of ₹ 12 lakhs
Maximum subsidy A maximum subsidy of ₹2.67 lakhs is available A maximum subsidy of ₹2.67 lakhs is available A maximum subsidy of ₹2.35 lakhs is available A maximum subsidy of ₹ 2.30 lakhs is available
Purpose of loan Purchase, improvement, or self-construction of a house Purchase, improvement, or self-construction of a house Only for the purchase or self-construction of the house Only for the purchase or self-construction of the house
Woman ownership A woman must be the owner or co-owner of the house A woman must be the owner or co-owner of the house Women ownership is not mandatory Women ownership is not mandatory

Other Points to Remember

Apart from the above table, here are a few more conditions you need to fulfil for availing of the Pradhan Mantri Awas Yojana benefits:

  • You must not own a pucca in any part of India
  • You or any other member of your household must not have availed central assistance under any housing scheme of state or central government
  • You must take a home loan for buying an under-construction property
  • The construction of the property should get completed within 36 months

Below are the documents you need to submit for availing the benefits of the PMAY scheme. Pradhan Mantri Awas Yojana Gramin documents are easy and hassle free.

Salaried applicants Self-employed applicants
Proof of Identity PAN card, Aadhar Card, Passport, Voter-id card, Driving License
Proof of Address Aadhar card, Ration card, Driving License, Voter-id card
Proof Of Income Salary slips, bank statements Income Tax Returns, Balance sheet audited by a CA
Property documents Legal and technical documents of the property
Other documents Marriage certificate or death certificate of spouse (in the case of widows), self-declaration or affidavit to prove you do not own a pucca house in any part of India, and a cancelled cheque

Disclaimer: The list mentioned above is indicative and more documents may be required during the loan processing

1. How can I check my eligibility for PMAY?
You need to meet certain eligibility criteria to avail the benefits of the PMAY scheme. For example, you need to fall under any of the four beneficiary categories and do not own a pucca house in any part of India. To check your complete eligibility, visit the PMAY home page on our website.

2. Can NRIs avail the benefits of PMAY?
Yes. NRIs can avail of the benefits of the PMAY scheme, provided that they fulfil the eligibility criteria as prescribed by the Government of India.

3. Is an Aadhar card mandatory to apply for PMAY?
Yes. Aadhar card is mandatory for PMAY, and you need to produce it while applying for a home loan under the PMAY scheme. If you are married, you are also required to produce the Aadhar card of your spouse.

4. Why do I need to submit an affidavit or self-declaration?
An affidavit or self-declaration acts as proof that you do not own a pucca house in any part of India and have not availed of any central assistance under any housing scheme of the state or central government, which is a mandatory condition for PMAY.

FAQ

Blogs For You

Calling logo Get a Call Back Apply Now logo Apply Now