Pradhan Mantri Awas Yojana (PMAY) 2020-2021-Who is eligible?

Pradhan Mantri Awas Yojana has been extended till 31st, March 2021 for the CLSS category.

While at the same time for EWS/LIG category this has been extended till 31st, March 2022.

Now, Let’s see who is eligible under PMAY Scheme?…

Pradhan Mantri Awas Yojana ( PMAY) Schemes are…

• CLSS MIG – I
• CLSS MIG – II
• EWS/LIG ( EWS – economically weaker section, LIG- Low-income group).

Eligibility for PMAY for 2020…

There are three categories in this scheme. Let’s know in detail about each category.

1. EWS/LIG Scheme Category…

• You and your family members should not have any pucca house in any part of India.
• One adult female membership also should have ownership in the house.
• The property should be co-owned by the female member of the family.
• However, the above condition is not applicable it the house construction is on an existing plot or renovation/extension of Kucha/semi pucca house.
• The property must be located in the statutory Town limits as per the 2011 census and their adjacent planning area.
• In this scheme, Family means Husband, Wife, Unmarried sons, and Unmarried daughters.
• Applicants for this scheme must have an income between 3 lakh to 6 lakhs.
• This scheme is available from 17th, June 2015 to 31st, March 2022.
• The carpet area under the scheme is 30 Sq. mts for EWS and is up to 60 sq. mts for LIG category.
• Meaning of Carpet Area Under this scheme -The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
• This scheme is also available for the housing loans availed for acquisition/construction of house and repairs/extension of Kucha/Semi Pucca House.
• The maximum loan tenure is 20 years.
• At the end of the loan term, the maximum age should not cross 70 years.
• In case of default of repaying the loan by the borrower/beneficiary to the bank, the loan becomes NPA to the bank.
• In the above case, the bank will foreclose the property and will start the recovery of the dues in a proportionate process( will recover the loan outstanding excluding subsidy).
• The subsidy in this scheme is Rs.2,67,000.
• Subsidy % is 6.5%

2. Pradhan Mantri Awas Yojana Under CLSS – MIG scheme…

• you should not have your own house in his/her or in the name of any member of his/her family name anywhere in India.
• You must not have availed any central/state help for the housing scheme from the Government of India ever.
• Adult membership in the ownership is not mandatory under this scheme.
• The property must be located in the statutory Town limits as per the 2011 census and their adjacent planning area.
• The credit linked subsidy @ 4% will be given for loan amount up to Rs.9 lakhs in the case of the MIG-I Scheme.
• However, the Banks can sanction Home Loans higher than Rs.9 lakhs but the subsidy will be restricted to Rs. 9 lakhs only.
• The loan tenure is 20 years. However, Banks can sanction loans for a maximum tenor of 30 years
• But the loan has to be repaid before the borrower attains the age 70 years.
• You are eligible for the MIG-I scheme if your annual income is from Rs 6,00,001 to Rs. 12 lakhs.
• Here, Under this scheme family means husband, wife, unmarried sons, and/or unmarried daughters.
• An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy under this CLSS -MIG scheme.
• In the case of the married couple, either of the spouses or both together in joint ownership are eligible for a single house subject to income eligibility of the household under the CLSS – MIG scheme.
• The carpet area of the house under this Scheme (CLSS-MIG-1) should be up to 120 sq. mts. (1292 sq ft) for MIG-I beneficiaries.
• Meaning of Carpet Area-The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
• Special loan offers of banks like SBI Max Gain will not be eligible for this CLSS-MIG-I scheme.
• All the loan accounts under the Scheme will be linked to Aadhaar.
• The Total deduction from Gross income, including proposed E.M.I on Home Loan, not to exceed 50% of the Gross Income. Net take-home pay should not be less than 50% of the Gross Income of the applicant/s for loan limit up to Rs.10 Lacs.
• In addition, In the case of a loan over Rs.10 Lacs, total deduction from Income, including EMI on proposed home loan not to exceed 60% of the Gross Income of the applicant.
• If the applicant failed in repayment of the loan by the borrower/beneficiary to the Bank and the loan becoming Non-Performing Asset(NPA), the Bank will proceed for recovery of dues through such measures as considered appropriate, including foreclosure of the property.
• In addition, In all such cases, the amount of the recoveries will be charged to the subsidy amount on a proportionate basis(in proportion to the loan outstanding and subsidy disbursed).
• The loan Subsidy under this scheme is Rs.2,35,000.

3. Pradhan Mantri Awas Yojana Scheme under CLSS -MIG -II…

• You must not own a pucca house either in his/her name or in the name of any member of his/her family(son, spouse, children) anywhere in  India.
• You must not have availed any central/state help under any housing scheme from the Government of India ever.
• Adult female membership ownership in the property is not mandatory under this scheme.
• The location of the property should fall under all statutory towns as per the 2011 census and or adjacent planning area (According to Government Updation time to time).
• The credit linked subsidy @3% for Rs 12 lacs in case of the CLSS MIG-II scheme.
• However, the Banks are free to sanction Home Loans more than Rs.12 lakhs but the subsidy will be restricted to Rs.12 lakhs only.
• The loan tenure is 20 years. However, Banks can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the 70 years of age.
• You are eligible to apply for the CLSS MIG-II  scheme if your annual income is from Rs 12,00,001 to Rs. 18 lakhs.
• Here, under this scheme, family means husband, wife, unmarried sons, and/or unmarried daughters.
• An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
• In the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under this CLSS-MIG -II scheme.
• The carpet area of the house under this CLSS-MIG-II Scheme up to 150 sq. mts. (1614 sq ft)for MIG-II beneficiaries.
• Meaning of Carpet Area-The net usable floor area of an apartment, excluding the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.
• Special loan offers of banks like SBI Max Gain will not be available for you under this scheme.
• All loan accounts under the Scheme will be linked to Aadhaar of the owners/Beneficiaries of the house.
• In addition, It is Applicable in the case of Repair and Renovation.
• Total deduction from Gross income, including proposed EMI on Home Loan, not to exceed 50% of the Gross Income. Net take-home pay should not be less than 50% of the Gross Income of the applicant/s for loan limit up to Rs.10 Lacs.
• In addition, For a loan over Rs.10 Lacs, total deduction from Income, including EMI on proposed home loan not to exceed 60% of the Gross Income of the applicant.
• If the applicant failed in repayment of the loan by the borrower/beneficiary to the Bank and the loan becoming Non-Performing Assets(NPA), the Bank will proceed for recovery of dues through such measures as considered appropriate, including foreclosure of the property.
• In addition, In all such cases, the amount of the recoveries will be charged to the subsidy amount on a proportionate basis(in proportion to the loan outstanding and subsidy disbursed).
• The loan subsidy under this CLSS ( MIG-II) scheme is Rs.2,30,000.

In addition, if you are buying a home which under construction or constructed, You may have to pay the Gst on it.

I hope, this article will help you to understand the PMAY -scheme eligibility and benefits.