Wave PMAY by Wave City https://padlet.com/wavecitydelhincr/2gaevsfricy6 Pradhan Mantri Awas Yojana en-us 2017-12-12 07:13:09 UTC 2026-01-23 17:37:33 UTC hello@padlet.com The eligibility criteria for the PMAY scheme wavecitydelhincr https://padlet.com/wavecitydelhincr/2gaevsfricy6/wish/215293925 Launched in 2015, the PMAY housing scheme or the Pradhan Mantri Awas Yojana scheme is a major scheme undertaken by the government. It aims to provide housing and shelter for all – the basic rights of a person. In order to accomplish this, the central government has provided an aid of Rs 2 trillion already. The objective of PMAY is to construct houses having all the basic necessities’ for the citizens of India, especially the less privileged residents of India. These houses are available at a highly affordable government subsidized rate. 

Eligibility for the PMAY scheme

The PMAY scheme caters mostly to people belonging to economically weaker backgrounds.  Based on their annual household incomes, the groups that are eligible for PMAY include – 

  • Economically Weaker Section (EWS) – Annual income < 3 Lakhs
  • Lower Income group (LIG ) – 3 Lakhs < Annual Income < 6 Lakhs 
  • Middle Income group (MIG) 1 – Annual income < 12 Lakhs
  • Middle Income Group 2 – 12 Lakhs < Annual income < 18 Lakhs

Loan Allowances offered under the PMAY scheme 

In addition to affordable housing solutions, the PMAY scheme offers home loans to the people opting for the scheme. The loan amount and the interest subsidy is dependant on the group that the individual belongs to and the loan amount. 

Group | Loan amount  | Interest subsidy | EMI
  |   |   |  
EWS/LIG | i. Rs 3 Lakhsii. Rs 6 Lakhsiii. Rs 10 Lakhs | i. Rs.1,33,640.00ii. Rs.2,67,280.00iii. Rs.2,67,280.00 | i. Rs.1,605ii. Rs.3,211iii. Rs.7,071
  |   |   |  
MIG -1  |  Rs.9 lakh | Rs.2.35 lakh | Rs.5,834
  |   |   |  
MIG -2 | Rs.12 lakh | Rs.2.3 lakh | Rs.8,059
  |   |   |  
 

Applying for PMAY 

To apply for the PMAY scheme, the individual has to –

i. Obtain a form from a government bank or the online portal.
ii. Opt for the desired housing scheme (with the option to get home loans if required)
iii. Produce the necessary proofs of income and ID wherever required and submit them.  
The interest subsidy is estimated to be received by the bank within 3 months of application. 

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