What are the Requirements for availing PMAY Subsidy?

Union Government is providing interest subsidy on home loans to first time home buyers. This is a leg up towards ‘housing for all by 2022’. To know your eligibility under this scheme, check this blog.

9 Oct,2017 06:00 IST 3343
What are the Requirements for availing PMAY Subsidy?

Written by Vinay Yadav

Vinay holds fair knowledge in legal compliance management. His expertise lies in legal risk analysis, system implementation, consultancy services and execution of government schemes especially the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY Urban) – Housing For All by 2022.

Are you a first time home buyer?

Do you know you can be eligible for subsidy upto Rs 2.67 lac from the government on your home loans under Pradhan Mantri Awas Yojana (PMAY)?

Yes, you can turn your dreams into reality like Ajay Sinh Rajput from Ahmedabad who was dreaming from 7 years and now owns a house, thanks to subsidy under CLSS!

 

Let’s check the requirements for availing PMAY subsidy –

In order to get entitled for subsidy under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana, you need to satisfy the below eligibility parameters -

Eligibility under EWS/LIG Scheme

1. Home Loan obtained on or after June 17, 2015 qualifies for subsidy under EWS/LIG scheme.

Aadhar of all adult members of household/beneficiary family is mandatory.

2. Before obtaining home loan, ensure the Bank/Housing Finance Company/Financial institution have executed MOU with either National Housing Bank (NHB) or Housing & Urban Development Corporation (HUDCO). List of HFCs/Banks/FIs who have executed MOU under EWS/LIG Scheme may be accessed from the below link. http://www.mhupa.gov.in/writereaddata/EWS%20LIG_PLIs_aug.pdf

3. Beneficiary family/household should not have availed of central assistance under any housing Scheme from Government of India.

Annual Household/Beneficiary Family* Income shall exceed Rs. 6 Lakhs.

* Household/Beneficiary Family means and includes husband, wife and unmarried children.
## An adult earning member (irrespective of its marital status be considered as separate household)

4. The household/Beneficiary Family shall not own a pucca house anywhere in India. This criterion does not apply in case of extension of house.

5. The property which is being purchased shall have female ownership. The head female member of the household/beneficiary family should be the owner, co-owner in the property.

Exception: In case where there is no female member in the household and in case the household already owns a residential plot prior to June 17, 2015 and intends to construct a dwelling unit/house, female ownership is not mandatory.

6. The house to be purchased or constructed shall fall within statutory towns identified as per 2011 census by the central government.
## w.e.f June 26, 2017

Eligibility under CLSS – MIG 1 Scheme – Maximum subsidy upto 2.35 Lacs

1. Home Loan obtained on or after January 01, 2017 qualifies for subsidy under MIG1 & II Scheme.Ensure that the Bank/Housing Finance Company/Financial Institution have executed MOU with either National Housing Bank (NHB) or Housing & Urban Development Corporation (HUDCO). List of all such PLIs executed MOU for implementation of MIG schemes may be accessed from below link.

http://www.mhupa.gov.in/writereaddata/MIG_PLIs_aug.pdf

1. Beneficiary family/household should not have availed of central assistance under any housing Scheme from Government of India.

2. Annual Household/Beneficiary Family* Income shall be between Rs. 6-12 Lakhs in case of MIG I & Rs. 12-18 Lakhs in case of MIG II.
* Household/Beneficiary Family means and includes husband, wife and unmarried children.
### An adult earning member (irrespective of its marital status be considered as separate household)

3. The household/Beneficiary Family shall not own a pucca house anywhere in India.

4. Female ownership criterion is not mandatory, however, advisable which means that if the property is not owned or co-owned by Female, then also the household is eligible for subsidy benefit under MIG Scheme subject to fulfillment of other criterion.

5. The house to be purchased or constructed shall fall within statutory towns identified as per 2011 census and adjacent planning area.

6. The Carpet Area of the property being purchased/constructed shall not exceed 90 sqmtrs in case of MIG I and not more than 110 sqmtrs in case of MIG II.
### w.e.f January 01, 2017

Documentation Requirement

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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