India has covered massive grounds in the field of development over the last decade or so. Still, a large number of people live in poverty, and a majority of them don’t have a house to call their own.
The Indian Government took this seriously and vowed to abolish homelessness by introducing the Pradhan Mantri Awas Yojana (PMAY) in 2015.
The scheme was earlier known as ‘Housing for All,’ is expected to provide housing solutions to 20 million urban poor by the end of 2022.
To do that, the Ministry of Housing and Urban Poverty Alleviation has made the eligibility criteria clear that a prospective applicant needs to meet.
What will be covered under the Pradhan Mantri Awas Yojana?
The PMAY scheme was launched in 2015 with an objective to serve some purposes such as:
- To ensure that the poorer sections of the society can have their own houses
- To offer financial assistance to applicants who can’t afford the cost of building a residential property
- To build houses and offer them to the Economically Weaker Sections (EWS) of urban India
- To bring together the public and private sector in a motive to enhance the fate of the nation’s urban poor population
A quick look at Pradhan Mantri Awas Yojana eligibility criteria
- Economically Weaker Section (EWS) – People whose annual household income is less than Rs.3 lakh come under this category. People making claims of belonging to this group need to provide relevant proof to the Government to ascertain their claims.
- Low Income Group (LIG) – Applicants falling under the LIG group generally are such households with income ranging between Rs.3 lakh and Rs.6 lakh. To be eligible for consideration, they need to provide relevant income proof to make their claim.
- Medium Income Group (MIG 1) – People earning a yearly household income below Rs.12 lakh are eligible under the MIG 1 category. Such applicants are eligible to get a home loan of up to Rs.9 lakh for constructing their home.
- Medium Income Group (MIG 2) – Such people who are earning a yearly household income between Rs.12 lakh and Rs.18 lakh fall under MIG 2. These people are eligible to apply for a home loan of up to Rs.12 lakh to construct their residences.
If you are looking to apply for a home loan subsidy under the Pradhan Mantri Awas Yojana, then you are aware of the eligibility terms to increase the approval chances.
Bajaj Finserv PMAY eligibility calculator
If you are unaware of your category to determine which group you fall in, the Bajaj Finserv PMAY eligibility calculator can help you easily.
You only need to enter your basic details and know your subsidy category instantly along with the possible subsidy amount.
What are you waiting for? Check your eligibility for the PMAY and apply for a home loan. Bajaj Finserv offers home loans amounting to Rs.3.5 crores at a reasonable interest rate.
Bajaj Finserv also offers pre-approved offers on housing finance, personal loans, business loans, loan against property, doctor loan and others. Such deals can simplify the overall loan procedures to make it a less time-consuming affair.
All that you need to do is share your basic details such as your name and mobile number to check out your customized pre-approved loan offers today.