The Pradhan Mantri Awas Yojana or PMAY is a scheme introduced by the Government of India in June 2015 to provide affordable ‘housing for all’ with electricity, sanitation and sufficient water supply to the weaker sections of the society.
You can avail the PMAY scheme on the basis of your income to gain various benefits including subsidies on Home Loans.
The categorization done under Pradhan Mantri Awas Yojana scheme is on the basis of income standing and household income. You should belong to any of these categories, such as:
Economically Weaker Section category (EWS) with annual household income up to Rs.3 lakhs.
Lower Income Group category (LIG) with annual household income should be between Rs.3-6 lakh.
Middle Income Group I category (MIG I) with annual household income should be between Rs.6-12 lakh.
Middle Income Group II category (MIG II) with annual household income should be between Rs.12-18 lakh.
Other than these categories, if you belong to minority groups such as SC, ST, OBC, etc., you can also avail the benefits of PMAY. If you are a woman, you can also enjoy it.
But, make sure that you do not have a pucca house in your name anywhere in the country. If you are using other government aided funding facilities to fund a home purchase, construction or renovation, you cannot avail the PMAY benefits.
To know about the benefits of PMAY, read: What is Pradhan Mantri Awas Yojana?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.