The Pradhan Mantri Awas Yojana (PMAY) is a government initiative aimed at providing affordable housing to urban poor. The scheme was launched in 2015 with the goal of providing ‘Housing for All’ by 2022. As a part of the initiative, an eligible beneficiary can avail an interest subsidy under the Credit Linked Subsidy Scheme (CLSS) on purchasing. Constructing, or upgrading their house. If you’re considering applying for this scheme, you can simply pradhan mantri awas yojana apply online and get started. But before that, it is crucial to understand who can benefit from PMAY CLSS aknd its eligibility requirements.
Who Can Benefit from PMAY CLSS?
The PMAY CLSS aims to cover a wide demographic range including Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG). If you fulfill the PMAY CLSS eligibility, you can pradhan mantri awas yojana apply online to benefit significantly from the subsidized loan interest rates. The scheme offers an interest subsidy of 6.5% for EWS and LIG and 4% and 3% for MIG I and MIG II, respectively.
Understanding the PMAY CLSS Eligibility
Understanding the PMAY CLSS eligibility is important to reap the benefits of this scheme. They divide the eligibility criteria based on the income group. And other factors include the applicant’s family details, age, and property owned.
1. Income Group Criteria
For EWS, the annual household income limit is up to Rs 3 lakh, for LIG, the income limit is between Rs 3 lakh and Rs 6 lakh. The income limit for MIG is divided into two groups: MIG I, with income between Rs 6 lakh and Rs 12 lakh, and MIG II, with income between Rs 12 lakh and Rs 18 lakh.
2. Family and Age Criteria
The applicant should not own a ‘pucca’ house either in his/her name or in any family member’s name, and the family should comprise husband, wife, unmarried sons, and/or unmarried daughters. The age of the applicant should be less than 70 years.
3. Property Criteria
The property should be co-owned by a female member of the family, this condition is not mandatory for MIG I & II and EWS/LIG categories constructing houses on their existing plot or enhancing the existing dwelling unit.
4. Loan Terms
The loan tenure can range up to 20 years and the carpet area should up to 30 square meters for EWS and 60 square meters for LIG. For MIG I and II, the carpet area should be up to 160 square meters and 200 square meters respectively.
PMAY CLSS Application Online
The online application process makes applying for the PMAY CLSS easy. To check PMAY CLSS eligibility, all you need to do is fill out the application form available on the official website of PMAY. Ensure all the details provided are accurate to avoid any inconvenience during the application process.
Conclusion
The PMAY CLSS is a commendable initiative by the Indian government to improve the living standard of the urban poor and middle-income groups. Whether you’re considering buying a new house, upgrading, or constructing a house. And you can significantly benefit from the scheme by pradhan mantri awas yojana apply online. And provided you meet the PMAY CLSS eligibility criteria. Always make sure to thoroughly check the eligibility requirements and understand the terms and conditions before proceeding with your application.
