Close Menu
News EngineNews Engine
  • Business
    • News
    • Finance
    • Automobile
  • Technology
    • Gaming
    • Tips & Tricks
  • Digital Marketing
    • Social Media
    • Digital Currency
  • Education
  • Fashion
    • Lifestyle
  • Health And Fitness
    • Food
    • Travel
  • Entertainment
    • Sports
    • Movies
    • Music
  • General
    • Real Estate
    • Home Improvement
    • Featured
    • Hotel And Resort
    • Pet And Wildlife

Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and World Trends.

Don't Miss

Know Your Business for Vendor and Supplier Onboarding

October 5, 2025

RBSE vs CBSE – which board benefits students more

October 5, 2025

Sports Bra vs Regular Bra: What’s the Difference?

October 5, 2025

Heads Of Triceps: Why Each One Is Crucial?

October 5, 2025

SEO Basics: What is definitely Search Engine Optimization and Why Does it Issue?

October 5, 2025
Load More
Facebook X (Twitter) Instagram Pinterest LinkedIn RSS
  • About Us
  • Contact Us
  • Write For Us
  • Guest Post
  • Privacy Policy
  • Terms And Conditions
Facebook X (Twitter) LinkedIn Instagram Pinterest RSS
News EngineNews Engine
Write For Us
  • Business
    1. News
    2. Finance
    3. Automobile
    Featured
    Business

    Know Your Business for Vendor and Supplier Onboarding

    By News EngineOctober 5, 20256 Mins Read
    Recent

    Know Your Business for Vendor and Supplier Onboarding

    October 5, 2025

    From Desktop to Cloud: The Benefits of QuickBooks Pro Hosting

    October 3, 2025

    Address Verification and Age Check: Enhancing Digital Identity Compliance.

    October 3, 2025
  • Technology
    1. Gaming
    2. Tips & Tricks
    Featured
    Technology

    AI Revolution in Healthcare, Mental Health Support

    By ameliamargaret516October 3, 20254 Mins Read
    Recent

    AI Revolution in Healthcare, Mental Health Support

    October 3, 2025

    Deepfake Awareness: Understanding and Detecting Digital Manipulation

    October 2, 2025

    Easy Guide to AI in Photoshop, How to Use Photoshop AI

    October 2, 2025
  • Digital Marketing
    1. Social Media
    2. Digital Currency
    Featured
    Digital Marketing

    SEO Basics: What is definitely Search Engine Optimization and Why Does it Issue?

    By lynelltafoya13October 5, 20255 Mins Read
    Recent

    SEO Basics: What is definitely Search Engine Optimization and Why Does it Issue?

    October 5, 2025

    NBN and Cybersecurity Safeguarding Australia’s Digital Infrastructure

    October 4, 2025

    How a Demand Generation Company Can Accelerate Your Business Growth

    October 2, 2025
  • Education
    Featured
    Education

    RBSE vs CBSE – which board benefits students more

    By VsiglobalOctober 5, 20255 Mins Read
    Recent

    RBSE vs CBSE – which board benefits students more

    October 5, 2025

    Learn Quran Online: Embracing Faith in the Digital Age

    October 2, 2025

    CMA vs ACCA vs CFA: Which is Best for Your Career Path?

    September 26, 2025
  • Fashion
    1. Lifestyle
    Featured
    Fashion

    A Motorhome Traveller’s Guide to the Best Photography Locations in Australia

    By News EngineSeptember 23, 20254 Mins Read
    Recent

    A Motorhome Traveller’s Guide to the Best Photography Locations in Australia

    September 23, 2025

    The quiet girls are winning: why minimalist lehengas are dominating 2025

    September 18, 2025

    Born x Raised The Evolution of a Streetwear Powerhouse

    August 14, 2025
  • Health And Fitness
    1. Food
    2. Travel
    Featured
    Health And Fitness

    Heads Of Triceps: Why Each One Is Crucial?

    By donaldOctober 5, 20253 Mins Read
    Recent

    Heads Of Triceps: Why Each One Is Crucial?

    October 5, 2025

    Decoding Dental Insurance Maximizing Your Benefits at Cypress Towne Dental

    October 4, 2025

    Importance of Translations for HealthcareInvestment Ventures in China

    September 2, 2025
  • Entertainment
    1. Sports
    2. Movies
    3. Music
    Featured
    Entertainment

    Erome: Features, Uses, Benefits, Pros & Cons, and Account Signup Guide

    By AdminMay 4, 20236 Mins Read
    Recent

    Erome: Features, Uses, Benefits, Pros & Cons, and Account Signup Guide

    May 4, 2023

    How to Get Tickets For Your Favorite Team: Things You Need to Know

    August 10, 2022

    IFVOD TV: Complete Details With Features, Reviews & Uses

    August 2, 2022
  • General
    1. Real Estate
    2. Home Improvement
    3. Featured
    4. Hotel And Resort
    5. Pet And Wildlife
    Featured
    General

    Petrolheadonism Live 2023: Elevating “Supercar Service” to New Heights

    By News EngineJuly 24, 20233 Mins Read
    Recent

    Petrolheadonism Live 2023: Elevating “Supercar Service” to New Heights

    July 24, 2023

    Tips to Find Out the Best CV Creator

    April 5, 2023

    Eureka Typhon Chair: Is it The Right Fit For You as a Gamer?

    December 7, 2022
News EngineNews Engine
Finance

Eligibility Criteria To Avail The Benefits Of PMAY Schemes

By News EngineNovember 15, 2021No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit WhatsApp
PMAY Schemes
Share
Facebook Twitter LinkedIn Pinterest Tumblr Reddit

PMAY

Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched in 2015 by the Central Government of India, which proposes “Housing for All” through the Credit Linked Subsidy Scheme (CLSS). This housing scheme aims to provide subsidies on home loans to all eligible Indians without a pucca house in their name.

The PMAY subsidy scheme offers credit to first-time homeowners to build or purchase homes with basic amenities, such as water, electricity, drainage system, and others. PMAY loan applicants should use the PMAY eligibility calculator before availing of a loan to have an idea and assessment of their repayment capacity of the loan amount.

PMAY Scheme

There are two types of PMAY schemes applicable to the home loan borrowers as per the region the applicants belong to PMAY-Urban and PMAY-Gramin.

PMAY-G

PMAY-G was rechristened from the housing scheme Indira Awas Yojana in 2016. It aims to provide housing facilities to all eligible Indians in rural areas across India (except Delhi and Chandigarh).

PMAY-U

Also aims to provide housing facilities to all eligible citizens residing in urban areas. Over 4000 towns across India are enlisted UNDER this project. The scheme aims to provide housing facilities in three different phases.

The first phase began in April 2015 and ended in March 2017. Within this period, the scheme covered affordable housing in 100 cities. In the second phase, it covered around 200 cities by March 2019. The housing facilities for the remaining cities will cover in Phase 3, which aims to end by March 2022.

PMAY Eligibility Criteria

Possessing an Aadhaar card is mandatory for the applicants who wish to claim the PMAY subsidy benefits. Other than this, the applicant should be above 21 years of age with a stable income. The PMAY eligibility is determined by the household income of the applicant and categorized as:

  • Economically Weaker Section (EWS)
  • Lower Income Group (LIG)
  • Middle Income Group (MIG).

The household income should be up to Rs.3 lakh, Rs.3-6 lakh, Rs.6-12 lakh, and Rs 12-18 lakh per annum for EWS, LIG, MIG(I), and MIG(II) categories, respectively. Furthermore, the government uses the Socio-Economic and Caste Census of 2011 to list out and identify the beneficiaries of PMAY for the Lower Economic Group.

It should note that for EWS and LIG, applicants must have a woman as a co-owner to be eligible for PMAY subsidy. However, this rule is not obligatory for MIGs and purchasing an existing property across all categories.

PMAY Eligibility benefits

You can be eligible for PMAY benefits when you avail of a home loan through any registered lenders, such as Bajaj Housing Finance if you belong to the EWS, LIG, or MIG categories.

Note that the regulatory authority has not extended the validity of MIG I and II categories. If the beneficiary belongs to any of the income brackets (EWS, LIG, or MIG), s/he can claim for the benefits of PMAY subsidy while applying for a home loan.

Read More:- How Cash Advances, Loans, And Debt Affect Your Life?

If your household earning is up to Rs.3 lakh per annum, then you will qualify for the EWS category; where you can claim an interest subsidy of up to 6.5%, amounting to Rs 2.67 lakh for a maximum loan amount of Rs.6 lakh.

Similarly, to claim the subsidy benefits for LIG category. The household income should lie in the bracket of Rs3 to Rs6 lakh per annum, where the interest subsidy is 6.5%. Suppose you belong to the Middle Income Group.

In that case, you can be eligible for 4% and 3% interest subsidies across the two categories MIG(I); where the household income lies in the bracket Rs.6 to Rs.12 lakh. Also, MIG(II), where the household income lies in the bracket Rs.12 to Rs.18 lakh.

The subsidy provided over the loan amount for MIG(I) and MIG(II) cannot exceed Rs.2.35 lakh and Rs.2.30 lakh, respectively.

Conclusion:

If you plan to avail of a home loan from Bajaj Housing Finance. You can reap the benefits of PMAY subsidy on the fixed amount of loan according to your applicability provided. You are eligible and qualify for the same. For example, if your annual income is Rs.5 lakh per annum and you wish to apply for a home loan of Rs.15 lakh.

According to the PMAY scheme; you will be eligible to claim the benefits under the LIG category; if you opt for a home loan of Rs.15 lakh from Bajaj Housing Finance.

The Rs.6 lakh loan amount will be subsidized at a 6.5% interest rate (around Rs.2.67 lakh). While the remaining Rs.9 lakh will be paid according to the regular interest rate applicable on your loan.

Benefits of PMAY Schemes Eligibility Criteria for PMAY PMAY PMAY Schemes Pradhan Mantri Awas Yojana
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit
Previous ArticleWhy You Should Hide Your Facebook And Twitter Likes?
Next Article What Are The Difference Between Wood Screws And Sheet Metal Screws?

Related Posts

Understanding the Placement Stage in Money Laundering

Finance

How Often Can You Refinance Your Home Loan?

Finance

Payroll Power: How Your Job Can Unlock Loan Advantages

Finance

Comments are closed.

Advertise With Us

advertise here

Featured Posts

Know Your Business for Vendor and Supplier Onboarding

October 5, 2025

RBSE vs CBSE – which board benefits students more

October 5, 2025

Sports Bra vs Regular Bra: What’s the Difference?

October 5, 2025

Heads Of Triceps: Why Each One Is Crucial?

October 5, 2025

SEO Basics: What is definitely Search Engine Optimization and Why Does it Issue?

October 5, 2025
On Trending
Business

Know Your Business for Vendor and Supplier Onboarding

By News EngineOctober 5, 20256 Mins Read

The world of business today has become fast-paced and therefore it is necessary to establish…

RBSE vs CBSE – which board benefits students more

October 5, 2025

Sports Bra vs Regular Bra: What’s the Difference?

October 5, 2025

Heads Of Triceps: Why Each One Is Crucial?

October 5, 2025

SEO Basics: What is definitely Search Engine Optimization and Why Does it Issue?

October 5, 2025

Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and World Trends.

About Us:
About Us:

Our information services are about updates and include everything from all thoughts about daily life to beginning global findings. We are accepting new partners right now.

Email Us: newsenginenet1@gmail.com

Facebook X (Twitter) Instagram Pinterest LinkedIn
Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and Latest Trends Around The World.

Important Links
  • Homepage
  • About Us
  • Contact Us
  • Write For Us
  • Privacy Policy
  • Terms And Conditions
Copyright © 2021-24. Designed by News Engine.
  • About Us
  • Contact Us
  • Write For Us
  • Guest Post
  • Privacy Policy
  • Terms And Conditions

Type above and press Enter to search. Press Esc to cancel.