Faqs On Pmay Scheme

By Author: Kaivalya Borde
Total Articles: 5

PMAY has gained quite a bit of popularity among the economically challenged people in the society. Despite its reputation, many are unaware of its features and intricacies. Here are some frequently asked questions regarding PMAY and how it works.

1. What is the PMAY scheme?
PMAY scheme helps people from the economically weaker families in India to either build their own house or buy a home. Additionally, people who apply for a loan under PMAY will be offered a subsidised rate of interest, which is substantially lower than the current market rate.

2. Who is eligible for this scheme?
There are three primary eligibility criteria for getting housing under the Pradhan Mantri Awas Yoajana scheme. These are-
• The applicant or their immediate family members should not own any other pucca house
• The applicant should not have applied for any other government housing subsidies
• The annual income of the family should be up to INR 6 lakh a year to claim EWS or LIG subsidies. The salary should be between INR 6 lakh and INR 12 lakh for claiming MIG 1 subsidies. If the income is between INR 12 lakh and INR 18 lakh, the MIG 2 subsidy can be claimed

3. What is CLSS, LIG, MIG and EWS under the PMAY scheme?
People looking for financial assistance through the PMAY scheme should understand the terminologies commonly found in it. CLSS is called a Credit-Linked Subsidy Scheme, and PMAY is a CLSS, where the government chips in to help finance a house.

LIG is a Lower Income Group, where the income is between INR 3 lakh and INR 6 lakh. Economically Weaker Sections or EWS are similar to LIG, but in case of EWS, the income should be below INR 3 lakh.

MIG is also termed Middle Income Group, and it is divided into two subgroups. People classified under MIG 1, have an annual income of INR 6 lakh and INR 12 lakh. MIG 2 people, on the other hand, have an annual income of between INR 12 lakh and INR 18 lakh.