The Pradhan Mantri Awas Yojana, when initially launched in 2015, was meant to serve homebuyers from lower-income groups. However, with each passing year, several reforms have been brought into the policy and the initiative undertaken by the Indian Government today provides affordable housing to most sections of society. PMAY stands to fulfil the ‘housing for all by 2022’ promise, not only by providing credit-linked subsidies but also through many other significant reforms. However, you need to be aware of the Pradhan Mantri Awas Yojana eligibility terms and qualify for the PMAY List in order to claim the benefits of the scheme. 

What is the Pradhan Mantri Awas Yojana eligibility?

Under the PMAY scheme, you can get an interest subsidy on your home loan through the Credit Linked Subsidy Scheme (CLSS). Once eligible for it, you can claim an interest subsidy of up to 6.5% on your home loan under PMAY. Here are the eligibility terms that you need to abide by in order to claim the subsidy. 

• Credit linked subsidy is available at 4% for loans up to Rs.9 lakh, in case you belong to MIG 1 category. 
• Credit linked subsidy is available at 3% for loans up to Rs.12 lakh, if you belong to MIG 2 category. 
• Credit linked subsidy is available at 6.5% for loans up to Rs.6 lakh, if you belong to EWS or LIG category. 

In the PMAY list, you can qualify for a category only if you or your cumulative household income every year stands within a specified amount. Here’s what makes you eligible. 

• You are eligible for the EWS segment provided your household annual income stands below Rs.3 lakh.
• You can qualify under the LIG segment provided your household annual income is Rs.3-6 lakh.
• You can qualify for the MIG 1 segment provided your household annual income is Rs.6-12 lakh.
• You can qualify for the MIG 2 segment provided your household annual income is Rs.12-18 lakh.

How to check the PMAY list?

The PMAY scheme is available for both urban and rural India. However, the government treats both these segments separately, even though the eligibility parameters across India are the same. Here are the steps you can use to check if your name appears on the PMAY list.

Steps to check PMAY List Urban:

• First log on to the PMAY official website 
• Then look for ‘Search by Name’ option under the ‘Search Beneficiary’ drop-down menu.
• Now, enter the first 3 letters of your name and click ‘Show’ button.
• On the next screen you will see the list will appear and then you can look through it to find your name on the PMAY list. 

Steps to check PMAY List Gramin:

• As a registered PMAY-Gramin (Rural) beneficiary, visit the PMAY-Gramin official website and enter your registration number in the space provided. 
• If your name is present on the PMAY list, you will be able to see it once you enter the registration details.
• If you do not have a registration number, you can click the ‘Advanced Search’ button to proceed.
• Now, enter the details in the form and click ‘search’. 
• On the next screen, the list will appear and have your name, in case your name is present on the PMAY list. 

Once you have your name on the PMAY list you can take a home loan under PMAY to enjoy a subsidy on the interest repayment for up to a maximum of 30 years. For instance, if you take a home loan under PMAY of Rs.6 lakh and qualify for the EWS category then basis the eligibility terms of CLSS, you can claim a 6.5% subsidy on this loan. Initially, your EMI on this loan will get deducted at the normal rate, but once your lender submits an application on your behalf claiming the subsidy, then your EMIs will reduce. Moreover, you will get the credit for the extra deduction as a lump sum until you start repaying the loan on reduced EMIs. 

Apply for an affordable Home Loan with lenders like Bajaj Housing Finance Limited to enjoy the PMAY benefit. Here you can get a substantial sanction for a tenor of up to 30 years. Along with this, you can also avail a low-interest top-up loan and enjoy easy doorstep pickup of documents to fast-track your application.