The focus of the Central Government of India is to help the poor population of the country find affordable shelters.

To achieve the same, PM Narendra Modi launched the ambitious Pradhan Mantri Awas Yojana (PMAY) in 2015.

PM Awas Yojana intended to build affordable houses across India using sustainable technologies.

The Pradhan Mantri Awas Yojana offers credit linked subsidy scheme (CLSS) and provides a home loan interest rate subsidy of 6.5% to Rs.2.67 lakh.

Read on and know more about Pradhan Mantri Awas Yojana in this quick post!

What is the Pradhan Mantri Awas Yojana eligibility?

To become entitled to the PMAY scheme, you need to prove your eligibility:

1. You or a beneficiary family must not have any pucca home anywhere in India. A beneficiary family includes a husband, wife, unmarried sons and daughters.

2. You or your family’s annual income must be between Rs.3 lakh and Rs.18 lakh.

3. You are not allowed to use the funds out of the Pradhan Mantri Awas Yojana on an already built home.

4. You must not have taken any central assistance under earlier launches housing schemes of Central or State Governments.

5. The home loan availed under the Pradhan Mantri Awas Yojana must be used for buying or constructing a home within 36 months of the 1^st disbursement.

6. Only a home loan amount between Rs.6 lakh and Rs.12 lakh is eligible for an interest subsidy. Anything beyond this amount will be at a nonsubsidized rate.

If you can meet the PMAY eligibility conditions, you can fulfil your wish of having your own dream home in India.