Income Eligibility Criteria for Pradhan Mantri Awas Yojana Urban Housing Loan

Pradhan Mantri Awas Yojana
March 19, 2017 | Last Modified: March 23, 2017 at 10:27 am | Category: Central Government, Pradhan Mantri Yojana

Income eligibility criteria for Pradhan Mantri Awas Yojana has been revised by introducing a new income level category. As per the new income eligibility criteria, people with higher income can also avail subsidy on housing loans. Prime Minister Narendra Modi also announced the increase in the home loan amount on 31st December.

The government has now also increased the PMAY home loan tenure from 15 to 20 years. As per the earlier scheme, people with annual income below Rs. 6 lakh can avail housing loans under the Pradhan Mantri Awas Yojana with interest subsidy of 6.5% for a maximum 15 years. The earlier scheme is however kept unchanged and new PMAY home loan schemes have been introduced.

Below are the details of new income eligibility criteria for availing home loans under Pradhan Mantri Awas Yojana – Urban

PMAY Home Loan Income Eligibility Criteria

Maximum Annual Income Loan Amount Interest Subsidy Maximum Tenure
6 Lakh (Old Scheme) 6 Lakh 6.5% 20 Years
12 Lakh 9 Lakh 4% 20 Years
18 Lakh 12 Lakh 3% 20 Years

The maximum loan tenure for the earlier scheme was 15 years but now PMAY beneficiaries can avail housing loan for up to a maximum of 20 years from any of the PLI’s, Banks & HFC’s for Home Loan under PMAY.

As per the new home loan scheme, people having annual income of up to Rs. 18 Lakh can avail housing loan benefits under PM Awas Yojana for urban. The government is already disbursing loans under the earlier scheme for which the maximum annual income is 6 Lakh. The loans under the PMAY home loan schemes can be availed for new construction, purchase of a house or for refurbishing a houses which not suitable for habitation.

The benefits of the scheme can also be availed by the government employees provided they pay the income tax.

The government is inviting online applications for PMAY for assessments of candidates through its official website pmaymis.gov.in.

8 comments on “Income Eligibility Criteria for Pradhan Mantri Awas Yojana Urban Housing Loan

  1. bheem sen says:

    i want to loan for startup my new business idea of uttrakhand tourism

  2. VASANT SHARADRAO GORDE says:

    THE PEOPLE FROM LOW INCOME UNDER 3LAKH HAVE NOT FILL INCOME TAX RETURN BUT BANK ASK ABOUT THREE YEARS INCMETAX RETURN FOR LOAN & THATS WHY BANK REFUSES LOAN PROPOSAL WHAT CAN WE DO

  3. Raut says:

    Dear Sir,

    I have existing loan in lic housing April-16 can i avail this scheme PMAY

    what is procure

    Regards
    Raut

  4. L. B. Subba says:

    I am working in the private school can I avail PMAY. Please reply

  5. Laxmish says:

    pLEASE LET ME KNOW SHALL I AVAIL PMAY AS I AM WORKING IN PVT COMPANY AND RESIDING IN bANGALORE AT RENTED HOUSE.

  6. Vishal says:

    Dear Sir,

    Need your help to know process for subsidy on existing Home Loan.

    Income Below 2 Lac.

    So please inform.

  7. sivanantham SIVA says:

    SIR, WE HAVE FAMILY MEMBERS 4,BUT I WILL STAY RENTEL HOUSE,PLEASE MAKE IN AND GIVE ME OWN HOUSE SMALL BUTJET

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