Pradhan Mantri Awas Yojana

nRiTeCh

nRiTeCh

Northstar
Guys I'm opting for home loan for my first house and would like to get benefit under Pradhan Mantri Awas Yojana scheme.
However, I'm not sure if I should manually/by myself opt for Pradhan Mantri Awas Yojana on their website or it gets processed via bank directly internally.

Can someone who opted for this scheme shed some light. Else I might register myself and the process might get stuck somewhere in the pipeline if it gets dual processed via bank as well.
 
Last edited:
I took the loan from sbi and they did all the process for the scheme. Check with the bank from where you are taking home loan. Also the project where the property is should be eligible
 
12L INR a year for a person or entire family? Here all government sponsored housings are based on family income and the limit (post covid) has become so low that practically no one with a semi decent job/ business is eligible anymore.
 
alekhkhanna said:
Do check your eligibility first. If you earn a penny over 12lpa, I don't think you're eligible.
Click to expand...
Nope I earn just in a single digit..
gopal_agrawal said:
I took the loan from sbi and they did all the process for the scheme. Check with the bank from where you are taking home loan. Also the project where the property is should be eligible
Click to expand...
Ok. I opted out of sbi as their documentation is extremely sic...they want every job document like offer and relieving letters of ll cos etc. as if they are hiring me in their group..
JMP said:
AFAIK, it is applicable for the person taking the loan, so individual/primary applicant.
Click to expand...
Right!
 
Are you guys 100 percent sure abut personal vs family income? I know nothing about housing projects in India though. But heard about government sponsored housing projects in EU from many of my patients/ their relatives/ well wishers.
 
red dragon said:
Are you guys 100 percent sure abut personal vs family income? I know nothing about housing projects in India though. But heard about government sponsored housing projects in EU from many of my patients/ their relatives/ well wishers.
Click to expand...
The limit is 18 lakh annual family income under MIG-II category.
Pradhan Mantri Awas Yojana-Urban - PMAY Subsidy Calculator (pmayuclap.gov.in)

Also, article for reference.
PMAY (Pradhan Mantri Awas Yojana): All about PMAY: How does it work, eligibility and subsidy available (indiatimes.com)
 
Please correct me if I am wrong, but it's a little more complicated than that.
According to SBI - https://homeloans.sbi/pmay :
  • The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
My cousin who availed this has a family income more than double the upper limit, but the wife individually has an income below 18L so she was given the subsidy.
 
At least on this part of EU, it's not possible. Yes, women as owner is given priority. However if the combined income of husband and wife crosses their upper limit, no way they will give you subsidy.
But in India, many things are possible. If individual income is considered and total family income is above 24L INR is ignored, the whole purpose of the scheme itself gets defeated.
 
JMP said:
Please correct me if I am wrong, but it's a little more complicated than that.
According to SBI - https://homeloans.sbi/pmay :
  • The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
My cousin who availed this has a family income more than double the upper limit, but the wife individually has an income below 18L so she was given the subsidy.
Click to expand...
Going by those terms, it is clear then that anyone not owning a home already with individual income of less than 18 lakhs can avail the scheme as a "household".
 
Back
Top