SBI PMAY Home Loan Eligibility List 2024

SBI PMAY home loan eligibility list, check out SBI PM Awas Yojana home loan subsidy eligibility criteria list and documents list for Pradhan Mantri Awas Yojana home loan subsidy

SBI PMAY Home Loan Eligibility List 2024: Pradhan Mantri Awas Yojana (PMAY) is a government launched housing scheme which aims to provide housing with water connection to every eligible family by 2023. State Bank of India (SBI) in order to help achieve this mission has launched SBI PMAY under which eligible applicant can apply for this home loan scheme.

Pradhan Mantri Home Loan scheme or the credit linked subsidy scheme under PM Awas Yojana Urban offers interest subsidy on home loans. State Bank of India (SBI) is inviting online application for home loan under PMAY scheme. The eligible candidates can apply for PM Awas Yojana home loan scheme at official website.

SBI PMAY Home Loan Eligibility List Overview

Name of Scheme Pradhan Mantri Awas Yojana
Article Subsidy on Home Loan
Launched by Government of India
Ministry of Housing and Urban Affairs (MoHUA)
Bank provide PMAY Home LoanState Bank of India (SBI)
PMAYG Eligibility Criteria ListPMAYG Eligibility Criteria List for Subsidy
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SBI Home Loan Documents ListSBI Home Loan Documents List 2023 PDF
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Official Website
SBI PMAY Home Loan Eligibility List Overview

SBI PMAY Home Loan Eligibility List

There are following eligibility criteria for SBI PMAY Home Loan

a. The household with an annual income from Rs.6,00,0001 to Rs.12 lacs for MIG-I

b. The household with an annual income from Rs.12,00,001 to Rs. 18 lacs for MIG-II

  • The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) cab be treated as a separate household and can avail subsidy independently.
  • Incase 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.
  • The beneficiary family should not own a pucca house either in his / her name or in the name of any member of his / her family in any part of India.
  • The Carpet area of house under this scheme should be up to 160 sq. mts. for MIG-I beneficiaries and up to 200 sq. mts. for MIG-II beneficiaries.
  • Banks shall have to submit a consolidated certificate on completion of the housing unit within 1 year period from the completion of construction or a maximum of 36 months from the date of the disbursement of the 1st instalment of the loan amount. In case of defaults in not providing utilisation / end use certificate the bank shall refunds the amount of subsidy to the CNA.
  • Incase a borrower who has taken a home loan under the scheme and has availed interest subvention benefit under the scheme but later on switches to another bank such beneficiary will not be eligible for the benefit of interest subvention again.
  • Home loan under this scheme will be available by way of Term loan and Maxgain (for loan limits of Rs. 20 lakh and above) with a maximum tenor of 30 years. However subsidy is available for a maximum tenor of 20 years only.
  • Through the interest subvention under CLSS (MIG) is available upto Rs. 9 or 12 lakh, loan limits over and above Rs. 9 to 12 lakh will also be sanctioned to the eligible borrowers based on the eligibility criteria stipulated under our existing Home Loan Scheme.

SBI PMAY Home Loan Eligibility and Guidelines for EWS & LIG

SBI PMAY home loan eligibility CLSS guidelines is given below.

CriteriaExisting Instructions (CLSS – EWS + LIG)Revised Instructions (CLSS – EWS + LIG)
Household/ Annual Income (Rs)Upto Rs. 6 lakhsUpto Rs. 6 lakhs
Property Area (Carpet Area)30 sqm for EWS and 60 sqm for LIG30 sqm for EWS and 60 sqm for LIG
Location17778 towns17778 towns
Woman OwnershipYes (except for construction)Yes (except for construction)
Max Loan Amt for SubsidyUpto 6 lakhsUpto 6 lakhs
Subsidy %6.50%6.50%
Subsidy AmountRs. 2.20 lakhsRs. 2.67 lakhs
Max term of loan (on which subsidy will be calculated)15 yrs20 yrs
Property should be Family’s1st home**1st home**
ApplicabilityLoans approved on/after 17/06/2015Loans approved on/after 01/01/2017
SBI PMAY Home Loan Eligibility for EWS & LIG

For more details of SBI PMAY Home Loan eligibility and subsidy visit Home loan SBI official website.

Read Also:

PMAY Documents Required List for Pradhan Mantri Awas Yojana