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ABOUT PRADHAN MANTRI AWAS YOJANA
ABOUT PRADHAN MANTRI AWAS YOJANA Pradhan Mantri Awaas Yojana (PMAY) – Housing for All is an initiative launched by the Government of India to promote homeownership. Its objective is to achieve 'Housing for All' by 2022. PMAY offers a subsidy scheme known as Credit Linked Subsidy Scheme (CLSS), which provides interest subsidies on loans taken for purchasing, constructing, extending, or improving a house. PMAY targets the Economically Weaker Section (EWS)/Lower Income Groups (LIG) and Middle Income Groups (MIG) due to the anticipated urbanization growth and resulting housing needs in India.PMAY Benefits
Credit Linked Subsidy Scheme (CLSS) makes home loans more affordable by reducing the interest component through subsidies. The subsidy amount depends on the income category and the property size being financed.CLSS EWS/LIG Scheme Under PMAY
This scheme caters to individuals with annual household incomes above ₹3 lakh but below ₹6 lakh. Beneficiaries in the EWS/LIG categories can avail a maximum interest subsidy of 6.5%, provided the property's constructed or purchased unit doesn't exceed 60 square meters (approximately 645.83 square feet). The subsidy is capped at a maximum loan amount of ₹6 lakh.CLSS MIG 1 Scheme Under PMAY
MIG 1 category includes households with incomes above ₹6 lakh but below ₹12 lakh. Beneficiaries here can avail a maximum interest subsidy of 4% on properties not exceeding 160 square meters (approximately 1,722.23 square feet). The subsidy is capped at ₹9 lakh over a loan tenure of up to 20 years.CLSS MIG 2 Scheme Under PMAY
MIG 2 category comprises households with incomes above ₹12 lakh but below ₹18 lakh. Beneficiaries are eligible for a maximum interest subsidy of 3% on properties not exceeding 200 square meters (approximately 2,152.78 square feet). The subsidy is capped at ₹12 lakh over a loan tenure of up to 20 years.Pradhan Mantri Awaas Yojana Eligibility
To qualify, the beneficiary family must not own a pucca house anywhere in India. In case of a married couple, either spouse or both jointly can apply for a single subsidy. The family should not have availed central assistance or benefits under any housing scheme from the Government of India.Pradhan Mantri Awaas Yojana Beneficiary
The beneficiary family comprises the husband, wife, and unmarried children. In the MIG category, an adult earning member, regardless of marital status, can be considered a separate household.Pradhan Mantri Awaas Yojana Coverage
The scheme covers all statutory towns as per Census 2011 and towns notified subsequently, including planning areas as notified concerning statutory towns.Ownership by a woman is not obligatory for construction/extension purposes.
- Following an amendment dated 15.03.2018, an adult earning member (regardless of marital status) may be recognized as a separate household. Furthermore, in the case of a married couple, either spouse or both jointly in joint ownership will qualify for a single house, provided they meet the income eligibility criteria under the scheme.
- For MIG – 1 & 2, loans must be approved on or after 01-01-2017. Aadhar number(s) of the
beneficiary
family
are mandatory for the MIG category.
The interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure, whichever is lower. The interest subsidy will be credited upfront to the loan account of beneficiaries through HDFC, leading to reduced effective housing loan and Equated Monthly Installment (EMI).
The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%. Any additional loan beyond the specified limits will be at a non-subsidized rate. There is no cap on the loan amount or the cost of the property. - For further details on the scheme, please visit
www.pmay-urban.gov.in
Note: Assessment of your eligibility to avail the benefits of CLSS is solely at the discretion of the
-
Government of India. The contents herein delineate the parameters for assessing entitlement under the scheme.
