The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) - ‘Housing for All’ is a home loan scheme launched by our honourable Prime Minister Shri Narendra Modi in the year 2015. The scheme envisions 'Housing for All' by the year 2022.
Pradhan Mantri Awas Yojana (PMAY) benefits people belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society. They are provided home loan interest subsidy on purchase/ construction/ extension/ improvement of their house.
The home loan interest subsidy provided is channelized through two central nodal agencies viz., Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB). These government bodies channelize subsidy to the lending institutions, which then help the eligible applicants to avail subsidy.
Check your Pradhan Mantri Awas Yojana Eligibility now.
The Interest subsidy on housing loan for EWS/LIG households was introduced by the Central Government w.e.f.June 17, 2015. Applicants who have an annual income of up to Rs. 3 Lakhs and upto Rs. 6 lakh are eligible to avail subsidy under EWS and LIG scheme respectively. It should be kept in mind that the beneficiary family should not own any other pucca house in any part of India.
Features:
The maximum subsidy one can receive is up to Rs. 2.67 lakh*
Interest subsidy can be availed at a rate of 6.5%* for a tenure of 20 years or tenure of the loan, whichever is lower
The subsidy will be applicable only for loan amounts up to Rs. 6 lakh. Additional loan beyond Rs. 6 lakh, if any, will be available at a non-subsidized rate
Subsidy credited upfront to the loan account of the beneficiary results in reduced effective home loan rate and EMI.
Aadhaar card is a mandatory requirement when applying for PMAY scheme. Below is a compiled list of documents that are required for you to complete your application process:
| Document type | PAN Card, Aadhaar card, Voter Identity Card, Driving License etc./th> |
|---|---|
| Proof of Identity | Doe |
| Proof of Address | Voter ID Card, Electricity Bill, Telephone Bill, Driving License, etc. |
| Proof of category | Scheduled Caste. Scheduled Tribe, Other Backward Class Certificate, Minority Certificate, etc. |
| Proof of nationality | Passport, Aadhaar Card, Birth Certificate |
Middle Income Groups (MIG)
The interest subsidy on housing loans for MIG households/families was introduced by the Central Government w.e.f. January 1, 2017. Applicants whose annual household income is between Rs. 6 - 12 lakh fall under the Middle Income Group-I (MIG-I), whereas those with annual income falls between Rs. 12 - 18 lakh fall under the Middle Income Group-II (MIG-II).
Features:
Interest subsidy can be availed at a rate of 4%* on home loans up to Rs. 9 lakh for a tenure of 20 years (MIG I)
Interest subsidy can be availed at a rate of 3%* on home loans up to Rs.12 lakh for a tenure of 20 years (MIG II)
Maximum housing loan interest subsidy that can be availed is up to Rs. 2.67 lakh*
Subsidy credited upfront to the home loan account of the beneficiary results in reduced effective housing loan and EMI.
Aadhaar card is a mandatory requirement when applying for this scheme. Below is a compiled list of documents that are required for you to complete your application process:
| Document type | PAN Card, Aadhaar card, Voter Identity Card, Driving License etc./th> |
|---|---|
| Proof of Identity | Doe |
| Proof of Address | Voter ID Card, Electricity Bill, Telephone Bill, Driving License, etc. |
| Proof of category | Scheduled Caste. Scheduled Tribe, Other Backward Class Certificate, Minority Certificate, etc. |
| Proof of nationality | Passport, Aadhaar Card, Birth Certificate |