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PMAY Subsidy

Pradhan Mantri Awas Yojana Subsidy

With an aim to provide affordable housing to every societal strata, the PMAY scheme offers its beneficiaries the PMAY subsidy , where the interest on the housing loan is offered at subsidised or reduced interest rates.

Interest on the housing loan is offered at subsidised or reduced interest rates, as can be seen in the table below -

 

Particulars EWS LIG MIG I MIG II

Household Income (Rs. p.a.)

0-3,00,000

3,00,001-6,00,000

6,00,001-12,00,000

12,00,001-18,00,000

Eligible loan amount for PMAY subsidy

Upto Rs. 6,00,000

Upto Rs. 6,00,000

Upto Rs. 9,00,000

Upto Rs. 12,00,000

Pradhan Mantri Awas Yojana interest rate (% p.a.)

6.50

6.50

4.00

3.00

Maximum Loan Tenure (in years)

20

20

20

20

Maximum Carpet Area (sq. mts.)

30

60

160

200

Discount rate for NPV (Net Present Value) of PMAY interest rate (%)

9.00

9.00

9.00

9.00

 

Maximum Subsidy Interest Amount (in Rs.) 2,67,280 2,67,280 2,35,068 2,35,156
Lump sum amount to be paid to PLUs in lieu of processing fee, to the extent of loan amount on which PMAY subsidy is applicable (in Rs.) 3,000 3,000 2,000 2,000

Application of scheme on existing home loans sanctioned on or after

17.06.2015

17.06.2015

01.01.2017

01.01.2017

 

Applicability of no pucca house

Not for renovation/extension

Not for renovation/extension

Yes

Yes

 

Female ownership/Co-ownership

Mandatory for new acquisition, not for existing property

Mandatory for new acquisition, not for existing property

Not mandatory

Not mandatory

 

Quality of House/Property Construction

National Building Code, BIS Codes, and as per NDMA Guidelines

 

Building Design Approval

Mandatory

 

Basic Civil Infrastructure (water, sanitation, roads, electricity, sewage, etc.)

Mandatory

 

What is CLSS?

CLSS or Credit Linked Subsidy Scheme is a component of the Pradhan Mantri Awas Yojana under which households belonging to not only the Economically Weaker Section (EWS) and the Lower Middle Group (LIG) categories, but even those belonging to Middle Income Groups (MIGs) can avail interest subsidy, also known as the Pradhan Mantri Awas Yojana subsidy, on their home loans. The aim of the PMAY scheme is to provide affordable housing loans to every societal class. 

Are You Eligible for PMAY Subsidy?

The Pradhan Mantri Awas Yojana eligibility is as follows –

  • You or any other member of your family must not own a pucca house in any part of India

  • You must not have received any Central assistance under the CLSS scheme

  • Your income must meet the eligibility criteria

  • The carpet area of your property must meet the specifications for your respective category

Want to Calculate Your PMAY Subsidy?