Pradhan Mantri Awas Yojna (PMAY) – Credit Linked Subsidy Scheme (CLSS) is a government scheme launched with an aim to make buying home easier for:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Middle-Income Group 1 (MIG-I)
- Middle-Income Group 2 (MIG-II)
The scheme offers subsidized home loan interest rates based on your household income. The benefit can be availed not only on the purchase of a new/resale house but also on the construction, extension or improvement of existing kucha/semi-pucca houses. To avail the home loan subsidy, you must be first eligible for it. In this post, we will guide you on how you can avail subsidy under the PMAY scheme.
Note: The Union Cabinet has extended the implementation period of Pradhan Mantri Awas Yojana – Urban (PMAY – U) till December 31, 2024 with all verticals except Credit Linked Subsidy Scheme (CLSS). CLSS vertical for MIG I & II under PMAY U was up to March 31, 2021 and for LIG/EWS was up to March 31, 2022. During the extension period no additional houses will be sanctioned. However, financial assistance is to be provided for the completion of 122.69 lakh houses, which were already sanctioned till March 31, 2022, under BLC, AHP & ISSR verticals of PMAY U.
Apply for Home Loan at Attractive Interest Rates Click Here
PMAY Eligibility Criteria
To access PMAY benefits, you must fulfill the following eligibility criteria:
PMAY Basic Eligibility Parameters:
- The scheme is for beneficiary families comprising of a husband, wife and unmarried children. An adult earning member of a family irrespective of marital status can be treated as a separate household in MIG category.
- The beneficiary family should not own a pucca house in the name of any family member across India.
- In the case of married couples, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
- The beneficiary families should not have benefited under any government housing scheme including PMAY.
- Home loan borrowers, who availed the subsidy but later on switched to another lender for a balance transfer, will not be eligible to claim the benefit again.
- Beneficiary families under the MIG income group mandatorily need to furnish their Aadhaar numbers to avail the benefit of the subsidy.
Apply for Home Loan at Attractive Interest Rates Click Here
PMAY Eligibility Parameters as Per Income Criteria:
1. EWS/LIG
- Eligible Family Income: The annual household income as per the income category must be:
- EWS – Upto Rs. 3 lakh
- LIG – Between Rs. 3 lakh and Rs. 6 lakh
- Woman Ownership: Woman ownership is mandatory. The house, whether new or existing, should be in the name of an adult female member of the family or in joint ownership with the wife (if married). The condition is not mandatory in case of house construction or extension/renovation of an existing kuccha/semi-pucca house. The house can be solely in the name of a male member of the household, provided there is no adult female member in the family.
- Carpet Area: The maximum carpet area of the house under the scheme must be:
- EWS: Upto 30 sq. mts.
- LIG: Upto 60 sq. mts.
2. MIG (I & II)
- Eligible Family Income: The annual household income as per the income category must be:
- MIG-I: Between Rs. 6 lakh and Rs. 12 lakh
- MIG-II: Between Rs. 12 lakh and Rs. 18 lakh
- Woman Ownership: Woman ownership is not mandatory.
- Carpet Area: The carpet area of the house under the scheme must be:
- MIG-I: 160 sq. mts.
- MIG-II: 200 sq. mts.
Apply for Home Loan at Attractive Interest Rates Click Here
Process to Claim PMAY Interest Subsidy Benefit
The home loan interest subsidy under PMAY is routed through 2 central nodal agencies – Housing & Urban Development Corporation (HUDCO) and NHB. These government institutions channelize the subsidy to the pre-listed lending institutions, which further help the eligible beneficiaries to avail the interest subsidy benefit. https://www.paisabazaar.com/home-loan/pmay-urban/ The process to claim PMAY interest subsidy benefit is given as follows:
-
- After your home loan is disbursed, the lender will send the required details to the National Housing Bank (NHB) for data validation and other checks.
- NHB after due diligence approves the subsidy to eligible borrowers.
- The subsidy amount will be disbursed to the lender for all eligible borrowers.
- On receiving the subsidy amount from NHB, the lender will credit the same to the respective home loan account of the borrower and will be adjusted in the loan accordingly.
Apply for Home Loan at Attractive Interest Rates Click Here
PMAY – CLSS Scheme Details
EWS/LIG – Features & Benefits
| Particulars | EWS | LIG |
| Eligible annual household income | Upto Rs. 3 lakh | Between Rs. 3 lakh and Rs. 6 lakh |
| Carpet area of the dwelling (max.) | 30 sq.m. | 60 sq.m. |
| Subsidy calculated on a max. loan of | Rs. 6 lakh | Rs. 6 lakh |
| Interest subsidy (% p.a.) | 6.50% | 6.50% |
| Subsidy amount (max.) | Rs. 2.67 lakh | Rs. 2.67 lakh |
| Maximum loan tenure (in years) | 20 yrs. | 20 yrs. |
| Discount rate to calculate Net Present Value (NPV) of the interest subsidy | 9% | 9% |
| Woman Ownership | Mandatory (except for loan availed for construction) | Mandatory (except for loan availed for construction) |
| Validity of the scheme | 31 March 2022 | 31 March 2022 |
| Applicability | Loans approved on/after 01/01/2017 | Loans approved on/after 01/01/2017 |
Note: The details in the table are as per the information framed by the Government of India under PMAY. The information is subject to change as and when there is a change in the scheme by the Government of India.
Apply for Home Loan at Attractive Interest Rates Click Here
MIG-I/MIG-II – Features & Benefits
| Particulars | MIG-I | MIG-II |
| Eligible annual household income | Between Rs. 6 lakh and Rs. 12 lakh | Between Rs. 12 lakh and Rs. 18 lakh |
| Carpet area of the dwelling (max.) | 160 sq.m. | 200 sq.m. |
| Subsidy calculated on a max. loan of | Upto Rs. 9 lakh | Upto Rs. 12 lakh |
| Interest subsidy (% p.a.) | 4.00% | 3.00% |
| Subsidy amount (max.) | Rs. 2.35 lakh | Rs. 2.30 lakh |
Apply for Home Loan at Low Interest Rates Click Here
90 Comments
I have applied for home loan with syndicate bank in 2018 and loan distributed on Jan 2019. This is my first house. Still now i havent got the PMAY subsidy. checked with the bank and they said its some how missed due to internal transfers. What should i do now ? is bank has to apply now ? i am eligible to apply for the subsidy now ?
Thanks
Hi Prabhakaran,
Please discuss this with your lender. Express your grievance through your lender’s grievance redressal system mentioned on its website.
Hi Team,
Loan was disbursed in Oct 2016 bu registration was done in Feb 2017, now i have transfered to other bank can i avail PMAY benefit, plesae confirm
Hi Shrikanth,
Please confirm this with your bank.
Dear Mam,
Is there any due date like within XX months of within XX years of before end of the financial year in which you have taken the loan that we have to apply for the PMAY.
Hi Omprakash,
Home Loan obtained on/after 17 June 2015 qualifies for PMAY subsidy under EWS and LIG categories. To claim the interest subsidy under MIG 1 & 2 income categories, the housing loan should be approved on/after 01 January 2017. Also, the validity of the scheme for people falling under EWS and LIG income groups is till 31 March 2022. And for people falling under the MIG 1 & 2 income groups, the last date to avail PMAY scheme is 31 March 2021.
Hi this side Ashish and I am single will I am eligible for subsidy i have elder sister in my family only and I want to purchase LIG flat and my elder sis is also married and my mother was expired
Hi Ashish,
Yes, you can avail CLSS subsidy, provided you avail the loan only in your own name and also are the sole owner of the property for which the loan is taken. Additionally, you must also meet other eligibility criteria specified under PMAY.
Read: PMAY CLSS Eligibility Criteria .
will it be procesed by lender or should we remain the lender. when will it be informed by lender is it after receipt of full loan amount will the lender apply on behalf of us.please explain
Hi Ramaswamy,
PMAY subsidy is disbursed by the Central Nodal Agencies (CNAs) to Primary Lending Institutions (PLIs, such as banks/HFCs) on the basis of your disbursed loan amount. The PLI then credit the subsidy to the borrower’s home loan account upfront by deducting it from the principal loan amount. As a result, the borrower will pay EMI on the remainder of the principal loan amount.
For example, if a borrower avails a loan for Rs. 6.00 lakhs and subsidy thereon works out to approximately Rs. 2.67 lakhs, the amount (Rs. 2.67 lakhs) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 3.33 lakhs) and the borrower would pay EMIs on the reduced amount of Rs. 3.33 lakhs for the remaining tenure of the loan.