Launched by our Prime Minister Shri Narendra Modi in the year 2015,
The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) is a home loan scheme that envisions ‘Housing for All’ by the year 2022.
The PMAY scheme provides home loan interest subsidy to the 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. Subsidy can be availed on purchase, construction, expansion or renovation of their house.
The Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB) are the central agencies that pass the subsidy to lending institutions to aid eligible applicants.
Economically Weaker Section (EWS)/ Low Income Group (LIG)
Applicants who have an annual income of up to Rs. 3 Lakhs come under the EWS scheme, and individuals who have an annual income of up to Rs. 6 lakh are eligible under the LIG scheme. Note that the beneficiary family should not own any other pucca house in any part of India.
Subsidy Rate
Subsidy Amount
Upto Rs. 6 Lac
6.5%Rs. 2.67 Lac
Applicants whose annual household income is between Rs. 6 – 12 lakh fall under the Middle Income Group-I (MIG-I), whereas the individuals with an annual income between Rs. 12 – 18 lakh are eligible under the Middle Income Group-II (MIG-II).
Subsidy Rate
Subsidy Amount
Up to Rs. 9 Lac
4%
Rs. 2.35 Lac
Up to Rs. 12 Lac
3%
Rs. 2.3 Lac
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