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Everything You Should Know About The PMAY Scheme

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.

Criteria for eligibility of each group:

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.

  • Interest subsidy can be availed at a rate of 6.5% on home loans up to Rs. 6 lakhs for a tenure of 20 years.
  • The maximum interest subsidy one can receive is up to Rs. 2.67 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 a home loan under the PMAY scheme.

Income Group Eligibility

Home Loan Amount For 20 Years

Subsidy Rate

Subsidy Amount

Above Rs. 3 Lac – Rs. 6 Lac

Upto Rs. 6 Lac

6.5%

Rs. 2.67 Lac

Middle Income Groups (MIG)

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).

  • 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 interest subsidy that can be availed on the housing loan 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 a home under the PMAY scheme.

Income Group Eligibility

Home Loan Amount For 20 Years

Subsidy Rate

Subsidy Amount

Above Rs. 6 Lac - Rs. 12 Lac

Up to Rs. 9 Lac

4%

Rs. 2.35 Lac

Above Rs. 12 Lac – Rs. 18 Lac

Up to Rs. 12 Lac

3%

Rs. 2.3 Lac

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