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Know everything about PMAY scheme


Government of India, under the leadership of Shri Narendra Modi, launched PMAY in 2015 to make housing more affordable for first-time home buyers in India. The scheme is one of the most important steps in helping the government achieve its mission of housing for every citizen of the country by the year 2022.

While PMAY has several elements to it, it is playing an important role in helping people realise their dream of owning their first home. If you want to buy a house of your own with the help of a home loan, here are some of the most important things you should know about CLSS of PMAY-

What is Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana?

The scheme offers an interest subsidy of up to Rs 2.67 lakh to the first-time home buyers. The scheme is available for Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG) which is further divided into MIG-I and MIG-II.

Apart from purchasing your very first pucca home, the interest subsidy of ‘Housing for all’ mission is also available for the extension, improvement and construction of a pucca home.

How are the beneficiaries classified?

The PMAY housing for all urban and rural scheme is available for EWS, LIG and MIG. The classification is done based on the annual income of the family. This table below will help you identify where you fall.

CategoryMin Income of the Family (In Rs.)Max Income of the Family (In Rs.)
EWS 0 3,00,000
LIG 3,00,001 6,00,000
MIG-I 6,00,001 12,00,000
MIG-II 12,00,001 18,00,000

What are the eligibility requirements of PMAY?

Apart from belonging to one of the income classes mentioned above, there are additional Pradhan Mantri Awas Yojana eligibility criteria. Some of the key requirements are:

  • This should be the first pucca house on your name or the name of any of your family members throughout the country
  • You should not have benefitted from any of the other housing schemes of the government
  • Female co-owner mandatory for EWS and LIG
  • Property location should be under the scope of the scheme
  • The carpet area of the house should be as per the recommended limits of the scheme

What is Interest Rate Subsidy and the Maximum Loan Amount on which the subsidy will be applicable?

The subsidised interest rate and loan amount vary between different classes.

CategoryMax Loan Amount Available for Subsidy (In Rs)Subsidy Per Cent Limit
EWS 6,00,000 6.50%
LIG 6,00,000 6.50%
MIG-I 9,00,000 4%
MIG-II 12,00,000 3%

According to this, someone who has completed Pradhan Mantri Awas Yojana registration registration can avail of benefits of up to Rs. 2.67 lakhs (EWS/LIG), Rs. 2.35 lakh (MIG-I) and Rs . 2.30 lakhs (MIG-II).

How to apply for PMAY?

This is a common query among a lot of interested applicants. To apply, you can get in touch with a loan provider who is approved under this scheme. You will be required to submit a declaration form, and the lender will then forward your application to National Housing Bank (NHB).

Once the NHB approves your application, you will then receive the subsidy amount upfront directly into your home loan account.

Fulfil the dream of buying your own home with PMAY

With the rising real estate costs, buying a home of your own can be a huge challenge. But with the PMAY scheme offering handsome benefits for first-time buyers, this can be a great time to seriously think about achieving this dream.

Get in touch with a lender approved under the scheme to discuss your options and check your eligibility.



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