Pradhan Mantri Awas Yojana (PMAY): Scheme Details

The Honorable Prime Minister has announced a comprehensive and progressive goal of the Minister’s Housing Scheme – Housing for All, on June 17, 2015, to make people step into the home of their dreams.

One of the main horizons of the Ministerial Housing Scheme (PMAY) is the Credit Linked Subsidy Scheme (CLSS), which is for the low income group / economic poor class (EWS / LIG) and middle income group (MIG-1 and 2). Under this scheme, the Central Government will provide financial assistance through credit institutions to eligible beneficiaries in all legal cities and their neighboring planning areas (as updated by the Government from time to time) as per the 2011 Census.



The interest subsidy is channeled by two central nodal agencies, including the National Housing Bank (NHB) and the Housing and Urban Development Corporation (HUDCO). These top government institutions channelize subsidy lending institutions and they help eligible applicants get subsidies.

IIHFL Home Loans are accredited lenders and are forwarded to the NHB for approval that meets the eligibility criteria for a loan application. The applicant will pay Rs. Can get maximum interest subsidy up to 2.67 lakh. The Central Government provides interest subsidy and is credited to the eligible beneficiary’s loan account. Hence, the beneficiary will get Rs. Up to loan amount of Rs 20 lakh, Rs. The subsidy of 2.67 lakh is actually at an effective home loan rate of 6.79%.

IIHFL Home Loans help beneficiaries across the country get this subsidy.

EWS / LIG

EWS and LIG households / families whose annual household income is Rs. Up to 6 lakhs, they are eligible for subsidy under this scheme. This family should not have a pucca house in any part of India. The subsidy is credited to the beneficiary’s loan account, which results in a declining EMI of effective housing loans.
The specifications of CLSS

The maximum subsidy is Rs. Up to 2.67 lakh *
Interest subsidy at the rate of 6.5 percent * for a 20 year term or loan term, whichever is less.
Subsidy Rs. Up to 6 lakh loan amount will be available only and Rs. More than 6 lakh loans, if any, will be available at non-subsidized rate.
Aadhaar card is mandatory to apply in this scheme.

MIG
The central government has introduced interest subsidy on housing loans for MIG households / families, which came into effect on January 1, 2017. In urban areas, Rs. Applicant with annual household income between 6-12 lakhs falls in MIG-1 category and Rs. 12-18 lakhs revenue falls under the MIG-2 category.
Specifications

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