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Pradhan Mantri Awas Yojana

Who can avail Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme?

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The "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG). For eligibility the beneficiary family should not have received central assistance under the Mission “Housing for all by 2022”.

A beneficiary is defined as:

  • A family comprising of husband, wife and unmarried children
  • Beneficiary can also be an unmarried individual earning member of the family (only for MIG scheme).
  • Beneficiary should not own a pucca house either in his / her name or in the name of any member of his / her family in any part of India.
  • Beneficiary should not have received central assistance under the CLSS scheme
  • Meeting income criteria defined as per various categories under the scheme.

How will I receive the interest subsidy benefit under Pradhan Mantri Awas Yojana?

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The Bank will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple request. For all eligible borrowers, the subsidy amount would be paid to the Bank. Once the Bank receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at 9% discount rate.

 

For example, the borrower avails a loan for Rs. 8 lakh and the subsidy works out to Rs. 2, 20,000. The amount (Rs. 2, 20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5, 80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5, 80,000.

 

*The above example is for illustration purpose only and the subsidy amount will depend on the actual amount received or any changes done by NHB on the same.

What is the maximum tenure on which the PMAY subsidy is applicable?

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The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.

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

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Credit Linked Subsidy, is a scheme launched by our Honourable Prime Minister Shri Narendra Modi for Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG – I & MIG –II). The beneficiary would be eligible for interest subsidy on purchase/construction of a house. The scheme is also available for enhancement of a dwelling unit.

How will my Loan eligibility be assessed?

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The loan eligibility of the applicant will be assessed based on internal guidelines and processes of the Bank as amended from time to time. As per the extant requirement, the borrower will be required to submit income documents like, salary slip, ITR, Bank statement, existing loan details etc for the purpose of eligibility assessment.

PMAY subsidy is applicable for what category of customer profiles?

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Pradhan Mantri Awas Yojana is available for Salaried as well as Self Employed

Is there any loan amount limit on Pradhan Mantri Awas Yojana?

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No, there is no loan amount limit for loan accounts which are booked under PMAY CLSS scheme.

Where can I apply for Credit Linked Subsidy Scheme (CLSS)?

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You can apply for Housing Loan under CLSS at any ICICI Bank branch.

When was the PMAY scheme launched by the government?

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Pradhan Mantri Awas Yojana CLSS scheme for Middle Income Groups was launched by the Government on January 1, 2017.

Are there any additional eligibility norms apart from income, first pucca house and carpet area norms?

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The property on which the subsidy is to be availed has to have basic amenities such as water, sanitation, sewerage, road, electricity etc.

Is it mandatory to fetch the Aadhaar card details for all the members of the beneficiary family?

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Yes. For processing the subsidy under PMAY CLSS for MIG I and MIG II schemes, it is mandatory to furnish the Aadhaar card details of all the family members.

What is the applicable interest subsidy and the loan amount for Pradhan Mantri Awas Yojana?

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Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans would be eligible for an interest subsidy at the rate of 6.5% for a tenure of 15 years or during tenure of loan whichever is lower on the initial Rs. 6 Lakh. Any additional loan/s beyond Rs. 6 Lakh, will be at nonsubsidised rate.

Do I have to give any additional documents to avail Pradhan Mantri Awas Yojana subsidy?

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No, there are no additional documents except a declaration of not owning a pucca house and annual household income.

What is the applicable interest subsidy and the loan amount for various categories?

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Scheme TypeEWS/LIGMIG – IMIG – II
Eligibility Family Income (Rs.)EWS – Rs. 0 to Rs. 3, 00,000
LIG – Rs. 3,00,001 to Rs. 6,00,000
Rs.12,00,001 to
Rs.18,00,000
Rs. 6,00,001 to
Rs.12,00,000
Carpet Area-Max (sq. m.)30 sqm** / 60 sqm**160200
Subsidy calculated on a max loan ofRs. 6,00,000Rs. 9,00,000Rs. 12,00,000
Interest Subsidy (%)6.504.003.00
Max Subsidy (Rs.)2.67 Lakh2.35 Lakh2.30 Lakh
Validity of scheme31 March 202231 March 201931 March 2019
Woman OwnershipMandatory*Non MandatoryNon Mandatory

What are the income norms for various categories?

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The income norms for various Household categories are defined as under:

  • EWS households/individuals with an annual income up to Rs. 3.00 lakh
  • LIG households/individuals with an annual income more than Rs. 3.00 lakh and up to Rs. 6.00 lakh
  • MIG I households/individuals with an annual income more than Rs.6.00 lakh and up to Rs.12.00 lakh
  • MIG II households/individuals with an annual income more than Rs12.00 lakh to INR 18.00 lakh

What are the income norms for EWS and LIG categories?

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The income norms for EWS/LIG categories are defined as follows:

  • EWS households with an annual income up to Rs. 3 Lakh
  • LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh

What is the size of dwelling units under Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana?

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The Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet, etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component should be up to 30 sq. m. for EWS category and up to 60 sq. m. for LIG category. However, the beneficiary can construct a bigger house.

I have a small business, can I avail Home Loan under Pradhan Mantri Awas Yojana?

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Yes, you can avail this facility, subject to meeting the income and other criteria defined under this scheme.