PMAY

About Pradhan Mantri Awaas Yojana

The Pradhan Mantri Awaas Yojana (PMAY) – Housing for All is a Government of India initiative aimed at promoting home ownership. Launched to achieve ‘Housing for All’ by 2022, the PMAY includes the Credit Linked Subsidy Scheme (CLSS), which provides interest subsidies on loans for purchasing, constructing, extending, or improving a house. The scheme targets the Economically Weaker Section (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG), addressing the housing needs arising from India’s urbanization.

PMAY Benefits

Under PMAY, the CLSS makes home loans more affordable by reducing the interest component, thus lowering the overall loan outflow. The subsidy amount varies based on income category and property size.

CLSS EWS/LIG Scheme Under PMAY:

  • Income Criteria: Annual household income between ₹3 lakh and ₹6 lakh.
  • Interest Subsidy: Up to 6.5%.
  • Property Size: Up to 60 sq metres (645.83 sq ft).
  • Maximum Loan Amount: ₹6 lakh.

CLSS MIG 1 Scheme Under PMAY:

  • Income Criteria: Annual household income between ₹6 lakh and ₹12 lakh.
  • Interest Subsidy: Up to 4%.
  • Property Size: Up to 160 sq metres (1,722.23 sq ft).
  • Maximum Loan Amount: ₹9 lakh over 20 years.

CLSS MIG 2 Scheme Under PMAY:

  • Income Criteria: Annual household income between ₹12 lakh and ₹18 lakh.
  • Interest Subsidy: Up to 3%.
  • Property Size: Up to 200 sq metres (2,152.78 sq ft).
  • Maximum Loan Amount: ₹12 lakh over 20 years.
Pradhan Mantri Awaas Yojana Eligibility
  • The beneficiary family must not own a pucca house in any part of India.
  • A married couple is eligible for a single subsidy, either individually or jointly.
  • The beneficiary family should not have received central assistance under any housing scheme from the Government of India or any benefit under PMAY.
Pradhan Mantri Awaas Yojana Beneficiary
  • The beneficiary family includes husband, wife, and unmarried children.
  • An adult earning member, irrespective of marital status, can be treated as a separate household under the MIG category.
Pradhan Mantri Awaas Yojana Coverage

The scheme covers all statutory towns as per the Census 2011 and towns notified subsequently, including planning areas notified concerning statutory towns.

CLSS Scheme Type

EWS and LIG

MIG 1 **

MIG 2 **

Eligibility Household Income ( Rs.)

Upto ₹6,00,000

₹6,00,001 to ₹12,00,000

₹12,00,001 to ₹18,00,000

Carpet Area-Max (sqm)

60 sqm

160 sqm

200 sqm

Interest Subsidy (%)

6.50%

4.00%

3.00%

Subsidy calculated on a max loan of

₹6,00,000

₹9,00,000

₹12,00,000

Loan Purpose

Purchase/Self Construction/Extension

Purchase/Self Construction

Purchase/Self Construction

Validity of scheme

31/03/2022

31/03/2021

31/03/2021

Max Subsidy (Rs.)

2.67 Lacs

2.35 Lacs

2.30 Lacs

Woman Ownership

Yes *

Not Mandatory

Not Mandatory

Note:

  • Woman ownership is not mandatory for construction/extension.
  • From 15.03.2018, an adult earning member can be treated as a separate household.
  • For MIG-1 & MIG-2, loans should be approved on or after 01.01.2017.
  • Aadhar numbers of the beneficiary family are mandatory for the MIG category.
  • The interest subsidy is available for a maximum loan tenure of 20 years or the loan tenure, whichever is lower.
  • The subsidy will be credited upfront to the loan account, reducing the effective housing loan and Equated Monthly Installment (EMI).
  • The NPV of the interest subsidy is calculated at a discount rate of 9%.
  • Additional loans beyond the specified limits are at a non-subsidized rate.
  • No cap exists on the loan amount or property cost.

For more details, please visit www.pmay-urban.gov.in.

Also; Eligibility assessment for CLSS benefits is at the sole discretion of the Government of India. The details provided are based on scheme parameters for assessing entitlement

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