Benefits up to ₹ 2.67 Lakh and Interest Subsidy up to 6.50% p.a. under PMAY Scheme.
Pradhan Mantri Awas Yojana Pradhan Mantri Awas Yojna was introduced in June 2015. The scheme aims at providing interest subsidy to customers availing home loans called Credit Link Subsidy Scheme ( CLSS). The subsidy can be availed by customers willing to purchase a house/construction of a house/extension to the already built property/repair and renovation of the house. The scheme is implemented till 31 March 2022. The interest subsidy is calculated as NPV ( Net Present Value ) of the interest amount at a discount rate of 9 %. The amount of interest subsidy depends on the household income slabs categorized as EWS/LIG/MIG-1, MIG-2. These categories are further explained as follows: EWS (Economic Weaker Section) category: This category is the economic weaker section of the a society whose household/family income is less than 3 lakhs. Maximum 6.5% of interest subsidy can be availed by EWS category customers on a maximum loan amount of 6 lakhs. The maximum carpet area of th