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 the dwelling unit allowed for subsidy eligibility under this category is not more than 30 square meters.
LIG (Lower Income Group ) category:
Household families with annual household income more than 3 lakhs and up to 6 lakhs are categorized as LIG category. Maximum 6.5% of interest subsidy can be availed by LIG category customers on a maximum loan amount of 6 lakhs. The maximum carpet area of the dwelling unit allowed for subsidy eligibility under this category is not more than 60 square meters.
MIG 1 (Middle Income Group-1 ) category:
The benefits of PMAY were further extended to Middle Income Group in the year 2017. Families with annual household income greater than 6 lakhs and up to 12 lakhs are categorized under this category. Maximum 4 % of the Interest subsidy can be availed by this category up to a loan amount of 9 lakhs. The maximum carpet area of the dwelling unit allowed under the scheme for MIG-1 is 160 square meters.
MIG 2 (Middle Income Group-2 ) category:
MIG 2 is defined as a family with household annual income of more than 12 Lakhs and up to 18 Lakhs. The maximum interest subsidy that can be availed by MIG 2 customers is 3% and maximum subsidized loan amount is 18 Lakhs. The maximum carpet area allowed of the dwelling unit is up to 200 square meters. 

PMAY Scheme Details

CLSS Scheme Type
EWS
LIG
MIG 1
MIG 2
Eligibility Household Income ( Rs.)
Upto Rs 3 Lakhs
Rs 3 Lakhs-6 Lakhs
Rs 6 Lakhs-12 Lakhs
Rs 12 Lakhs- 18 Lakhs
Carpet Area-Max (sqm)
30 sqm
60 sqm
160 sqm
200 sqm
Interest Subsidy (%)
6.50%
6.50%
4.00%
3.00%
Subsidy calculated on a max loan of
Rs. 6,00,000
Rs. 6,00,000
Rs. 9,00,000
Rs. 12,00,000
Woman Ownership in property
Mandatory
Mandatory
Not Mandatory
Not Mandatory


Eligibility points:

1.      Applicant should not have availed any kind of benefit through Central assistance under any scheme from government of India in the past or related.
  1. The applicant’s family should not own a pucca house in his/her name or in the name of any other family member in any part of the country in the past.
  2. Women ownership in property under EWS and LIG category are mandatory.
  3. In case of married couple, single individual or in joint ownership subsidy will be considered as single.
  4. Applicant’s family should consist of Husband Wife and unmarried children. In case of an adult member of the family, having an earning, can be considered as a separate family/entity under MIG.
  5. Mere submission of PMAY application form does not guarantee the subsidy as subsidy is at sole discretion of Government of India.

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