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About Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) is a scheme launched by our honourable Prime Minister Shri Narendra Modi for the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I) and Middle Income Group-II (MIG-II) of people. Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house. The scheme is also available for the enhancement of a dwelling unit.
Subsidy Eligibility Criteria:
|Maximum Household income per annum||Up to ₹ 3 lakhs.||Up to ₹ 6 lakhs.||₹ 6 - ₹ 12 Lakhs||₹ 12-₹ 18 Lakhs|
|Maximum Property Area ( carpet area)||323 sq feet.||645 sq feet.||968 sq feet.||1184 sq feet.|
|Maximum Loan amount for subsidy calculation||₹ 3 lakhs||₹ 6 lakhs||₹ 9 lakhs||₹ 12 lakhs|
|Maximum tenure for subsidy calculation||20 years||20 years||20 years||20 years|
|Interest Subsidy (% p.a.)||6.50%||6.50%||4%||3%|
|Maximum Subsidy amount||₹ 2.67 lakhs||₹ 2.67 lakhs||₹ 2.35lakhs||₹ 2.30 lakhs|
|Women ownership on property||Yes||Yes||Not applicable||Not applicable|
|Housing loan sanction date to be eligible for subsidy||After 17.06.2015||After 17.06.2015||After 01.01.2017||After 01.01.2017|
Interest subsidy on housing loan is calculated at applicable rates for PMAY EWG/LIG/MIG I/MIG II schemes respectively for a tenure of 20 years or the tenure of loan, whichever is lower. GOI will retain the supreme right of granting/rejecting the subsidy and Bank will not be held liable for the decisions taken by GOI.
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