Pradhan Mantri Awas Yojana-Housing for All (Urban)

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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:

CRITERIA EWS LIG MIG-I MIG-II
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

Note:

  • Houshold definition EWS-LIG: A beneficiary family will comprise of husband, wife and unmarried children.
  • Houshold definition MIG-I & II: A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
  • The applicants should have an Aadhar card copy to be eligible for benefit under MIG scheme
  • Home extension /Repair is included only under EWS-LIG scheme, the area limit will be 30sq.m./323sq.ft and 60sq.m./646sq.ft of built up area for EWS and LIG category respectively.
  • EWS/LIG households are defined as households having an annual income of upto Rs. 3 lacs/ between Rs.3 lacs to Rs.6 lacs respectively.
  • The beneficiary family should not own a pucca house in India


Disclaimer:

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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