|Scheme||Economic Group||Max. household income|
|EWS /LIG||EWS||Rs. 3 Lakhs|
|LIG||Rs. 6 Lakhs|
|MIG||MIG – I||Rs. 12 Lakhs|
|MIG - II||Rs. 18 Lakhs|
|Scheme||Segment||Max. loan amount for Subsidy||Rate of Subsidy||Maximum Carpet Area||Max Tenure|
|EWS /LIG||EWS||Rs. 6 lakhs||6.50%*||30 Sq Mts / 323 Sq ft.||20 Yrs|
|LIG||60 Sq Mts / 645 Sq ft|
|MIG||MIG - I||Rs. 9 lakhs||4.00%*||160 Sq Mts /1722 Sq ft**|
|MIG - II||Rs.12 lakhs||3.00%*||200 Sq Mts /2152 Sq ft***|
Check your home loan interest subsidy amount by using our PMAY Calculator.
In case a household has an annual income of Rs.10 lakhs (MIG- 1), and the family wants to purchase a house in the name of a male member only - with no female joint ownership - is the family eligible for the subsidy?
Answer: Yes, they are eligible for the subsidy because as per the criteria under CLSS for the MIG scheme, female ownership is preferred but is not mandatory.
If before marriage, a woman has a house in her own name then is her husband eligible for subsidy when he purchases a house after their wedding?
Answer: No, he is not eligible as the household already has a house in name of his wife. Hence, the house he purchases will be considered as a second home.
A 24-year-old boy who lives with his parents or goes out to a metropolitan city for a job intends to purchase a house. Is he eligible for credit subsidy and why?
Answer: Let us take into consideration the definition of a household which is, "An unmarried independent person (female /male earning person) may be considered as a separate household". However, a beneficiary family will comprise of husband, wife and unmarried dependent children.
This means that the aforementioned case is eligible for subsidy on a home loan. It is to be noted that in a case where the household has no female, female ownership is also not mandatory under the EWS/LIG scheme.
Step 1: Apply for the Housing Loans and CLSS subsidy through the PLIs (Prime Lending Institutions), in this case, Indiabulls Home Loans
Step 2: Ensure due diligence and check the PMAY eligibility for Credit Linked Subsidy Scheme.
Step 3: If the required criteria are fulfilled, Indiabulls Home Loans will submit the borrower’s claim to the Central Nodal Agency (CNA).
Step 4: The CNA processes the claim and releases the subsidy amount through Indiabulls Home Loans.
Step 5: : Indiabulls Home Loans thereafter, adjusts the same by crediting the amount to the borrower’s housing loan account, resulting in a reduced loan outstanding as well as effective EMIs.
To know details about the PMAY-CLSS, Please leave your details below and we will contact you shortly!
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The PMAY-CLSS scheme is a boon for people who want to buy their dream home. Everyone should have access and the ability to buy a house which they can call their own. Home loans and subsidy schemes like the Pradhan Mantri Awas Yojna come in handy when your budget is constrained. Indiabulls Housing Finance Limited welcomes such initiatives. We proudly provide this scheme to our customers and help them make their dream a reality. We have simplified the process and have provided you with all the required information above. It is easy to apply for a home loan under the PMAY-CLSS scheme.
Other than the PMAY service, we also provide instant home loans. This is different from the PMAY scheme. Indiabulls Housing Finance Limited provides you guidance through the complete home loan process. We offer you competitive interest rates which give you maximum benefits. The home loans are tailored to suit your needs. If you wish to avail a regular home loan then you can calculate your EMIs on the link below.Home Loan EMI Calculator