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PRADHAN MANTRI AWAS YOJANA (PMAY) - CREDIT LINKED SUBSIDY SCHEME (CLSS)

PRADHAN MANTRI AWAS YOJANA (PMAY) - CREDIT LINKED SUBSIDY SCHEME (CLSS)

The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) - ‘Housing for All’ is a home loan scheme launched by our honourable Prime Minister Shri Narendra Modi in the year 2015. The scheme envisions 'Housing for All' by the year 2022.

Pradhan Mantri Awas Yojana (PMAY) benefits people belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society. They are provided home loan interest subsidy on purchase/ construction/ extension/ improvement of their house.

The home loan interest subsidy provided is channelized through two central nodal agencies viz., Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB). These government bodies channelize subsidy to the lending institutions, which then help the eligible applicants to avail subsidy.

Indiabulls Housing Finance Limited is an approved lender. Check your Pradhan Mantri Awas Yojana Eligibility now.

Features of CLSS for each of the following groups:


Economically Weaker Section (EWS)/ Low Income Group (LIG)


The Interest subsidy on housing loan for EWS/LIG households was introduced by the Central Government w.e.f.June 17, 2015. Applicants who have an annual income of up to Rs. 3 Lakhs and upto Rs. 6 lakh are eligible to avail subsidy under EWS and LIG scheme respectively. It should be kept in mind that the beneficiary family should not own any other pucca house in any part of India.

Features:


  • The maximum subsidy one can receive is up to Rs. 2.67 lakh*
  • Interest subsidy can be availed at a rate of 6.5%* for a tenure of 20 years or tenure of the loan, whichever is lower
  • The subsidy will be applicable only for loan amounts up to Rs. 6 lakh. Additional loan beyond Rs. 6 lakh, if any, will be available at a non-subsidized rate
  • Subsidy credited upfront to the loan account of the beneficiary results in reduced effective home loan rate and EMI.
  • Aadhaar card is a mandatory requirement when applying for PMAY scheme. To check other documents required to apply for a home loan under the PMAY scheme, please click here

Middle Income Groups (MIG)


The interest subsidy on housing loans for MIG households/families was introduced by the Central Government w.e.f. January 1, 2017. Applicants whose annual household income is between Rs. 6 - 12 lakh fall under the Middle Income Group-I (MIG-I), whereas those with annual income falls between Rs. 12 - 18 lakh fall under the Middle Income Group-II (MIG-II).

Features:


  • Interest subsidy can be availed at a rate of 4%* on home loans up to Rs. 9 lakh for a tenure of 20 years (MIG I)
  • Interest subsidy can be availed at a rate of 3%* on home loans up to Rs.12 lakh for a tenure of 20 years (MIG II)
  • Maximum housing loan interest subsidy that can be availed is up to Rs. 2.67 lakh*
  • Subsidy credited upfront to the home loan account of the beneficiary results in reduced effective housing loan and EMI.
  • Aadhaar card is a mandatory requirement when applying for this scheme. To check other documents required to apply for a home loan under the PMAY scheme, please click here.
* Discounting rate 9%

 

To know details about the PMAY-CLSS, Please leave your details below and we will contact you shortly!

Watch videos to learn more about the Pradhan Mantri Awas Yojana (PMAY). Click here .

To apply for a loan with Indiabulls Home Loans, click on the below button.
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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

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