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Subsidy in Pradhan Mantri
Awas Yojana

Provided affordable houses to families of lower and middle income group

Pradhan Mantri Awas Yojana Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)

The Pradhan Mantri Awas Yojana (PMAY) is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government. It is a first-of-its-kind initiative designed to provide ‘Housing For All’ the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II) of the Urban society by the end of the year 2022. Under this Pradhan Mantri Yojana, they will be provided with home loan interest subsidy on purchase / construction / extension / improvement of their home.

This initiative will see two central nodal agencies viz., Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB) channelizing subsidy to the lending institutions, which in turn will help the eligible applicants to avail the subsidy.

Indiabulls Housing Finance Limited is honoured to extend the affordable housing benefits of Pradhan Mantri Awas Yojana scheme through a Credit-Linked Subsidy Scheme as a lender. You can apply for PM Awas Yojana by clicking below to check your eligibility criteria.

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  • Key Features & Benefits

    Before we summarize the features, let’s understand the meaning of beneficiaries:
    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.
     

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

      The Central Government of India had introduced Interest subsidy on residential property loan for EWS/LIG households from June 17, 2015. Under this scheme, applicants who have an annual income of up to Rs. 3 Lakhs and up to Rs. 6 lakh can apply for a loan and avail subsidy. However, the beneficiary family should not own any other pucca house in any part of India.
       

      • 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.
    • Middle Income Groups (MIG)

      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).
       

      • 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
      • 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

      * Discounting rate 9%.

    Apply Now

     

  • Indiabulls Housing Finance Ltd. Supports PMAY-CLSS

    To be able to provide ‘Housing For All’ is nothing short of a miracle in fulfilling the dreams of millions of underprivileged Indians. So, we at Indiabulls Housing Finance are more than privileged to support Pradhan Mantri Awas Yojana. We proudly provide this scheme to our customers, because we believe in being stable, strong, and trustworthy.

  • Criteria & Income Range
    Particulars EWS LIG MIG I MIG II
    Household Income (Rs. p.a) 0-3,00,000 3,00,001-6,00,000 6,00,001-12,00,000 12,00,001-18,00,000
    Eligible Housing Loan Amount for Interest Subsidy (Rs.) Up to 6,00,000 Up to 6,00,000 Up to 9,00,000 Up to 12,00,000
    Interest Subsidy (% p.a.) 6.50% 6.50% 4.00% 3.00%
    Maximum loan tenure (in years) 20 20 20 20
    Maximum dwelling unit carpet area 30 Sq. m. 60 Sq. m. 160 Sq. m. 200 Sq. m.
    Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%) 9.00% 9.00% 9.00% 9.00%
    Max. Interest Subsidy Amount (Rs.) 2,67,280 2,67,280 2,35,068 2,30,156
    Lump sum amount paid per sanctioned to PLIs in lieu of Processing Fee (Rs.) to the extent of loan amount on which subsidy is applicable. 3000 3000 2,000 2,000
    Application of scheme on existing home loans sanctioned on or after 17.06.2015 01.01.2017
    Applicability of No Pucca House Not for renovation/upgradation Yes Yes
    Woman Ownership/Co-ownership Mandatory for new acquisition, Not mandatory for existing property Not mandatory Not mandatory
    Quality of House/Flat Construction National Building Code, BIS Codes and as per NDMA Guidelines adopted
    Approvals for the Building Design Compulsory
    Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.) Compulsory
    #Note: The construction of the housing unit must be completed within the period of maximum of 36 months from the date of the disbursement of the 1st instalment / tranche of the loan amount . In the event of failure to do so or pre-closure of loan without completion of construction, the amount of credit linked subsidy is to be refunded back to the Nodal Agency.

     

  • Instant Home Loans

    This is another ground-breaking scheme from Indiabulls Housing Finance. Through this, we provide instant loans to our customers at best competitive rates to maximise the benefits for you. 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.

     

 
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