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

The primary need of a human being is a house because it provides a significant economic and social security in the society. With an aim of ensuring housing for all by 2022, and keeping in mind the different income groups of our society, the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) introduced in June 2015, the Credit Linked Subsidy Scheme, under the Pradhan Mantri Awas Yojana. Under this scheme, one is now eligible to avail attractive interest subsidies on Home loans for properties in the Urban market belonging to the Economical Weaker Section (EWS), Lower Income Group(LIG), Middle Income Group (MIG-1) and the Middle Income Group (MIG-2)

It can be availed for:

A new or resale purchase of home, for Construction or for extension or improvement of rooms, kitchen, toilets, etc. The scheme categorizes applicants into the following groups on the basis of their family’s annual income and here are the details:

Income Group Subsidy on Maximum Loan Amount Interest Subsidy% Maximum Subsidy Tenure(Years) Maximum subsidy amount Woman ownership
EWS -Upto 3 lacs 6 lacs 6.5% 20 2.67 lacs Yes *
LIG-Above 3 lacs upto 6 lacs 6 lacs 6.5% 20 2.67 lacs Yes*
MIG-1-Above 6 lacs up to 12 lacs 9 lacs 4.0% 20 2.35 lacs Not compulsory
MIG-2- Above 12 lacs up to 18 lacs 12 lacs 3.0% 20 2.30 lacs Not compulsory

*Woman ownership is not mandatory for construction and Extension

Who is eligible for this scheme?

The eligibility depends on the income group you fall in.

  • The Applicant should be a first-time home buyer and should not have a pucca house in any part of India, at the time of availing this property.
  • For EWS and LIG, it is mandatory for a female to be the property owner/ co-owner.
  • In case of a married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
  • Scheduled tribes and castes will also be eligible.
  • Senior citizens and differently abled will be given special priorities for ground floor housing.
Eligibility Income Range Carpet Area Rate of Interest Subsidy Amount
Economically weaker sections Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh
Lower Income groups Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh

Documents required

  • KYC (Know your customer) document and photograph
  • Aadhaar card
  • Salary slip or Certificate and updated Bank statement for salaried applicants
  • Income Tax Returns of last 2 years and Bank statements for self-employed applicants
  • Self-Certificate/Affidavit as proof of Income and Customer Declaration of not owning a pucca house

How to Avail the Scheme?

Check if you are eligible under the scheme and apply by completing the following instructions:

  • Go to the PMAY official website
  • Find the “Citizen Assessment” option from header menu section
  • Enter your Aadhaar card number
  • It will land you to the application page, make sure all the information filled is accurate.
  • Then download the application form and print the page
  • Submit the form at your nearest CSC office centres and financial insituation/banks along with the required documents.

Pradhan Mantri Awas Yojana- Home Loan EMI Calculator

Pradhan Mantri Awas Yojana scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through affordable EMIs. The rate of interest is subsidised than commercial rates to make it affordable.

To calculate EMI on home loan under Pradhan Mantri Awas Yojana click here and enter the following:

  • The total loan amount in rupees
  • The rate of interest
  • The total loan period in months

Once the above details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.

How Does PMAY Work Through the Borrow’s Bank?

The lender from where an individual is taking a home loan will claim the interest subsidy for the eligible borrowers from the National Housing Bank (NHB). The National Housing Bank after doing due-diligence will be credit the interest subsidy amount to the borrower’s lender account. Once the amount is credited, the money would be transferred directly to the Loan Account of the borrower.

  • IKF Housing Finance Private Limited
  • Ummeed Housing Finance Private Limited
  • West End Housing Finance Limited
  • Viva Home Finance Ltd.
  • Vastu Housing Finance Corporation Ltd
  • USB Housing Finance Corporation Ltd
  • Tata Capital Housing Finance Ltd.
  • Swarna Pragati Housing Microfinance Private Limited
  • Swagat Housing Finance Company Ltd.
  • Supreme Housing Finance Limited
  • Sundaram BNP Paribas Home Finance Ltd.
  • SRG Housing Finance Ltd.
  • Shubham Housing Development Finance Company Pvt. Ltd.
  • Shriram Housing Finance Ltd.
  • SEWA Grih Rin Ltd.
  • Saral Home Finance Ltd.
  • Sahara Housing Finance Corporation Ltd
  • Repco Home Finance Ltd.
  • Religare Housing Development Finance Corporation Ltd.
  • Reliance Home Finance Ltd.
  • RAAS Housing Finance (India) Ltd.
  • PNB Housing Finance Ltd.
  • Panthoibi Housing Finance Company Ltd.
  • Orange City Housing Finance Ltd.
  • North East Region Housing Finance Ltd.
  • Nivera Home Finance Ltd
  • New Habitat Housing Finance and Development Ltd.
  • National Trust Housing Finance Ltd.
  • Muthoot Housing Finance Company Ltd.
  • Muthoot Homefin Ltd.
  • Micro Housing Finance Corporation Ltd
  • Mentor Home Loans India Ltd.
  • MAS Rural Housing and Mortgage Finance Ltd.
  • Manappuram Home Finance Pvt. Ltd.
  • Manipal Housing Finance Syndicate Ltd.
  • Mamata Housing Finance Company Pvt. Ltd.
  • Mahindra Rural Housing Finance Ltd.
  • Magma Housing Finance
  • LIC Housing Finance Ltd.
  • L&T Housing Finance Ltd.
  • Khush Housing Finance Ltd.
  • India Shelter Finance Corporation Ltd.
  • India Infoline Housing Finance Ltd.
  • India Home Loan Ltd.
  • India Bulls Housing Finance Ltd.
  • ICICI Home Finance Company Ltd.
  • Housing Development Finance Corporation Ltd.
  • Housing and Development Corporation Limited
  • Home First Finance Company Ltd.
  • Hinduja Housing Finance Limited
  • HBN Housing Finance Ltd.
  • Habitat Microbuild India Housing Finance Company Pvt. Ltd.
  • GRUH Finance Ltd.
  • GIC Housing Finance Ltd
  • Fullerton Home Finance Company Ltd
  • Fast Track Housing Finance Company Ltd.
  • Equitas Housing Finance Pvt. Ltd.
  • Edelweiss Housing Finance Pvt. Ltd
  • DMI Housing Finance Pvt. Ltd.
  • DHFL Vyasa Housing Finance Ltd
  • Dewan Housing Finance Corporation Ltd.
  • Cent Bank Home Finance Ltd.
  • Capri Global Housing Finance Private Limited
  • Capital First Home Finance Ltd.
  • Can Fin Homes Ltd.
  • AU Housing Finance Ltd.
  • Aspire Home Finance Corporation Ltd.
  • Aptus Value Finance Corporation Ltd.
  • Aptus Value Housing Finance India Ltd.
  • Akme Star Housing Finance Ltd.
  • Aditya Birla Housing Finance Ltd.
  • Aadhar Housing Finance Ltd.
  • Vijaya Bank
  • Central Bank of India
  • State Bank of Patiala
  • United Bank of India
  • UCO Bank
  • Syndicate Bank
  • State Bank of Travancore
  • State Bank of Mysore
  • State Bank of Hyderabad
  • State Bank of Bikaner & Jaipur
  • Punjab National Bank
  • Punjab & Sind Bank
  • Oriental bank of Commerce
  • Indian Overseas Bank
  • Indian Bank
  • Dena Bank
  • Corporation Bank
  • Canara Bank
  • Bhartiya Mahila Bank Ltd.
  • Bank of Maharashtra
  • Bank of India
  • Bank of Baroda
  • Andhra Bank
  • Allahabad Bank
  • South Indian Bank Ltd.
  • Nainital Bank Ltd.
  • Lakshmi Vilas Bank
  • J & K Bank
  • Dhanlaxmi Bank Ltd
  • City Union Bank
  • Yes Bank
  • The Federal Bank Ltd.
  • Catholic Syrian Bank
  • Tamilnad mercantile Bank Ltd
  • Karur Vysya Bank Ltd.
  • Karnataka Bank Ltd.
  • ICICI bank Ltd.
  • DCB Bank Ltd.
  • Axis bank Ltd.
  • Ellaquai Dehati bank
  • Purvanchal Bank
  • Vanachal Gramin Bank
  • Uttarbanag Kshetriya Gramin Bank
  • Telangana Grameena Bank
  • Satlij Gramin Bank
  • Sarva UP Gramin Bank
  • Rajasthan Marudhara Gramin Bank
  • Meghalaya Rural Bank
  • Jharkhand Gramin Bank
  • J& K Grameen Bank
  • Bihar Gramin Bank
  • Baroda Rajasthan Kshetriya Gramin Bank
  • Bangiya Gramin Vikas Bank
  • Chaitanya Godavari Grameena Bank
  • Central Godavari Grameena Bank
  • Sarva Haryana Gramin Bank
  • Kaveri Grameena Bank
  • Punjab GRamin Bank
  • Baroda Uttar Pradesh Gramin Bank
  • Gramin Bank of Aryavart
  • Prathama Bank
  • Uttar Bihar Gramin Bank
  • Pandyan Grama Bank
  • Kashi Gomti Samyut Bank
  • Odisha Gramiya Bank
  • Madhyanchal Gramin Bank
  • Tripura Gramin Bank
  • Chhattisgarh Rajya Gramin Bank
  • Utal Grameen Bank
  • Saurashtra Gramin Bank
  • Pragathi Krishna Gramin Bank
  • Narmada Jhabua Gramin
  • Nagaland Rural Bank
  • Mizoram Rural Bank
  • Manipur Rural Bank
  • Maharashtra Gramin Bank
  • Madhya Bihar Gramin Bank
  • Langpi Dehangi Rural Bank
  • Kerala Gramin Bank
  • Karnataka Vikas Grameena Bank
  • Dena Gujarat Gramin Bank
  • Baroda Gujrat Gramin bank
  • Assam Gramin Bank
  • Arunachal Pradesh Rural Bank
  • Andhra Pradesh Grameena Vikas Bank
  • Allahabad UP Gramin Bank
  • Janta Sahakari Bank Ltd
  • The Punjab State Cooperative Bank Ltd.
  • Uttarakhand State Cooperative Bank Ltd.
  • Shree Panchganag Nagari Sahakari Bank Ltd.
  • Kerala State Co-Operative Bank Ltd.
  • Karad Urban Co-operative Bank Ltd.
  • Meghalaya Co-Operative Apex Bank Ltd
  • Sangli Urban Co-Operative Bank Ltd.
  • The Surat People’s Cooperative Bank Ltd.
  • The Goa State Co-Operative Bank Ltd.
  • Sikkim State Co-Operative Bank Ltd.
  • Shikshak Sahakari Bank Ltd.
  • Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.
  • Odisha State Cooperative Bank
  • Nutan Nagarik Sahakari Bank Ltd.
  • Mizoram Cooperative Apex Bank Ltd.
  • Mehsana Urban Co-Operative Bank Ltd.
  • Mahanagar Co-Operative Bank Ltd.
  • Kalupur Commercial Co-operative Bank Ltd.
  • Jharkhand State Co-Operative Bank Ltd.
  • J&K State Cooperative Bank
  • Cosmos Co-operative Urban Bank Ltd.
  • Cosmos Co-operative Urban Bank Ltd.
  • Chhattisgarh Rajya Sahakari Bank Maryadit
  • Bihar State Co-operative Bank Ltd.
  • Jalgaon Janata Sahakari Bank Ltd.
  • Sarvodaya Commercial Co- operative Bank
  • Citizen Credit Co-op Bank Limited
  • The Nawangar Co-operative Bank Ltd.
  • The Greater Bombay Co- operative Bank Ltd.
  • The Bharat Co-operative Bank (Mumbai) Ltd.
  • The West Bengal State Co- operative Bank Ltd.
  • The Kalyan Janata Sahakari Bank Ltd.
  • The Gujarat State Co-operative Bank Ltd
  • The Ahmedabad Mercantile Co- operative Bank Ltd.
  • Shri Mahila Sewa Sahakari Bank Ltd.
  • Rajkot Nagarik Sahakari Bank Limited
  • Punjab & Maharashtra Co- operative Bank Ltd
  • Prime Co-operative Bank Ltd.
  • Bombay Mercantile Co-operative Bank

Pradhan Mantri Awas Yojana Toll Free Helpline Number

In case of any queries relating to the PMAY scheme, customers can contact the Pradhan Mantri Awas Yojana toll free helpline number:

1800-11-6163 (Urban, HUDCO)
1800-11-3388 (Urban,NHB)
1800-11-3377 (Urban,NHB)
1800-11-6446 (Gramin)

FAQs on Pradhan Mantri Awas Yojna

Who Can Avail the Subsidy Under Credit Linked Subsidy Scheme (CLSS)?

The beneficiary family should not own a house in any part of India and income should be subject to the income criteria listed for the family.

As a transgender can I apply?

Transgenders at times belong to the low income groups. As long as they also cover all the other eligibility requirements, such as documentation or a single applicant from a family, this demographic is covered under this scheme. However, if you are not in the income groups regretted by the scheme, you will not be eligible for the scheme.

What Is The Definition Of Beneficiary Family?

The beneficiary family will comprises of husband, wife and unmarried children. (In MIG category, an adult earning member irrespective of marital status can be treated as a separate household.)

What Are The Income Norms For EWS, LIG And MIG Categories?

Income Group Subsidy on Maximum Loan Amount Interest Subsidy% Maximum Subsidy Tenure(Years) Maximum subsidy amount Woman ownership
EWS -Upto 3 lacs 6 lacs 6.5% 20 2.67 lacs Yes *
LIG-Above 3 lacs upto 6 lacs 6 lacs 6.5% 20 2.67 lacs Yes*
MIG-1-Above 6 lacs up to 12 lacs 9 lacs 4.0% 20 2.35 lacs Not compulsory
MIG-2- Above 12 lacs up to 18 lacs 12 lacs 3.0% 20 2.30 lacs Not compulsory

Is This Scheme Applicable For Properties In Rural Areas?

Yes.

What do you mean by carpet area in Pradhan Mantri Awas Yojana?

Area that is enclosed within the walls is called the carper area. This area does not add the thickness of inner walls. It is the wall-to-wall area from inside.

Is Woman Ownership Mandatory To Be Eligible For This Subsidy?

For EWS and LIG category of family, woman ownership or co-ownership is mandatory. However, this condition is relaxed for self construction/extension for MIG categories.

What Is The Process Of Claiming Interest Subsidy?

Once the home loan is disbursed, the required details are sent by the lender to the Nodal Agency for validation of data and other checks. After necessary due diligence, subsidy to eligible borrowers is disbursed in the loan account upfront.

How Will I Receive The Interest Subsidy Benefit?

Once the home loan is disbursed, the lender will claim subsidy for eligible borrowers from the Nodal Agency.The Nodal agency after doing the due diligence would approve & credit the subsidy amount to the home loan account for all eligible borrowers.
The subsidy will be calculated on the NPV (Net Present Value) method at a discount rate of 9%.
On receipt of subsidy amount from the Nodal Agency , same is credited to respective home loan account of the borrower and EMI/Tenure is reduced accordingly.

What Happens When The Subsidy Has Been Disbursed But Due To Certain Reasons, The Construction Of The House Is Stalled?

In all such cases, the subsidy is to be recovered and refunded to the Central Government.

Can A Beneficiary Family Get A Loan Term Beyond 20 Years?

Yes, beneficiary can avail a longer term beyond 20 years as per lender’s product norms but the subsidy will be restricted to a max term of 20 years.

Is There Any Limit On The Loan Amount Or The Cost Of The Property?

No. The subsidy will be limited to the loan amount defined as per the category and additional amount will be at actual rate of interest.

How Will The Interest Subsidy Work In Case I Transfer My Home Loan To Another Lender?

In case a borrower who has taken a housing loan and availed of interest subsidy under this scheme but later on switches to another lending institution for balance transfer, such borrowers will not be eligible to claim the benefit of this scheme again.

Where Can I Apply For Credit Linked Subsidy Scheme (CLSS)?

You can apply for housing loan under CLSS at any of the banks, Housing Finance Companies give here.

Do I Have To Give Any Additional Documents To Avail This Subsidy?

No, there are no additional documents except a self declaration of not owning a pucca house in the prescribed format.

Can NRIs also Avail This Subsidy?

Yes.