Pradhan Mantri Awas Yojna Home Loan

Pradhan Mantri Awas Yojna Credit Linked Subsidy Scheme (PMAY-CLSS) aims to provide affordable housing for all by 2022 whether individual is in Urban or Rural also termed as Gramin. Urban Schemes are identified as PMAY-U and rural as PMAY-G. The prime objective of scheme is providing low-cost pucca house. Program aims to uplift certain segments of the society and provide them with housing options. Segments like Senior Citizens, Differently abled, Widows, Minorities and Others.

PMAY Benefit Mandatory Checklist

  • Aadhaar Card
  • Agreement of property needs to be registered.
  • Only for new houses purchase or construction of new house; & not for repair/renovations.
  • Should not own a Pucca house registered in your name anywhere in country.
  • You should be residing in eligible location under PMAY.
  • Annual Income should be less than Rs. 18L/-
  • Benefit from any of the Government announced housing scheme should not be availed by you or family.

PMAY Gramin - Eligibility Criteria

Beneficiaries are selected through data available under SECC 2011 – Socio-Economic & caste census conducted to capture details of weaker section of India. The applicant cannot willingly apply through any form or entry or application scheme directly, the beneficiary under PMAY-G is selected by Gram Sabha, this done to avoid duplication by beneficiaries and to extend scheme to rightful and in-need. The scheme is extended to beneficiaries belonging to Below poverty line or Low Income Group or Economical Weaker sections with annual family income between 3 to 6. The list of eligible applicants are

PMAY Urban - Eligibility Criteria

Details EWS / LIG MIG-1 MIG-2
Annual Household Income >=600,000 6 to 12 Lakh 12 to 18 Lakh
Max Loan Tenure 20 Yrs 20 Yrs 20 Yrs
Max Loan Amount 6 Lakh 9 Lakh 12 Lakh
Rate Subsidy 6.50% 4.00% 3.00%
Max Carpet Area 60 sq. mtr 160 sq. mtr 200 sq. mtr
Discount % for calculating NPV 9% 9% 9%
Max Interest Subsidy Rs. 2.67 Lakh Rs. 2.35 Lakh Rs. 2.3 Lakh
Women Ownership Mandatory Non-Mandatory Non-Mandatory
Loan Purpose New home purchase / Self-Construction / Extension New home purchase / Self-Construction New home purchase / Self-Construction
Validity 31st March 2022 31st March 2020 31st March 2020
Locations 17,778 Towns Urban 2011 Urban 2011

PMAY Programme Specific

  • PMAY-U aims at servicing Urban weaker section with affordable homes - – Slum rehabilitation in synergy with private property developers.
    – Provides subsidy if individual house enhancement or construction led by beneficiary.
    – CLSS an abbreviation for Credit Link Subsidy Scheme, it’s a scheme for development of affordable homes for economically weaker segments.
    – Through Public Private synergy aims at providing affordable homes.
  • How to Apply for PMAY? – PMAY-U can be applied through online as well offline mode through local CSC – common service centers established by MOHUA
  • PMAY-G aim at servicing rural weaker section staying in derelict homes or they do not have house. – Aims to get a Pucca house to the needy.
    – Scheme aims to deliver by year 2022.
  • How to Apply for PMAY? – PMAY-G - Beneficiaries are selected through data available under SECC 2011 – Socio-Economic & caste census conducted to capture details of weaker section of India. The final list will be short-listed by Gram Sabha

PMAY-CLSS Financial Bifurcation

PMAY - Urban (PMAY-U)

Aims to assist slum dwellers residing in small area with more than 300 people and round 60-70 families, live in congested lodging and does not have proper sanitary benefits

  • Through Public Private synergy aims at providing affordable homes, provides grant up-to Rs. 150,000 for economic weaker sections
  • Provides subsidy if individual house enhancement or construction led by beneficiary up-to Rs. 150,000 for economic weaker sections
  • Slum rehabilitation in synergy with private property developers for economical weaker sections gets grant of Rs. 100,000 per house
  • CLSS an abbreviation for Credit Link Subsidy Scheme, it’s a scheme for development of affordable homes for economically weaker segments and LIG segments can borrow from Banks / NBFCs / Other institutions for new construction of home or for enhancement of existing home. Grant of Rs. 600,000 at 6.5% subsidy for max 20 years loan duration
  • For more information – National Housing Bank or PMAY-CLSS Awas Portal

PMAY - Gramin (PMAY-G)

It covers approximately one crore households that are currently in a kutcha state. The minimum size of the house constructed under Pradhan Mantri Awas Yojana (Gramin) is 25 sq.m. It also extends financial assistance to those who are residing Below Poverty Line (BPL) in order to help them build these houses.

  • House in plain areas, gets grant of Rs. 120,000
  • Houses in uneven terrains, hill states or inaccessible area, gets grant of Rs.130,000
  • Under Swachh Bharat programme (SBM) and MRNREGS, gets grant of Rs. 12,000 and up-to 90/95 days un-skilled labour cost
  • Grant for loan amount of Rs. 600,000 at 6% interest rate and if loan amount is less than Rs. 2,00,000 then 3% as an interest rate. In case loan exceeds Rs. 600,000 then prevailing market interest rate will be applicable
  • The permissible unit size under PMAY-G is 25 sq.m. Individual Below Poverty Line can also avail grant under PMAY-G to build home

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