Introduction
The Pradhan Mantri Awas Yojana (PMAY) was introduced with a vision of providing “Housing for all”, to address the urban housing shortage among the Economically Weaker Section (EWS) / Lower Income Group (LIG) and Mid-Income Group (MIG) categories, to ensure a ‘pucca’ house to all eligible urban households, by the year 2022.
As part of the mission, the government rolled out various schemes and one of them is the Credit Linked Subsidy Scheme (CLSS), aimed at offering subsidies on Home Loans availed for:
- Purchase of a new or old residential house
- Construction of a residential house
- Purchase of land and construction of a residential unit
- Extension of the existing residential unit.
, you can avail the benefits of the Credit Linked Subsidy Scheme under PMAY. The objective of CLSS is to extend affordable housing and expand institutional credit outflow to the housing needs of the urban poor. Any person from the EWS/LIG/MIG, can avail the interest subsidy, subject to meeting the PMAY eligibility criteria:
The CLSS details are categorised based on the income groups, as listed below:
| Particulars | EWS | LIG | MIG I | MIG II |
|---|---|---|---|---|
| Scheme Duration | Jun 17, 2015 to Mar 31, 2022 | Jan 01, 2017 to Mar 31, 2021 | ||
| Household Income (Rs.) | Up to 3,00,000/- | 3,00,001/- to 6,00,000/- | 6,00,001/- to 12,00,000/- | 12,00,001/- to 18,00,000/- |
| Subsidy Amount | 2.67lkh | 2.67lkh | 2.35lkh | 2.30lkh |
| Interest Subsidy (% p.a.) | 6.5% | 4.0% | 3.0% | |
| Maximum Loan Tenure | ||||
| 20 years | ||||
| Eligible Housing Loan Amount for Interest Subsidy (Rs)* | 6,00,000/- | 9,00,000/- | 12,00,000/- | |
| Dwelling Unit Carpet Area (Up to) in sq. m | Up to 30 sq.m | Up to 60 sq.m | Up to 160 sq.m | Up to 200 sq.m |
| Discounted Rate for Net Present Value (NPV) calculation | 9% | |||
# The beneficiary, at his/her discretion, can build a house of a larger area but the interest subvention would be limited to Rs 6 lakh, only.
* Loans beyond this limit will not get interest subvention.
What is the Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)?
The Credit Linked Subsidy Scheme (CLSS) was launched byour Honourable Prime Minister Shri Narendra Modi under the Pradhan Mantri Awas Yojana (PMAY). The scheme is a part of the mission of providing “Housing for all” for the urban poor.
Under the CLSS scheme, Economically Weaker Sections (EWS) / Lower Income Groups (LIG) / Middle Income Groups (MIG), can be eligible for interest subsidy on Home Loans taken for the purchase or construction of a house.
When was the PMAY scheme launched by the government?
The PMAY scheme was introduced by the Honourable Prime Minister Shri Narendra Modi on Jun 17, 2015.
Who can avail the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS)?
Any individual belonging to the EWS / LIG / MIG can apply for the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS).
- Economically Weaker Sections (EWS), with an annual household income not more than Rs 3 lakh
- Low Income Groups (LIG), with an annual household income not more than Rs 6 lakh
- Mid-Income Groups (MIG), with an annual household income between Rs 6 Lakh to Rs 18 lakh.
How will I receive the benefit of the interest subsidy under the Credit Linked Subsidy Scheme (CLSS) of PMAY?
- Once you submit the application for the interest subsidy benefit, the Bank will forward your application to the National Housing Bank (NHB)
- The NHB will conduct an assessment and exclude claims where a customer has submitted multiple requests
- For all PMAY eligible borrowers, the subsidy amount is paid to the Bank
What are the categories of customer profiles for which the subsidy under the PMAY scheme is applicable?
Both salaried and self-employed customers are applicable customer profiles under the PMAY- CLSS scheme.
What is the maximum tenure for which the subsidy under the PMAY scheme is applicable?
The loan under the Pradhan Mantri Awas Yojana – CLSSS is available for a tenure of 20 years.
How will my eligibility for a loan be assessed?
The PMAY loan eligibility is assessed based on the internal guidelines and processes of the Bank. You can use the Pradhan Mantri Awas Yojana Calculator to assess the subsidy loan amount. The borrower will be required to produce documents for the PMAY scheme, including ID proof, Address proof, income documents and existing loan details, among others. PAN Card issued in India is no longer considered a valid proof of identity.
Is there any limit on the amount of loan that can be borrowed through the Credit Linked Subsidy Scheme (CLSS) under PMAY?
No. There is no limit on the amount of loan that can be borrowed through CLSS under the PMAY scheme.
Where can I apply for a Credit Linked Subsidy Scheme (CLSS)?
You can apply for CLSS with ICICI Bank, by following the steps below:
- Click here (https://www.icicibank.com/managed-assets/docs/personal/loans/pmay-self-declaration.pdf), to download the self-declaration form
- Fill the self-declaration form, and submit the same at any ICICI Bank that is nearest to you
- Carry original documents of your proof of ID. PAN Card issued in India is no longer considered a valid proof of identity.
- An Aadhaar number is mandatory to avail the subsidy. We request you to carry the original Aadhaar Card of all the members in your family.
Are there any additional eligibility norms apart from income, first pucca house and carpet area norms?
Apart from conditions like the first pucca house and carpet area norms, the property will be entitled for interest subsidy, if it satisfies the basic amenity requirements, such as water, sanitation, sewerage, road, electricity etc.
What is the applicable interest subsidy and the loan amount for the Pradhan Mantri Awas Yojana?
For EWS / LIG income group category, the Home Loan interest subsidy offered is 6.50% p.a. on the loan amount of up to Rs 6 lakh. For the MIG I and MIG II income group category, the interest subsidy is 4% p.a. and 3% p.a. on the maximum loan amount of Rs 9 lakh and Rs 12 lakh, respectively.
What are the income norms for EWS and LIG categories?
To meet the PMAY eligibility, beneficiaries falling under EWS and MIG income groups should meet following the income norms:
- EWS households/individuals, with an annual income up to Rs 3.00 lakh
- LIG households/individuals, with an annual income more than Rs 3.00 lakh and up to Rs 6.00 lakh
- MIG I households/individuals, with an annual income more than Rs 6.00 lakh and up to Rs 12.00 lakh
- MIG II households/individuals, with an annual income more than Rs 12.00 lakh to INR 18.00 lakh
What is the size of dwelling units under the Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana?
The EWS / LIG / MIG applicants can apply for Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana for the purchase / construction / extension / refurbishment of a house. The size of dwelling units should be as below, as per different categories:
- EWS / LIG: The carpet area should be up to 30 sq. mts., but not extending beyond 60 sq. mts.
- MIG I: The carpet area should be 160 sq. mts.
- MIG II: The carpet area should be 200 sq. mts.
Do I have to give any additional documents to avail the Pradhan Mantri Awas Yojana subsidy?
No. There is no requirement for submitting additional documents to apply for the Pradhan Mantri Awas Yojana subsidy.
Is it mandatory to fetch Aadhaar Card details for all the members of the beneficiary family?
Yes. For all schemes, the Aadhaar Card is mandatory. If you are qualified for the PMAY CLSS for MIG I and MIG II schemes, it is necessary to provide Aadhaar Card details of all the family members.
I have a small business; can I avail a Home Loan under the Pradhan Mantri Awas Yojana?
Yes. If you fall under any of the EWS / LIG / MIG categories, you can apply for a Home Loan under the PMAY scheme.
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