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  • Pradhan Mantri Awas Yojana in Axis Bank

    Pradhan Mantri Awas Yojana (PMAY) is an initiative implemented by the Government of India with the intention of providing affordable housing to the urban and rural poor of the country. PMAY aims at building over 20 million houses by March 2022. Under this scheme, the government provides a subsidy on home loan interest rates for eligible individuals. This is also referred to as Credit Linked Subsidy Scheme (CLSS). CLSS provides a interest subsidy to individuals that belong to three groups, namely, Economically Weaker Section (EWS), Lower Income Group (LIG), and MIG (Middle Income Group)

    Axis bank pradhan mantri awas yojana eligibility criteria

    Criteria MIG – I MIG – II EWS & LIG
    Maximum household income p.a. Rs.6 lakh – Rs.12 lakh Rs.12 lakh – Rs.18 lakh Up to Rs.6 lakh
    Maximum carpet area 120 square meters 150 square meters No restriction
    Maximum loan amount eligible for the subsidy Rs.9 lakh Rs.12 lakh Rs.6 lakh
    Maximum tenure 20 years 20 years 20 years
    Interest subsidy p.a. 4% 3% 6.50%
    Maximum subsidy amount Rs.2.35 lakh Rs.2.30 lakh Rs.2.67 lakh
    Mandatory woman ownership Not mandatory Not mandatory Mandatory

    Credit linked subsidy scheme (CLSS) calculator

    A credit linked subsidy scheme calculator will not only determine if your household is eligible for an interest subsidy, but will also give you detailed information about the loan. By entering basic details of the loan, such as loan tenure, loan amount, and household income, the calculator will point out the maximum loan amount that is eligible for the interest subsidy, the total interest that needs to be paid throughout the tenure of the loan, the maximum carpet area eligible for the loan, etc.


    1. What are the basic eligibility criteria to avail this scheme?
    2. The beneficiary family should not own a house in any part of the country. However, the family must also meet the criteria mentioned in the table above.

    3. Who comprises a beneficiary family?
    4. A beneficiary family comprises of a wife, husband, and unmarried children. An adult earning member who is a part of the family, irrespective of marital status, can be considered to be a separate household.

    5. Is the PMAY scheme available for properties located in rural areas?
    6. As of today, properties in rural areas are not covered under the PMAY scheme.

    7. Is it mandatory for a woman to own or co-own a property in order to avail the PMAY scheme?
    8. In the case that the beneficiary belongs to EWS or LIG category, a woman has to own or co-own the property in order to avail the scheme. However, if the beneficiary belongs to the MIG category, it is not mandatory for a woman to own or co-own the property.

    9. How do beneficiaries receive the interest subsidy?
    10. After the housing loan is disbursed, Axis Bank would reach out to NHB (National Housing Bank) to claim subsidy for eligible borrowers. After NHB approves this, the subsidy would be calculated and will be credited to the respective loan account.

    11. In the event that the subsidy has been disbursed but the construction of the property is stalled, what happens?
    12. In this case, the subsidy will be retrieved from the loan account and refunded to the Government.

    13. Is it possible to avail a home loan with a tenure of over 20 years?
    14. Although it is possible to obtain a home loan for a tenure beyond 20 years, a beneficiary can avail the interest subsidy only to a maximum of 20 years.

    15. Is there any limit on the loan amount that can be availed?
    16. Although there is virtually no limit on the loan amount that can be availed, the interest subsidy will only be provided for a capped loan amount, depending on the category the beneficiary belongs to.

    17. How does a beneficiary apply for CLSS?
    18. A beneficiary can apply for CLSS by visiting any of the Axis Bank branches across the nation.

    19. Are there any additional documents required in order to avail the scheme?
    20. You would require the same documents as you would for a regular home loan.

    21. Are NRIs eligible for this scheme?
    22. Yes, NRIs who meet the eligibility criteria are also eligible to avail this scheme.


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