A "low interest" loan shouldn't mean you have very little interest in paying it back!
PMAY or Pradhan Mantri Awas Yojana has been established by the Government of India to offer affordable houses to various sections of the society. This scheme offers interest subsidy on the home loans taken by individuals belonging to EWS (Economically Weaker Section), LIG (Low Income Group), and MIG 1 & 2 (Middle Income Group 1 & 2). The PMAY scheme was launched in the year 2015.
The maximum interest subsidy that can be availed under this scheme stands at 6.5% for a loan tenure of 20 years. The housing finance company may provide a home loan for a longer tenure but the interest subsidy can be availed only for 20 years.
| Criteria | (CLSS – EWS +LIG) | CLSS (MIG-I) | CLSS (MIG-II) |
| Applicability | Loans approved on/after 17/06/2015 | Loans approved on/after 01/01/2017 | Loans approved on/after 01/01/2017 |
| Validity | 31/03/2022 | 31/3/2021 | 31/3/2021 |
| Property should be Family’s | 1st home | 1st home | 1st home |
| Max term of loan (on which subsidy will be calculated) | 20 years | 20 years | 20 years |
| NPV Discount Rate | 9.00% | 9.00% | 9.00% |
| Subsidy Amount | Rs.2,67,280 | Rs.2,35,068 | Rs.2,30,156 |
| Subsidy% | 6.50% | 4.00% | 3.00% |
| Max Loan Amount for Subsidy | Up to Rs.6 lakh | Up to Rs.9 lakh | Up to Rs.12 lakh |
| Woman Ownership | Required for new acquisition (No need for existing property) | No | No |
| Location | All statutory towns as per Census 2011 and towns notified subsequently | All statutory towns as per Census 2011 and towns notified subsequently | All statutory towns as per Census 2011 and towns notified subsequently |
| Property Area (Carpet Area) | 30/60 sq.m. | 150 sq.m. | 200 sq.m. |
| Household/ Annual Income (Rs.) | Up to Rs.6 lakh | Rs.6.01 lakh to Rs.12 lakh | Rs.12.01 lakh to Rs.18 lakh |
| Guidelines | Download files (pdfs) |
|---|---|
| ARHC Operational Guideline | Download from here |
| Amendments in guidelines of Pradhan Mantri Awas Yajana (Urban) Mission- regarding. | Download from here |
| Advisory for all States/UT’s on Geo-Tagging of ‘Beneficiary led Individual House Construction’ component of the Mission. | Download from here |
| Amendments in guidelines of Pradhan Mantri Awas Yajana (Urban) Mission- regarding. | Download from here |
| Increase in the carpet area of houses eligible for interest subsidy under the Credit link Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (Urban) June-2018 | Download from here |
| Revised Operational Guidelines for construction of Demonstration Housing Projects (DHPs) in the States/UTs. | Download from here |
| Amendments in guidelines of Pradhan Mantri Awas Yojana(Urban)Mission and their effective date of implementation. | Download from here |
| Amendments In Pradhan Mantri Awas Yojana (urban) – Housing For All Mission Guidelines Jan 2018 (Hindi Version) | Download from here |
| Amendments In Pradhan Mantri Awas Yojana (urban) – Housing For All Mission Guidelines Jan 2018 | Download from here |
| Amendments In Pradhan Mantri Awas Yojana (urban) – Housing For All Mission Guidelines June 2017 | Download from here |
| Reference Guide For Third Party Quality Monitoring | Download from here |
| PMAY(U) Passbook for BLC beneficiaries (Hindi) | Download from here |
| PMAY(U) Passbook for BLC beneficiaries (English) | Download from here |
| Operational guidelines for construction of Demonstration Housing Projects (DHPs) in the States/UTs using Green and Emerging Technologies under the Capacity Building initiative of PMAY(U) | Download from here |
| Reference Guide for Third Party Quality Monitoring under PMAY (U)- HFA Mission | Download from here |
| Social Audit Guidelines- 2017 | Download from here |
| Capacity Building Activities (Norms, Fund Disbursal Processes and Plan Templates) | Download from here |
| Draft reference Guide for Third Party Quality Monitoring under PMAY (U) - HFA Mission | Download from here |
| Operational Guidelines- Credit Linked Subsidy Scheme for EWS/LIG | Download from here |
| Amendments in guidelines of Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (Urban) Mission | Download from here |
| Operational guidelines for the new Scheme of Credit Linked Subsidy Scheme for Middle Income Group (MIG) {CLSS for MIG}-January 2017 | Download from here |
| Geotagging Operational Guidelines | Download from here |
| Amendments in the Guidelines of Pradhan Mantri Awas Yojana (PMAY)-HFA (U) Mission 21st June 2016 | Download from here |
| PMAY Application Form (Survey Form 4A and 4B) | Download from here |
| Amendments in the Guidelines of Pradhan Mantri Awas Yojana (PMAY)-HFA (U) Mission 25th May 2016 | Download from here |
| Revised Pradhan Mantri Awas Yojana Guidelines (Hindi) | Download from here |
| Revised Pradhan Mantri Awas Yojana Guidelines (English) | Download from here |
| Amendment in Pradhan Mantri Awas Yojana (PMAY) - Housing for All (Urban) Mission Guidelines Issued on 09 November, 2015 | Download from here |
| Amendments in Pradhan Mantri Awas Yojana (PMAY) - Housing for All (Urban) Mission Guidelines Issued on 10 September, 2015 | Download from here |
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