Are you eligible to book a home under PMAY?

The Pradhan Mantri Awas Yojana (PMAY) is a government initiative intended to provide low-cost housing to the economically weaker sections of society. Its objective is to provide affordable housing to individuals below a certain income group by providing a subsidy on home loans.

Subsidy classification of PMAY

CLSS	Max. area	Max. loan amount	Subsidy on interest	Maximum subsidy	Loan tenure	Max. household income
MIG - II	110 sq. meter	Rs.12 lakh	3% p.a.	Rs.2.30 lakh	20 years	Rs.12 – 18 lakh
MIG	90 sq. meter	Rs.9 lakh	4% p.a.	Rs.2.35 lakh	20 years	Rs.6 – 12 lakh
LIG	60 sq. meter	Rs.6 lakh	6.5% p.a.	Rs.2.67 lakh	20 years	Rs.3 – 6 lakh
EWS	30 sq. meter	Rs.6 lakh	6.5% p.a.	Rs.2.67 lakh	20 years	Rs.0 – 3 lakh

PMAY eligibility

Mentioned below are the eligibility criteria to avail a PMAY subsidy:

• Any individual who is a first-time homebuyer that doesn’t have any property in his/her name
• In case of an unmarried applicant, his/her parents must not own a property in any part of India
• In case of a married applicant, his/her spouse or kids must not own a property in any part of India
• For applicants under LIG or EWS, a woman co-applicant is mandatory to avail the benefits of PMAY
• The applicant and his family should not have availed any housing scheme, including PMAY, previously
• The beneficiary can obtain the home loan only for construction/improvement/purchase of a home

Documents required to obtain the benefits of PMAY

• Aadhaar card
• Sanction letter for the loan
• PAN card
• Buyer builder agreement or ATS copy
• Stamp paper / affidavit

How long does it take to obtain a subsidy under PMAY?

On an average, it may take anywhere between 3 – 4 months to get your application approved.

The PMAY scheme has already helped homebuyers obtain home loans at a subsidised rate, causing a boom in the real estate market. The PMAY scheme is also causing home loan interest rates in banks to drop, indirectly making homes affordable to everybody.

Pradhan Mantri Awas Yojana - Everything there is to know about CLSS

Pradhan Mantri Awas Yojana - Housing for all, is an initiative launched by the Government of India wherein, affordable housing will be provided to the urban poor of the country. The scheme itself has various components of which, the Credit Linked Subsidy Scheme is the most popular. Under this scheme, beneficiaries can avail a subsidy on the interest component of a home loan of up to Rs.2.67 lakh.

However, before you get too excited, there are a few things that you need to consider first. For instance, the scheme is directed primarily towards the people belonging to the Lower Income Groups (LIG), Middle Income Groups (MIG), and Economically Weaker Sections (EWS).

Furthermore, there are three prerequisites that have to be fulfilled before you commence your application to avail the benefits of the CLSS. They are:

1. You or your family should not own an all-weather house in any part of the country.
2. You or your family should not have taken assistance from the Central Government for any housing scheme or applied for the benefits under the PMAY.
3. In case you are married, you and your spouse will be eligible for a single subsidy, irrespective of the ownership status of the house.

After fulfilling these three conditions, the next thing that you need to consider is the income criteria. The maximum interest subsidy that can be availed depends on the annual income of the applicant and the category to which they belong.

• The cap on annual income for those belonging to the EWS and LIG is Rs.6 lakh.
• For the MIG 1 category, the maximum household income should not be more than Rs.12 lakh.
• For the MIG 2 category, the maximum household income should not exceed Rs.18 lakh.

In addition to these, factors like maximum loan amount, maximum carpet area, et cetera, are also taken into consideration when it comes to Credit Linked Subsidy Scheme. This has been explained in the table mentioned below:

Category	Maximum Carpet Area (in Square Metres)	Interest Subsidy (%)	Maximum Loan Amount Considered for Subsidy Calculation, in Rupees	Maximum Subsidy, in Rupees
EWS and LIG	60 sq. mt.	6.50%	Rs.6 lakh	Rs.2.67 lakh
MIG 1	120 sq. mt.	4.00%	Rs.9 lakh	Rs.2.35 lakh
MIG 2	150 sq. mt.	3.00%	Rs.12 lakh	Rs.2.30 lakh

Under the scheme, all the Statutory Towns are covered as per the 2011 Census, along with subsequently notified towns. Regardless of where you live in India, you will be able to avail the benefits of the Credit Linked Subsidy Scheme, provided you meet the aforementioned criteria.

The home loan under the CLSS can be taken for any housing purpose - purchase, construction or enhancement of an existing house. The interest subsidy is calculated only on the maximum home loan amount mentioned for the specific categories and is valid for the duration of your entire tenure. For any home loan taken beyond the specified limits, non-subsidised interest rates will be levied.

More details about the PMAY and the CLSS can be found on the official website of the scheme.