Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)

The Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. This scheme envisages the vision of housing for all by the year 2022. With ICICI Bank, you can avail the benefits of the Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana.

Under this scheme, an interest subsidy on purchase, construction, extension or improvement of a house is provided to customers belonging to the Economically Weaker Sections (EWS), Low Income Groups (LIG) or Middle Income Groups (MIG).

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Prominent features


Subsidy benefit	Extended loan tenure	No limit on loan	Option for additional loan
Interest subsidy benefits up to ₹2.67 lakh*	Loan repayment tenures of up to 20 years.	No cap on the amount of the loan or on the cost of your property	An option to avail additional loans at non-subsidised rates.

Eligibility Criteria

Your eligibility to avail the benefits under the Pradhan Mantri Awas Yojana (PMAY) scheme from ICICI Bank is basis the below mentioned parameters:

Type of scheme	EWS/LIG	MIG – I	MIG – II
Family income (₹)	EWS – 0 to Rs. 3, 00,000 LIG – 3,00,001 to Rs. 6,00,000	6,00,001 to 12,00,000	12,00,001 to 18,00,000
Carpet Area-Max (sq. m.)	30 sqm / 60 sqm	160	200
Maximum amount of the loan on which subsidy is calculated (₹)	₹6,00,000	₹9,00,000	₹12,00,000
Interest subsidy (%)	6.50	4.00%	3.00%
Maximum subsidy (₹)	₹2.67 lakh	₹2.35 lakh	₹2.30 lakh
Validity of scheme	March 31, 2022	March 31, 2021	March 31, 2021
Ownership of the property by a woman	Mandatory*	Non Mandatory	Non Mandatory

Other important things to note about the eligibility criteria

If you are the beneficiary, your family should not own a pucca house in your name or in the name of any member of your family in any part of India.
In case of a married couple, either of the spouses or both the spouses together in joint ownership will be eligible for a single subsidy.
The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

Check your Eligibility

The process to avail the subsidy under the PMAY scheme

If you are eligible for the subsidy under the PMAY scheme and if you have not availed the same while taking a home loan from us, you can submit your request separately. We will review your request for claiming the subsidy and then submit the claim to the National Housing Bank.

Please follow the process outlined below:

Click here to download the Self Declaration form
Submit the form, duly filled, at the asset servicing branch of ICICI Bank that is nearest to you. Click here to view the nearest asset servicing branch.
Please carry the original document of your proof of ID.
Aadhaar number is mandatory to avail of the subsidy. So, we request you to carry the original Aadhaar card of all the members in your family.

Important points:

You need to provide the correct details of the members in your family.
The signatures of all the applicants and co-applicants (wherever applicable) are required on the Self Declaration Form.
The subsidy is subject to approval and clearance from the National Housing Bank.

Beneficiaries under the PMAY scheme

This scheme is offered to families comprising of husband, wife and unmarried children. An adult earning member, irrespective of their marital status, can be treated as a separate household in the MIG category.

The family should not own a pucca house in the name of the beneficiary or in the name of any member of the family of the beneficiary, in any part of India.

Frequently Asked Questions (FAQs)

What is the Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)?

The Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) is a scheme launched by our Honourable Prime Minister Shri Narendra Modi for customers belonging to the Economically Weaker Sections (EWS), Low Income Groups (LIG) and Middle Income Groups (MIG-I and MIG-II).

The beneficiaries under this scheme would be eligible for a subsidy on the interest for housing loans taken for the purchase, construction, extension or improvement of a house.

Who can avail the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS)?

The family of the beneficiary should meet the following conditions in order to be eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.

The beneficiary should be a family comprising of the husband, wife and unmarried children.
The beneficiary can also be an unmarried individual who is an earning member of the family.
The beneficiary should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
The beneficiary should meet the criteria related to the levels of family income as defined for the various categories under the scheme.
The beneficiary should not have received central assistance under the ‘Housing for all by 2022’ mission.
For beneficiaries belonging to the EWS and LIG categories, ownership of the property under consideration by a woman is mandatory for all cases, except where the land is already owned by the customer prior to June 17, 2015 and the loan is availed only for self-construction of a house over the self-owned land.
The property must have basic trunk infrastructure such as supply of water, supply of electricity and drainage or sanitation facilities.

As per the amendment in the guidelines, the definition of the term ‘beneficiary’ has been broadened to include an adult earning member (irrespective of their marital status) subject to certain provisos. This amendment makes such a person eligible to apply for the PMAY-Urban Mission under the CLSS scheme for MIG. Subsequently, this definition of the term 'beneficiary' was also made applicable to the entire PMAY-Urban scheme.

How will I receive the benefit of the interest subsidy under the Credit Linked Subsidy Scheme (CLSS) of PMAY?

ICICI Bank will claim the benefit of the subsidy for eligible borrowers from the National Housing Bank (NHB). The NHB will then conduct due diligence to exclude claims where the customer has submitted multiple requests.

For all eligible borrowers, the amount of subsidy would be paid to us. Once we receive the interest subsidy, we will credit it upfront to the loan account of the eligible borrower. The subsidy will be calculated on the Net Present Value (NPV) at a discount rate of 9%.

For example, you avail a loan for ₹8,00,000 and the subsidy works out to be ₹2,20,000. The amount of subsidy (₹2,20,000) would be reduced upfront from the loan (i.e., the amount of the loan would reduce to ₹5,80,000). You would pay EMIs on the reduced amount of ₹5,80,000.

Note: The above example is for illustrative purpose only and the amount of subsidy* will depend on the actual amount received or on any changes done by the NHB regarding the same.

Is this rate applicable only for first-time home buyers?

Yes, as per the criteria mentioned in the PMAY scheme, this rate is applicable only for first-time buyers purchasing pucca houses.

What are the categories of customer profiles for which the subsidy under the PMAY scheme is applicable?

The Pradhan Mantri Awas Yojana (PMAY) is available for salaried as well as self-employed customers.

What is the maximum tenure for which the subsidy under the PMAY scheme is applicable?

The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.

How will my eligibility for a loan be assessed?

Each applicant’s eligibility for a loan will be assessed based on the internal guidelines and processes of ICICI Bank, as amended from time to time.

As per the existing requirements, the applicant will be required to submit documents related to income, like salary slips, ITRs, bank statements and details of any existing loans for the purpose of eligibility assessment.